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2024-08-22 | Bitcoin ETF Attracts Significant Investor Interest
2024-08-22
You can also read this news on COINTURK NEWS: Bitcoin ETF Attracts Significant Investor Interest
Bitcoin ETFs have been in the spotlight for the fifth consecutive day with positive net inflows, recording over $39 million in entries. On the other hand, Ethereum
ETFs faced outflows for the fifth day.
Grayscale
, Fidelity, and Bitwise have made Bitcoin ETFs a favorite among investors
.
Bitcoin ETFs Gain Momentum
Bitcoin
ETFs have gained momentum over the past five days, riding the wave in the crypto world. On Wednesday, a net inflow of $39.42 million indicated renewed investor confidence in Bitcoin. Grayscale’s mini Bitcoin trust fund contributed $14.2 million to this flow.
Fidelity and
Bitwise
also reported entries of approximately $10 million each. BlackRock’s IBIT ETF maintained its lead by attracting $8.35 million in new investments. All these developments are solidifying Bitcoin’s position in the ETF world.
Ethereum Faces Outflows
In contrast to Bitcoin, Ethereum ETFs have not achieved the same success. As of Wednesday, Ethereum ETFs recorded outflows of $17.97 million. Grayscale’s ETHE fund experienced the largest outflow with $31.14 million. However, Fidelity’s FETH ETF showed that confidence in Ethereum is not entirely shaken with a net inflow of $7.93 million.
Franklin Templeton’s Ethereum fund is also trying to resist this decline with a $1 million inflow. Although Ethereum’s resilient stance has been overshadowed by Bitcoin, it is still seen as an opportunity for investors.
Current Status of Bitcoin and Ethereum Prices
Bitcoin
, the flagship of cryptocurrencies, rose by 2.33% in the last 24 hours to $60,735, while Ethereum increased by 1.09% to $2,621. The total trading volume of Bitcoin ETFs reached $1.42 billion on Wednesday, outperforming the previous day. Ethereum ETFs, on the other hand, remained relatively subdued with a trading volume of $201 million.
While Bitcoin ETFs have become a shining star in the eyes of investors, Ethereum ETFs are undergoing a tough test. However, it is essential to remember that the balance in the crypto world can change at any moment.
The post first appeared on COINTURK NEWS:
Bitcoin ETF Attracts Significant Investor Interest
The post Bitcoin ETF Attracts Significant Investor Interest
appeared first on COINTURK NEWS
. |
2024-08-22 | What Should Investors Do in Bitcoin and Ethereum in Current Conditions? Long or Short? Experienced Analyst Explained!
2024-08-22
Bitcoin futures traders added over a billion dollars to Bitcoin Open Interest (OI) after the Fed released its July FOMC minutes yesterday.
Interest Rate Cut in September is Certain!
Some analysts believe the July FOMC minutes confirm the September rate cut.
An increase in Bitcoin OI indicates greater confidence among investors in predicting Bitcoin's price direction, whether up or down.
However, while data shows that investors are divided on whether the Bitcoin price will rise or fall, a new assessment came from 10X Research founder Markus Thielen.
“The vast majority of FOMC members supported a September rate cut, with some members even viewing a July rate cut as a reasonable option,” Thielen said, noting that a September rate cut was almost certain, according to the Fed's minutes.
Going Long on Bitcoin and Short on Ethereum Will Be a Strategic Move!
Thielen also said that Bitcoin had increased by 4% following the FOMC minutes and that he expected an increase in BTC.
At this point, Thielen stated that Bitcoin broke out of the symmetrical triangle with its rise yesterday and that this situation indicates further upward potential for BTC.
Stating that data points to bullish potential in Bitcoin, Markus Thielen said that opening a long position in Bitcoin and a short position in Ethereum could be a simple strategy to take advantage of Bitcoin's increasing dominance.
“Bitcoin is up 4% since yesterday, which is in line with our tactical bullish outlook.
BTC made a decisive move upwards by breaking out of the symmetrical triangle pattern, suggesting potential for further upside.
Bitcoin funding rate is back at a premium, supported by a $1 billion increase in open interest.
Given these positive dynamics in Bitcoin, a simple strategy would be to open a short position on Ethereum and a long position on BTC, as Bitcoin's dominance continues to grow and the open interest share consistently diverges in favor of BTC.
*This is not investment advice.
Continue Reading: What Should Investors Do in Bitcoin and Ethereum in Current Conditions? Long or Short? Experienced Analyst Explained! |
2024-08-22 | German Authorities Seize Illegal Cryptocurrency ATMs and Confiscate Over €250,000 in Cash
2024-08-22
German authorities have seized 13 illegal cryptocurrency ATMs and confiscated approximately €250,000 in cash during nationwide investigations.
The operation highlights the importance of obtaining proper licensing for cryptocurrency transactions to ensure a stable and functioning financial system.
In an aggressive move to enforce financial regulations, the German
Federal Financial Supervisory Authority (BaFin), in collaboration with the Federal Criminal Police Office (BKA) and with the support of local police and the Deutsche Bundesbank, conducted raids at 35 locations nationwide. This operation resulted in the seizure of 13 unlicensed cryptocurrency ATMs, alongside a substantial cash haul of around €250,000. The lack of proper licensing makes these machines illegal under current German banking law.
These cryptocurrency ATMs allow users to exchange euros for virtual currencies and vice versa, which under § 32 of the German Banking Act is considered a
“commercial trading or banking transaction”
requiring specific authorization from BaFin. This regulatory measure is in place to prevent activities such as money laundering and ensure all transactions adhere to strict compliance standards, especially those exceeding €10,000, which must include identity verification processes.
Regulatory Background and Enforcement
The crackdown on illegal cryptocurrency activities is not new. Previously, BaFin had removed about a quarter of the cryptocurrency ATMs installed across the country after tightening regulations following the revised EU Anti-Money Laundering Directive. This directive emphasizes that only entities licensed according to the German Banking Act are legally permitted to operate such machines. This is a step towards mitigating potential financial crimes and maintaining the integrity of the financial system.
In 2020, the Shitcoins Club continued to operate its ATMs without a license, even after being ordered to cease transactions. This led to the forceful removal of 17 ATMs by the authorities. BaFin has reiterated its commitment to strictly combat non-compliant businesses and has warned that entities failing to adhere to regulations could face up to five years in prison. This stringent approach aims to ensure a secure, stable, and consistent financial environment within Germany
.
BaFin’s primary objective, as stated, is to
“maintain a functioning, stable, and consistent German financial system”
and operates in the public interest. This reflects a broader governmental strategy to regulate and integrate digital currencies within the nation’s financial ecosystem responsibly.
Meanwhile, related activities include the German government’s sale of large quantities of Bitcoin earlier this year. The BKA sold approximately 49,858 Bitcoins over three weeks starting mid-June, yielding a total profit of around €2.9 billion. This sale significantly impacted the market, as the price of Bitcoin fell by approximately 11% during this period. The swift action was due to a legal mandate to sell assets at risk of devaluing more than 10% during legal proceedings.
This comprehensive approach by German authorities underscores their proactive stance in overseeing and controlling the cryptocurrency landscape to prevent legal violations and stabilize the market. Such efforts are crucial as the adoption and integration of cryptocurrency continue to evolve both in Germany
and globally.
The post German Authorities Seize Illegal Cryptocurrency ATMs and Confiscate Over €250,000 in Cash
appeared first on ETHNews
. |
2024-08-22 | Could Bitcoin’s Transaction Fees Explode Again? A Look Back at the 1.91 BTC per Block Peak
2024-08-22
The average Bitcoin transaction fees per block have seen significant fluctuations over the years, according to data from CoinMetrics. In 2017, during the peak of the crypto bull market, fees reached an all-time high, averaging 1.91 BTC per block. Since then, the fees have stabilized, with the average fee hovering around 0.45 BTC per block in recent years, according to JMellerud
.
This trend has continued into 2024, with the current average at 0.44 BTC per block. The 2017 spike was driven by increased network congestion and demand, leading some to speculate whether a similar surge in transaction fees could occur in the next bull market. The historical data highlights the volatile nature of transaction fees and raises questions about how future market dynamics might impact costs for Bitcoin users. |
2024-08-22 | More than 617 Million People around the World now Own Cryptocurrencies!
2024-08-22
In 2024, the crypto ecosystem has never been more dynamic, evolving well beyond the mere speculations that marked its beginnings. As the adoption of digital assets continues to grow at a steady pace, a new report reveals a striking statistic: more than 617 million people worldwide now own cryptos. This significant increase, occurring in just six months, reflects not only the persistent appeal of alternative safe-haven assets but also a structural evolution of the market, where technological innovations and regulatory developments are reshaping the contours of global adoption.
A Sharp Increase in Crypto Holders in 2024
The first half of 2024 marked a significant milestone in the global adoption of cryptos
, with an impressive increase in the number of holders, rising from 580 million in December 2023 to 617 million in June 2024, an increase of 6.4%. This growth, documented by the latest report from Crypto.com
, is not by chance. It is largely attributable to several major catalysts that have redefined the contours of the crypto market. Among these factors, the fourth Bitcoin “halving” in April 2024 and the improvement of Ethereum networks thanks to the Dencun update have fueled renewed interest in cryptos, leading to increased adoption among both individual and institutional investors.
617 million global crypto owners and growing.
We are still early.
pic.twitter.com/W03RMxxoD0
— Crypto.com (@cryptocom) August 18, 2024
The expansion of the Ethereum ecosystem has been remarkable, with a 9.7% increase in the number of holders, rising from 124 million in December 2023 to 136 million in June 2024. This progress is largely explained by the drastic reductions in transaction fees made possible by the new infrastructures of Ethereum’s Layer 2 protocols, which have reduced costs by up to 99% since the update. These technological advancements have not only stimulated adoption but also strengthened Ethereum’s position as a cornerstone of the crypto ecosystem.
How is the Crypto Market Adjusting to This Explosive Growth?
Despite the significant increase in the number of crypto holders, the overall market showed signs of slowing down in the second quarter of 2024. According to data from Coinmarketcap, the total market capitalization fell by 14%, standing at 2.27 trillion dollars at the end of the first half. This decline, though concerning, is part of a readjustment phase after a period of strong growth, where capital inflows, particularly through the newly approved Bitcoin ETFs by the US SEC, have indeed supported the market but were not enough to offset a certain saturation. The decline in trading volumes and the absence of new market catalysts during this period also contributed to this bearish trend.
Nevertheless, not all indicators are in the red. The increase in the capitalization of stablecoins, which reached 161 billion dollars in June 2024, suggests renewed interest in these digital assets, often perceived as safe havens in times of uncertainty. This resurgence of confidence could indicate a market consolidation phase, where investors turn to less volatile assets while awaiting a more robust recovery. Furthermore, the growing institutional interest in cryptos
, supported by favorable regulatory developments, could lay the groundwork for a new phase of medium-term growth, with broader and more sustained adoption of crypto assets. |
2024-08-22 | Metaplanet Bitcoin Holdings Surge by ¥500M as Japanese Firm Boosts Investment
2024-08-22
Metaplanet, a leading Japanese firm, has made headlines with its latest investment move, adding another ¥500 million worth of Bitcoin to its holdings. This significant purchase further boosts Metaplanet’s role as a key player in Japan’s corporate Bitcoin market. With this new acquisition, the company’s Bitcoin holdings now total 360.368 BTC, reflecting its growing confidence in the future of cryptocurrency.
Metaplanet, often referred to as Japan’s MicroStrategy, has been at the forefront of corporate Bitcoin investment in Japan. On August 20, 2024, the company announced that it had acquired an additional 57.273 BTC, valued at ¥500 million (approximately $3.39 million). This brings the total Metaplanet Bitcoin Holdings to 360.368 BTC, a significant increase that signals the firm’s confidence in Bitcoin’s potential for future growth. Simon Gerovich, the CEO of Metaplanet, stated that this purchase is a key component of their broader strategy to use Bitcoin as a hedge against traditional financial risks. Our recent acquisition underscores our confidence in the long-term value of Bitcoin,Gerovich noted. He added that Metaplanet’s Bitcoin holdings now make up a significant portion of their investment portfolio, which they anticipate will deliver strong returns over time. The decision to expand Metaplanet Bitcoin Holdings by ¥500 million is not just a spur-of-the-moment decision. According to reports, the company secured a loan of ¥1 billion at an interest rate of just 0.1%, allowing it to purchase additional Bitcoin at a relatively low cost. The average price per Bitcoin in this transaction was ¥9,573,556 ($65,948), showcasing the firm’s strategic approach to accumulating Bitcoin during favorable market conditions. This move aligns with Metaplanet’s broader financial strategy of utilizing the Japanese yen carry trade. By borrowing yen at low-interest rates and investing in high-yield assets like Bitcoin, the company aims to maximize its returns. This strategy has proven successful, as evidenced by the substantial growth in Metaplanet Bitcoin Holdings. The market responded positively to the announcement of Metaplanet’s increased Bitcoin holdings. On the day of the announcement, Metaplanet’s stock price surged by more than 13%, closing at ¥10.87. This marks a continuation of the stock’s impressive performance this year, with a year-to-date increase of over 645%, according to data from the Tokyo Stock Exchange. Analysts have attributed this surge in stock price to the company’s aggressive Bitcoin acquisition strategy. Metaplanet Bitcoin Holdings have become a key driver of the company’s stock performance,officials say. Investors are increasingly viewing Metaplanet as a pioneer in corporate cryptocurrency investment in Japan. The latest acquisition of 57.273 BTC at ¥500 million further solidifies the firm’s position as a major corporate player in the Bitcoin market. According to reports, the company’s previous purchase, made just last week, involved 57.103 BTC for ¥500 million ($3.3 million) at an average price of ¥8,756,107 per BTC. This strategic approach of incremental purchases allows Metaplanet to average out its cost basis, reducing the impact of short-term price volatility on its overall investment. With Metaplanet Bitcoin Holdings now reaching 360.368 BTC, the company is well-positioned to benefit from any future appreciation in Bitcoin’s value. Experts believe that as more corporations follow suit and invest in Bitcoin, the demand for the cryptocurrency will continue to rise, potentially leading to higher prices in the long term. Based upon data from market analysts, Metaplanet’s approach of using low-interest loans to acquire Bitcoin may pave the way for other companies in Japan and beyond.
Metaplanet’s latest investment in Bitcoin highlights its strong confidence in the value of digital currencies. By adding another ¥500 million worth of Bitcoin, the company is not just increasing its holdings but also solidifying its position as a leader in the corporate adoption of cryptocurrency. As Metaplanet Bitcoin Holdings continue to grow, this move is likely to attract even more attention from investors who are watching the rise of digital assets closely. For more updates and insights, stay tuned to The BIT Journal.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information. Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means. Explore in-depth articles, expert insights, and breaking news to keep you informed and ahead in the digital age. |
2024-08-22 | BTC Price Rises to $60K as Volatility Reach 2023 Levels
2024-08-22
Bitcoin volatility nears 3% as price climbs to $60,742, signaling an end to consolidation.
After a slump, Bitcoin (BTC) volatility rises, with prices recovering above $60K.
The trading volume rises 30.73% to $35.9B, suggesting an upcoming directional shift.
Bitcoin's
volatility is experiencing a notable resurgence following a period of relative calm. According to expert analyst Daan Crypto Trades, the cryptocurrency’s volatility is now approaching levels last seen earlier this year, suggesting an imminent end to its current consolidation. The recent uptick signals a potential directional shift, bringing renewed attention to Bitcoin's price movements.
Increased Volatility from February to May 2023
The period between mid-February and May 2023 witnessed significant increases in volatility, which aligned with Bitcoin's price surge. During this time, Bitcoin's price reached close to $70,000 as volatility exceeded 3.0%. These heightened levels of market activity reflected stronger price swings, with the cryptocurrency nearing its all-time highs. The increased volatility suggested heightened speculative trading during this phase, pushing Bitcoin to test its peak levels.
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2024-08-22 | Bitcoin Drops Below $60K as Market Faces Broad Decline
2024-08-22
Bitcoin drops below $60K, sparking a significant downturn in the crypto market as top-10 cryptos trade in the red.
Major cryptos like ETH, SOL, and TON face declines as market sentiment turns cautious, reflecting broader concerns.
Despite the market slump, tokens like Sundog and SUN buck the trend, posting strong gains amid overall weakness.
Bitcoin has fallen below the $60,000 threshold, marking a significant downturn in the cryptocurrency market. This development was highlighted in a recent market analysis by the renowned analytical platform CryptoRank. The decline in Bitcoin’s value comes as part of a broader retreat in the crypto market, with several top-10 cryptos also experiencing losses.
According to platform findings, major cryptocurrencies have been trading in the red. Ethereum (ETH) saw a decline of 2.97%. Solana (SOL), another prominent player in the market, dropped by 2.89%. Toncoin
(TON) also faced a downturn, with a decrease of 2.66%. These losses reflect a general negative sentiment in the market as traders and investors become increasingly cautious.
The total market capitalization for cryptocurrencies slumped to $2.21 trillion, down by 1.69%. Bitcoin's dominance
was dented in the market. As per the analysis, it stands at 53.13%, a reduction of 0.38%. In absolute terms, the fall of dominance means that Bitcoin still remains the dominant digital asset but has lost its grip against the larger market.
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2024-08-22 | XRP News: Could XRP Skyrocket to $200? Analyst Sees Massive Gains Ahead!
2024-08-22
The post XRP News: Could XRP Skyrocket to $200? Analyst Sees Massive Gains Ahead!
appeared first on Coinpedia Fintech News
An analyst has predicted that XRP could see major price gains based on historical trends following Bitcoin halving events. Historically, XRP tends to experience a significant breakout approximately 228 days after a Bitcoin halving. According to Block Bull
, this pattern was observed in both the 2016-2018 and 2020-2021 cycles, where XRP saw price increases following the halvings.
Based on past cycles, the analyst predicts that XRP could start to break out around December 2024, 228 days after the halving. For those holding XRP, the first target to take profits is around mid-February 2025, which is 310 days after the halving. While the cycle is expected to conclude 540 days after the Bitcoin halving, around August 2025, this doesn’t necessarily mark the highest price point, leaving room for further price increases.
The analyst suggests there could be a supercycle, meaning XRP might experience three distinct price surges instead of the usual two. This supercycle could lead to even higher prices.
XRP Price Prediction:
The analyst predicts that XRP
could reach around $2, driven by its utility in facilitating large-scale financial transactions through nostro/vostro accounts. These accounts, which hold large sums of money for international banking, could require XRP to be valued at this level to support the trillions of dollars in transactions.
He explained the importance of not getting stuck with assets when a market downturn happens, which is inevitable since what goes up must come down. This cycle is crucial.
The analyst believes XRP will reach just over $200 based on historical patterns, noting similarities with past cycles. After an initial surge, he expects a retracement to previous levels before another significant rise. He suggests XRP could hit new highs by January and potentially retrace to as low as $2 before surging again, leading to a 100x gain.
Also Check Out: Is It Time to Sell ADA and XRP? Raoul Pal Sounds Alarm! |
2024-08-22 | Spot BTC ETFs See Fifth Consecutive Day Of Inflows, While Ether ETFs Continue Bleeding
2024-08-22
The post Spot BTC ETFs See Fifth Consecutive Day Of Inflows, While Ether ETFs Continue Bleeding
appeared first on Coinpedia Fintech News
The spot Bitcoin ETFs have witnessed their fifth consecutive day of positive flows, drawing in $39.42 million on Wednesday. Grayscale’s mini bitcoin trust reported $14.2 million in net inflows yesterday, and the spot bitcoin funds from Fidelity and Bitwise both recorded around $10 million in inflows. BlackRock’s IBIT saw $8.35 million in inflows, Franklin Templeton’s EZBC witnessed $3.55 million flow into the fund, and Invesco’s BTCO experienced inflows of $2.46 million. Grayscale’s converted GBTC fund was the only one with net outflows of $9.82 million. On the contrary, spot Ether ETFs experienced their fifth straight day of net outflows. |
2024-08-22 | Bank of Korea Rate Cut Speculation Fuels Bitcoin’s Rise
2024-08-22
The BoK will watch the effect of the Fed’s decision on domestic markets and then decide monetary policy.
However, the officials are in support of introducing rate cuts in the fourth quarter.
Bitcoin might benefit from the rate cuts as investors look for more volatile assets.
The Bank of Korea (BoK) is possibly considering rate cuts, according to reports
. Governor Rhee Chang Yong stated in a discussion that upcoming events like the United States Federal Reserve’s policy decision, Bank of Japan Governor Ueda’s testimony to Parliament, and the release of US labor data could cause significant market volatility.
The report suggests that the BoK will not make any immediate changes but will closely watch the impact of these events on Korean markets before deciding. Interestingly, the Board’s policy stance currently leans towards rate cuts and monetary easing.
Looking ahead to the next three-month policy discussion, four out of six officials at the Bank of Korea favor rate cuts, while the other two prefer to keep rates unchanged at 3.5%. With no minority vote during the meeting, it seems the BoK is heading towards rate cuts in October. The report also noted …
The post Bank of Korea Rate Cut Speculation Fuels Bitcoin’s Rise
appeared first on Coin Edition
. |
2024-08-22 | Analyst Says Bitcoin (BTC) Bull in Danger Points to End of August!
2024-08-22
Bitcoin (BTC) is exhibiting quite volatile movements as it struggles to hold on above $60,0000.
While the market is looking for answers to questions such as “Is the direction clear for BTC?”, “Will there be another correction?”, and “When will the rally begin?”, a new analysis came from Fairlead Strategies.
In its latest report, analysts at Fairlead Strategies said Bitcoin’s monthly stochastic is signaling an “overbought bearish” signal, indicating that bullish momentum is weakening and there is potential for a downside.
Stochastic is an indicator used by technical analysts to compare the market price of an asset to a range of prices over a specified period of time, typically 14 days, weeks or months. The indicator fluctuates between 0 and 100, with readings above 80 indicating an overbought situation.
Accordingly, analysts stated that Bitcoin's remarkable upward trend that started after the FTX crash was in danger and pointed to the end of August for confirmation of the bearish signal:
“An overbought drop occurs when the indicator moves down from the overbought zone above 80.
This indicates that the uptrend is weakening and there is potential for a price drop.
At this point, Bitcoin’s monthly chart is signaling an overbought drop in monthly stochastics.
Because Bitcoin's 14-month stochastic has fallen below 80. If the situation continues until the end of August, the overbought decline will be confirmed.
“If the Bitcoin stochastic continues below 80, it would be a negative catalyst for the price and would indicate that the trading range is signaling the end of the cyclical uptrend from the 2022 low.”
Fairlead Strategies analysts lastly stated that MACD and Ichimoku cloud indicators also point to a downward trend and said, “These indicators are a sign that there is a difficult environment ahead for Bitcoin.”
*This is not investment advice.
Continue Reading: Analyst Says Bitcoin (BTC) Bull in Danger Points to End of August! |
2024-08-22 | Begini Masa Depan Bitcoin Jika Dolar AS Turun Terus
2024-08-22
Masa depan Bitcoin diprediksi cerah, dengan harga yang terus meroket seiring melemahnya dolar AS dalam 10 tahun mendatang. Hal itu disampaikan oleh Zach Pandl Direktur Riset Aset Kripto di Grayscale kepada media daring DLNews belum lama ini.
Zach menyampaikan itu terkait relasi masa depan Bitcoin dengan adanya tren makro jangka panjang yang akan terus berlanjut terlepas dari siapa yang menduduki Gedung Putih pada November 2024, merujuk pada pemilihan presiden antara Wakil Presiden Kamala Harris dan mantan Presiden Donald Trump.
Mantan ahli strategi makroekonomi dan pasar di Goldman Sachs ini, menegaskan bahwa nilai dolar bisa terdepresiasi selama 10 hingga 20 tahun ke depan, atau bahkan lebih cepat, tergantung pada hasil pemilu dan kebijakan moneter dari para pejabat yang baru.
"Jika dolar turun, maka masa depan Bitcoin terhadap mata uang tersebut akan meroket secara relatif. Selain itu, para investor akan mengalirkan uang mereka ke dalam aset kripto ini. Bitcoin akan segera mendapatkan reputasinya sebagai jenis emas digital, karena alasan yang buruk bagi ekonomi AS," ujarnya tanpa mencoba menyebut kisaran harga BTC.
https://blockchainmedia.id/giliran-putra-donald-trump-mengaku-menyukai-kripto-demi-politik-semata/
Ada sejumlah alasan di balik itu, di antaranya adalah akibat selama beberapa dekade terakhir, pemerintah AS telah menerbitkan utang dalam bentuk surat utang pemerintah (goverment bond) untuk membiayai aktivitas negara, termasuk belanja pemerintah.
Karena dolar AS adalah mata uang cadangan dunia, maka permintaan untuk obligasi ini selalu ada dari negara-negara seperti Jepang dan Tiongkok.
Namun, utang tersebut telah membengkak. Saat ini nilainya hampir US$33,2 triliun, 123 persen lebih banyak daripada produk domestik bruto negara tersebut, yang hampir mencapai US$27 triliun pada tahun 2023.
"Pemerintah harus menerbitkan lebih banyak utang hanya untuk membayar bunga dari utang yang ada. Jika fenomena ini terus berlanjut, maka pada titik tertentu permintaan tidak akan dapat mengimbangi penerbitan. Pemerintah AS kemudian akan gagal bayar utangnya, atau mencetak lebih banyak dolar AS untuk membeli utang itu sendiri, yang akan menyebabkan kejutan inflasi. Masa depan Bitcoin menjadi aset bernilai triliun dolar selama periode di mana dolar sangat kuat. Harga Bitcoin pun akan diuntungkan karena pasokannya terbatas pada 21 juta unit BTC, yang berarti tidak akan pernah mengalami penurunan nilai moneter seperti yang dialami dolar. Tahu apa yang akan terjadi pada aset ini ketika kita mengalami periode depresiasi dolar yang berkelanjutan?” tanya Pandl secara retoris, mengisyaratkan bahwa Bitcoin akan meroket.
Tidak semua orang setuju bahwa inflasi besar-besaran tidak dapat dihindari, atau jika memang terjadi, investor akan melihat masa depan Bitcoin sebagai penyimpan nilai setara dengan aset aman tradisional seperti emas.
Itulah sebabnya Bitcoin masih kontroversial dengan cara yang tidak dialami oleh mata uang kripto lainnya seperti Ethereum, kata Pandl, Bitcoin pada dasarnya adalah taruhan terhadap dolar AS.
“Bitcoin diciptakan sebagai respons langsung dan penolakan terhadap sistem keuangan tradisional,” tukasnya.
Penurunan dolar dalam beberapa bulan terakhir terjadi saat para investor menunggu Ketua Federal Reserve, Jerome Powell, memberikan sinyal bahwa The Fed akan memangkas suku bunga bulan depan dalam pidatonya yang sangat dinantikan di simposium ekonomi Jackson Hole pada Jumat, yang merupakan pertemuan para bankir sentral. FOMC berikutnya dijadwalkan pada 18 September 2024.
https://blockchainmedia.id/apa-itu-jackson-hole-yang-pengaruhi-pasar-aset-kripto-bitcoin-dan-pasar-modal/
"Pasar mengharapkan pendaratan ekonomi yang mulus dan pemotongan suku bunga oleh The Fed, yang bisa berujunga negatif bagi dolar AS," kata Athanasios Vamvakidis, Kepala Strategi Valuta Asing G10 di Bank of America, kepada Financial Times.
Selain pelemahan yang diperkirakan untuk dolar AS, para trader juga bertaruh pada belanja AS yang terus berlanjut, yang akan mendorong tumpukan utang US$35 triliun, baik jika mantan presiden dan calon dari Partai Republik Donald Trump merebut kembali Gedung Putih pada November atau jika wakil presiden Kamala Harris memenangkannya untuk Partai Demokrat.
"Saat pasar beradaptasi dengan siapapun kandidat yang menang, kita akan menghadapi empat tahun lagi kebijakan fiskal yang sembrono. Sejarah menunjukkan bahwa masa depan Bitcoin benar-benar mencapai titik puncaknya pada saat itu," kata Kepala Riset Kripto VanEck, Matthew Sigel, kepada CNBC. |
2024-08-22 | Here’s Why Bitcoin Might Never Go Below $38,000
2024-08-22
Cover image via U.Today
Those who still want to buy Bitcoin
below $38,000 might never have such a buying opportunity again.
As noted
by Blockstream CEO Adam Back, Bitcoin's 200-week moving average (200MA) is now above the aforementioned level.
The 200MA is often treated as the most important chart in Bitcoin due to the simple fact that the flagship cryptocurrency has never gone down.
This ironclad MA is considered to be some sort of a price floor for Bitcoin.
At press time, the leading cryptocurrency is sitting at the $60,774 level on the Binance exchange. On Aug. 5, its price collapsed all the way to $49,000 during a global market crash. However, it managed to pare its losses in a relatively short span of time.
Still, the bulls' inability to regain the initiative on the back of a powerful risk-on run should be treated as a worrying sign
, according to prominent trader Mark Dow.
The bellwether cryptocurrency is down 17.5% from its current peak of $73,737 which was achieved in March following the extremely successful debut of multiple exchange-traded funds.
For now, some potential selling pressure stemming from ongoing Mt. Gox repayments
remains a significant bearish factor for the market. Earlier this week, the now-defunct exchange made another substantial transfer
to Bitstamp.
Earlier this August, banking giant JPMorgan warned that there were no obvious bullish catalysts for the flagship cryptocurrency in the near future, which is why it advised to treat its recent recovery with caution. |
2024-08-22 | ‘We witness all-time high Bitcoin trading whenever govt tries to suppress us’ – Nigerian crypto leader
2024-08-22
As the Nigerian government continues to wield a long stick against crypto companies and users in Nigeria, a crypto leader in the space has revealed that Bitcoin usage and holding always rises astronomically
whenever the government takes one of its drastic and crippling measures against the industry.
The leader who disclosed this on condition of anonymity due to the persecution of crypto leaders in the country, said the government cannot force businesses and individuals from holding and using Bitcoin and other cryptocurrencies when most of them depend on the digital currencies to make their businesses and lives better.
Quizzed by this reporter on whether the crackdown of the crypto space by the government and its agencies is not affecting adoption and Bitcoin holdings in the country, the crypto chief said it was not. He said this was so because whenever the government prohibits something, especially without any cogent reason, that was when there was always an all-time high.
“
When you tell us ‘don’t hold BitCoin’ that is when we hold it more. Because when you are telling people they should not remit money, like I am a businessman, I need to buy something in China, I need to settle someone in China. And you are not even making the dollar to be available for me to consume, it is only for the elite classes. I will run to Bitcoin to use it for my settlement
,” they said.
The crypto leader also pointed out the sheer joblessness and huge rate of youth unemployment in the country as another reason why a lot of young people are adopting and holding crypto, insisting that it has become a source of livelihood for many youths like themselves.
“
Young Nigerians don’t have jobs. I have been feeding from the peer-to-peer (P2P) market since 2016. I do that on a daily basis so it is a source of income for me. I make money from it, I feed my family from it. I am what I am from buying and selling Bitcoin. We lose money, we make money but the government should think about that
,” they said.
Bitcoin adoption under an anti-crypto regime
The Nigerian government has come down very hard on the crypto industry in Nigeria. Right from the initial proliferation of Bitcoin, the government has always initiated policies aimed at stifling adoption. The reasons cited by the government range from fraud to terrorism. In its effort to shore up the falling value of the local currency, the naira, the government of President Bola Ahmed Tinubu outlawed the activities of crypto exchanges, stating that they are being used for illegal forex trading.
To this end, crypto exchanges like Binance and Kucoin have exited the country. The others have been operating below the radar, reluctant for publicity and visibility. Crypto leaders have also become endangered, with many going into hiding, carefully watching their movements and reluctant to say things to the media.
Binance chief, Tigran Gambaryan is still been held in Nigeria
Asked about these effects of the crypto policy in Nigeria and how they are affecting the space, the crypto leader said it is taking its toll generally. But specifically, its effects are being felt more to the extent that crypto companies and exchanges are leaving Nigeria and Nigerians working in those exchanges are losing their jobs.
“
Right now it is affecting because you see some exchanges leaving Nigeria. Like Kucoin left. Binance left. So what does that mean? Nigerians working in those companies actually lost their jobs. Just because of the bad regulatory landscape and how the government is ruining everything that has to do with crypto. And the government has failed to understand that this is where they can also make a lot of money to add to our economy
,” he said.
Speaking about the policy landscape itself, the crypto leader pointed out that right now, the crypto policy in Nigeria is still very unclear. He noted that there is no actual guideline or roadmap for businesses operating in Bitcoin and cryptocurrency to adopt. He said if the government were to be open enough to let the stakeholders guide them on how to create and implement a clear roadmap, it would make Nigeria one of the countries with the best crypto regulations.
See also:
Health of detained Binance executive, Tigran Gambaryan is ‘shockingly bad’- wife says
The post ‘We witness all-time high Bitcoin trading whenever govt tries to suppress us’ – Nigerian crypto leader
first appeared on Technext
. |
2024-08-22 | MATIC Price Eyes $1, As New Polygon Token POL Lists On Coinbase
2024-08-22
The post MATIC Price Eyes $1, As New Polygon Token POL Lists On Coinbase
appeared first on Coinpedia Fintech News
MATIC price trend shows a bullish breakout of a long-coming resistance trendline.
The Polygon price has increased by 33% in 7 days.
The breakout run in MATIC price eyes $1.
As the bulls continue to struggle to hold Bitcoin at $60,000, the MATIC price has skyrocketed this week. With the altcoin market finding an additional push as smart money shifts from Bitcoin due to a sideways trend, Polygon
gets into action.
A bullish reversal sets a breakout entry stage for sideline traders, boosting trading volume. With increased chances of a $1 breakout, check out our MATIC price prediction
projecting a bullish 2024.
MATIC Price Performance
With a double bottom reversal from the support level at $0.38, the bull cycle in MATIC price forms a streak of green candles. The market cap has increased by 25% and the polygon token price by 33% in 7 days.
Polygon Price Analysis 22 Aug 2024
The bullish trend in MATIC price concludes a long-term bearish trend with a trendline breakout. Further, the Polygon price reclaims the $0.50 psychological mark with increased upside potential.
As a rounding bottom formation arises in the daily chart, the MATIC price trades at $0.5325, with an intraday gain of 1.50%.
The sudden increase in demand for Polygon comes with the new update in the MATIC network coming on September 4th. In this update, the long-awaited shift from MATIC to POL will occur. In addition, the news around the POL token’s listing on Coinbase has fueled the bullish spikes.
Technical Indicators:
RSI
: The daily RSI line shows a bullish surge ready to hit the overbought boundary line.
MACD
: The MACD and signal lines skyrocket with a boost in bullish histograms.
Will Polygon Price Hit $1?
As the crypto market is on the cusp of a bull run, the breakout run in the Polygon price gains momentum. Considering the new network upgrade boosts the buying pressure, the MATIC price could reach the $0.7327 mark before taking on the $1 barrier.
On the downside, a reversal under $0.4757 could prove fatal and drop the altcoin to the psychological mark of $0.3928. |
2024-08-22 | Fed Minutes Announcement Boosts Bitcoin and Altcoins
2024-08-22
You can also read this news on COINTURK NEWS: Fed Minutes Announcement Boosts Bitcoin and Altcoins
Kripto paralarda dün akşam saatlerinde Fed
tutanaklarının açıklanmasının ardından yeniden yükseliş başladı. Başta Bitcoin olmak üzere piyasada genel bir yükseliş dalgası yaşansa da bazı altcoinlerin istenilen yükselişi sergileyemediği de görüldü. Bitcoin fiyatının yeniden 61.000 doların üzerine çıkmasının ardından bir miktar düştüğü görülse de bakın 22 Ağustos gününe başlarken piyasada son durum ne?
Bitcoin Latest Status
Haftanın başında yaşnan Bitcoin düşüşünün ardından dün açıklanan Fed tutanaklarıyla birlikte fiyatta bir toparlanma yaşandığı görüldü. Geçtiğimiz haftalarda
BTC
fiyatının 58.000 dolar ila 60.000 dolar arasına sıkıştığı ve 1 haftadan uzun bir süre boyunca konsolide olduğu görülmüştü ki bu durum şimdilik değişmiş görünüyor. Dün 61.000 dolar seviyesinin üzerine çıkan fiyat tekrar aşağı yönlü hareket etti ancak hala 60.000 doların üzerinde seyrediyor.
BTC’de görünüm bir kez daha pozitife döndü ve BTC fiyatında %2,31’lik yükseliş yaşandığı grafiklere de yansıdı. Yaşanan yükselişin ardından BTC’nin 60.700 dolar seviyesinde alıcı bulduğu görülüyor. Fiyat yükselişi beraberinde market hacmini de yükseltti ve değer yeniden 1,2 trilyon dolar sınırına yerleşti.
BTC’nin 24 saatlik işlem hacminde de yine yükseliş hakimdi. Dün görülen 26,9 milyar dolarlık hacmin ardından bugün gelinen noktada değerin 35 milyar doları aştığı görülüyor ki bu da fiyat yükselişiyle birlikte yaşanması sebebiyle yatırımcı ilgisinin artmış olabileceği yorumlarını beraberinde getiriyor.
Altcoins Latest Status
Bitcoin’de yaşanan yükselişe eşlik eden ilk altcoin tabi ki de en yakın takipçisi Ethereum’dan başkası değildi.
ETH
fiyatının son 24 saatte yaşanan %1,12’lik yükselişin ardından yeniden 2.600 doların üzerine çıktı ve 2.620 dolar seviyesinde alıcı buluyor. Buna rağmen son 7 günde yaşanan fiyat değişimi negatif yönde %1,12 oldu.
Kripto para piyasalarının hacim bakımından 3 numarasına baktığımızda (stablecoin’ler listenin dışında tutulduğunda)
BNB’nin
de bir yükseliş sergilediği görülüyor. ETH’ye oranla daha net bir yükseliş sergileyen BNB’nin son 24 saatte yaşadığı %1,50’lik yükseliş sonrası yeniden 570 dolar sınırına dayandığı grafiklere de yansıdı.
Kripto paralarda bir dönem bitti yorumları yapılan ancak inanılmaz bir toparlanma sergileyen
SOL
tarafında da ilginç bir şekilde düşüş hakimiyeti vardı. SOL, 24 saatte %0,49 oranında düşüş yaşadı ve 142,12 dolara yerleşti.
XRP
fiyatında ise bir yükseliş yaşanmasına rağmen 0,60 doların altında kalmaya devam ediyor. Son 24 saatte %0,63 oranında yükselen XRP’nin değeri 0,5994 dolar oldu.
TON
coin tarafına baktığımızda SOL’a eşlik ettiği görülüyor. TON fiyatı son 2 gündür yaşanan düşüşü sürdürdü ve 6,55 dolar bölgesinde bulunuyor. Son olarak meme coin’lerin tartışmasız lideri
DOGE’nin
ise 0,105 dolar bölgesinde olması ve 0,10 dolarlık psikolojik destek üzerinde kalması yatırımcılarını iyimserliğe itmeye devam ediyor.
The post first appeared on COINTURK NEWS:
Fed Minutes Announcement Boosts Bitcoin and Altcoins
The post Fed Minutes Announcement Boosts Bitcoin and Altcoins
appeared first on COINTURK NEWS
. |
2024-08-22 | Top Memecoins PEPE, WIF, and BONK Takes Important Supports; Bullish Rally Ahead?
2024-08-22
Date: Thu, August 22, 2024, 05:42 AM GMT
The cryptocurrency market is showing strong upside momentum as the price o Bitcoin (BTC) has reclaimed the $60K mark, bouncing back from its recent dip
to $49K on August 5. This rapid recovery has sparked bullish sentiment across the market, particularly in altcoins and memecoins. Among the top contenders, Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) are all trading at critical levels, poised for potential breakouts or breakdowns.
Let’s look into the details.
1) Pepe (PEPE)
Pepe, currently the third-highest market cap memecoin
, is trading at $0.0000078, with a market cap of $3.29 billion. The price has formed a descending triangle pattern, finding solid support around $0.0000070. The next move for PEPE is crucial; if it can push past the resistance trendline, we could see it reaching an average price of $0.0000097—about 24% higher than its current level. This pattern suggests that PEPE might be gearing up for a bullish breakout.
2) Dogwifhat (WIF)
Dogwifhat, holding the fourth spot in memecoin market caps, is trading at $1.58, with a market cap of $1.59 billion. Like PEPE, WIF has also formed a descending triangle pattern, with significant support at $1.50. If the bullish momentum continues, WIF could aim for the next resistance level at around $2.00, marking a potential 30% upside from its current price. Traders are watching this closely, as a break above this resistance could signal a strong upward move.
3) Bonk (BONK)
Bonk, the Solana-based
memecoin, is currently priced at $0.000018, with a market cap of $1.29 billion. Unlike PEPE and WIF, BONK has formed a symmetrical triangle pattern, indicating a more neutral stance. However, it has found support at $0.000017. The next key level to watch is the resistance at $0.000023, which represents a 27% potential gain. If BONK can break out of this pattern, it may join the broader memecoin rally.
What’s Next?
Analyzing the charts, it’s clear that these memecoins are on the brink of significant movements. The patterns suggest that a bullish rally could be ahead, but as always in the crypto world, nothing is guaranteed. The market is highly volatile, and sudden shifts can occur at any time.
Disclaimer:
Before making any decisions, it’s crucial to do your own research and consider the inherent risks involved in trading these speculative assets. The potential gains are tempting, but so are the risks—stay informed and trade wisely |
2024-08-22 | DOGS Crypto Trades $4M As Bitcoin Dogs Eyes Listing Day Pump
2024-08-22
DOGS, the Telegram gaming token gearing up for one of 2024’s biggest exchange listings, has now processed $4 million in pre-market trade volume, preparing to launch with a market cap of $550 million when it lists on Friday 23rd August.
Meanwhile, another dog-themed Telegram game, Bitcoin Dogs
, launches its groundbreaking Bitcoin-based token, 0DOG, today. 0DOG lists on three top exchanges, MEXC
, Gate
, and UniSat
, with a towering $2.7 billion
in daily trade volume between them.
With a $13.4 million presale already behind it—the world’s first on the Bitcoin blockchain—Bitcoin Dogs challenges DOGS for the title of August’s hottest listing and has the upper hand with its earlier listing date.
DOGS fever takes hold
The DOGS narrative has been intensifying over the last week: its airdrop began and listing dates draw closer.
The latest development is Binance’s announcement
that it will list DOGS on its Launchpool platform, with analysts expecting a full listing will follow suit. Binance listings precipitate the “Binance Effect”
, whereby tokens listed on the world’s top exchange pump, on average, 41%.
Regardless, the DOGS launch is set to be a feeding frenzy. The token lists on 15 exchanges
, including OKX, this Friday, 23rd August—and 42.2 million people are eligible to receive a share
of the 550 billion total DOGS supply.
The token is the backbone of the runaway success of the DOGS Telegram game, an entry in the burgeoning tap-to-earn (T2E) sector with over 50 million players to date. The game follows in the footsteps of Hamster Kombat, Catizen, and Notcoin, the sector’s top tappers.
Notcoin’s airdrop earlier this year was a huge success, with the NOT token reaching a market cap of $1.8 billion
just one month after launch. With DOGS
already
at around $550 million, before it even launches, it could possibly replicate this feat, stealing the thunder of Hamster Kombat—which has 300 million players
—and Catizen, whose planned airdrops have been postponed
ad nauseum
.
Bitcoin Dogs: The real top dog?
In the sense that DOGS may beat out Hamster Kombat and Catizen with its earlier listing on Friday, it may in turn be bested by Bitcoin Dogs
, a serious competitor within its niche that lists today backed by deafening levels of buzz
and the gravitas of the first-ever Bitcoin ICO.
Bitcoin Dogs is a play-to-earn (P2E) Telegram game with a seriously impressive token, 0DOG, behind it. 0DOG made history earlier this year, launching the first ever ICO on the Bitcoin blockchain, which raised a staggering $13.4 million
in just 30 days. Today’s listing has been hotly anticipated by thousands in crypto
, and represents an impressive seal of approval from three of the world’s top exchanges.
The Bitcoin Dogs game is in a different league to DOGS, too. While DOGS is a simple ‘tapper’—players simply tap the screen in order to earn coins, which then allow you to earn more coins, and so on—Bitcoin Dogs offers a bona fide gaming experience. Player-versus-player (PvP) battles for crypto rewards, Tamagotchi-style mini games, and retro 8-bit aesthetics will have 90s kids locked in for
hours
—and these players are the top drivers of growth within crypto
.
Bitcoin Dogs is arguably the superior product overall and could eat up the demand for the DOGS token before the latter can even list—trade volumes could be
huge
today. Don’t miss out on picking up a stack of 0DOG before the price shoots up.
Bitcoin Dogs (0DOG) is available on
MEXC
,
Gate
, and
UniSat
from 11 a.m. UTC today, 21st August. Head to the official
Bitcoin Dogs website
to learn more. |
2024-08-22 | After $60,000, Here Are the Levels to Achieve for Bitcoin to Set a New ‘All-Time High’ or a 20% Crash May Be Imminent
2024-08-22
The post After $60,000, Here Are the Levels to Achieve for Bitcoin to Set a New ‘All-Time High’ or a 20% Crash May Be Imminent
appeared first on Coinpedia Fintech News
The bulls are slowly gaining strength, with the market slowly recovering from its interim losses as Bitcoin reclaims $60,000. Although the move has yet to receive validation, bullish possibilities have emerged. With this, the token is believed to head towards new highs, while the bears also appear to have captivated certain levels, which may hinder the progress of the rally in the coming days.
The BTC price
yet again tested the resistance at $60,000 and is trying very hard to sustain above the gains. The bullish probability has emerged with the expectation of reclaiming the upper targets, which may pave the way for the token to rise towards new highs. A popular analyst, Michael van de Poppe
, says that the Bitcoin price is required to bounce to the final resistance as the markets have begun to break out.
The analyst believes that the bulls have begun to intensify their activity and hence the BTC price is required to bounce and reclaim the final resistance at $62,000. If this happens, he predicts that the token may form a new ATH before the end of the quarter. Besides, the ETF inflow has also come in positive ranges, which may fuel the rally.
“Bitcoin bouncing upwards, onto the final resistance at $62K,
If that breaks, then it’s close to getting a new ATH in September.
Expecting a lot of positive inflow in the data on the ETF tomorrow,”
Although the markets have been displaying bullish possibilities, there are still some chances of a bearish pullback as the token is failing to trigger a steep rise after a breakout.
The price has been constantly failing to rise above the resistance since the start of the month. Moreover, it has displayed a couple of fakeouts in recent times which has raised concerns over the prevailing price action. Although the levels continue to hold above the triangle, a drop back within the pattern may validate another fakeout, which may drag the levels below the ascending support. This may signal another market crash as the exhaustion of the bulls may reach its peak, causing a more than 15% drop in Bitcoin (BTC) prices. |
2024-08-22 | Bitcoin open interest jumps $1.3B following Fed's 'dovish' minutes
2024-08-22
Bitcoin futures traders added over a billion to Bitcoin Open Interest (OI) in the hours after the United States Federal Reserve released its July meeting minutes, which some say further confirms a September rate cut.
On Aug. 22, Bitcoin futures OI climbed to $31.92 billion, an increase of $1.26 billion compared to the previous 12 hours.
OI is the total number of derivative contracts
that have not been settled, such as options or futures. An increase in OI indicates greater confidence among traders in predicting Bitcoin’s price direction, whether up or down.
However, data shows the cohort is fairly split on whether Bitcoin’s (BTC
) price will rise or fall.
Over the 12-hour period, long traders held a slight advantage with 50.63% of total future positions, compared to 49.37% for shorts, according to CoinGlass data
.
Bitcoin’s price is trading at $60,623, a level it has been hovering around since Aug. 9, according to CoinMarketCap data
.
Bitcoin is up 2.26% over the past 24 hours. Source: CoinMarketCap
10x Research head of research Markus Thielen commented that the Fed’s minutes “makes a rate cut in September almost a certainty” in an Aug. 22 report
.
“A “vast majority” of FOMC members supported a rate cut in September, with several members even considering a July cut as a plausible option,” Thielen stated.
“Bitcoin looks like It’s ready to break higher. The FED minutes were released a few hours ago, with a very dovish tone,” pseudonymous crypto trader Sykodelic added
.
When interest rates drop, investors typically move away from safe assets like bonds and term deposits, turning instead to perceived
riskier assets like Bitcoin.
“Prepare yourself for one of the most explosive Q4 in history, for US markets and Indian markets,” crypto commentator Nishant Bhardwaj stated
, citing the Fed being “on the verge” of cutting interest rates.
Related:
Bitcoin ‘parabolic’ rally may start in Q4, according to historical price data
“Powell’s upcoming Friday speech is expected to reinforce this dovish outlook, likely boosting risk assets like stocks and Bitcoin as monetary policy provides a favorable backdrop,” Thielen stated.
Meanwhile, on Aug. 15, Caldwell Investment Management portfolio manager Justin Elliot opined
that there is nothing to support the “level of aggression” expected by the Fed to cut rates.
Magazine:
A ‘marketplace of algorithms’ could fix social media… so why hasn’t it?
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. |
2024-08-22 | As The Crypto Market Displays Bullish Recovery, The Bitcoin Price Retests Its $62K Level!
2024-08-22
The post As The Crypto Market Displays Bullish Recovery, The Bitcoin Price Retests Its $62K Level!
appeared first on Coinpedia Fintech News
The cryptocurrency space with a trading volume of $69.9 billion (+10.10%) has recorded a jump of 1.72%, from $2.10 trillion to $2.14 trillion over the past day. Following this, the price of Bitcoin has jumped approximately 3% with a 24-hour High/Low of $61,834 and $58,839. Presently, BTC is valued at $60,799 with a market cap of $1.200 trillion. Moreover, the altcoin leader, Ethereum price has reclaimed the $2.65K mark with a jump of 1.18%. |
2024-08-22 | Proof Bitcoin (BTC) Could Reach New All-Time Highs: Analyst PlanB Predicts 4-7x Price Increase
2024-08-22
PlanB predicts Bitcoin could surge 7-10x by 2025, potentially hitting $414K-$593K.
Strong bullish sentiment suggests Bitcoin may soar after surpassing $70K resistance.
According to renowned analyst PlanB, known for the Stock-to-Flow (S2F) model, Bitcoin is poised for a significant price surge despite recent fluctuations. This new update aligns with our recent discussion
on Bitcoin (BTC) Price Nears ATH, where we identified 5 Reasons It Could Surpass Gold’s Recent Record.
In a recent post on X, PlanB predicts that the cryptocurrency could increase seven to ten times its current value
, potentially reaching between $414,000 and $593,000 by August 2025. He also revealed that Bitcoin increased 4x from its bottom in 2022 to now, historically indicating that a 7-10x increase could follow.
Bitcoin increased 4x from the bottom in 2022 to now.
Historically 7-10x follows from here.
What do you think bitcoin will do next 12 months? pic.twitter.com/WtyO0u5RHn
— PlanB (@100trillionUSD) August 21, 2024
This bullish forecast is based on historical patterns, particularly Bitcoin’s 200-week Moving Average, which has shown consistent price jumps. Since 2022, Bitcoin has already risen fourfold, and PlanB suggests that another major leap could be imminent.
Industry reactions to PlanB’s prediction have been largely optimistic
, though some prefer more conservative estimates of $120,000 to $160,000. Despite varying views, there is strong bullish sentiment, with many believing that once Bitcoin surpasses the $70,000 resistance, a significant price run is likely.
As of today, CoinMarketCap data shows that BTC is trading at
$60,691.75
, having surged by
2.19%
in the past day and
4.14%
in the past week. See the BTC price chart below. |
2024-08-22 | Traditional Finance Overlooks Bitcoin's Massive Growth: Franklin Templeton
2024-08-22
Franklin Templeton's CEO Jenny Johnson and Cipher Mining (CIFR) are making waves in the financial and digital asset sectors, each highlighting the growing influence of blockchain technology in their respective fields. While Johnson points out the surprising lack of awareness among traditional financial firms regarding Bitcoin's massive transaction volumes, Cipher Mining continues to excel in the Bitcoin mining industry with notable advancements in operational efficiency and exahash growth.
Franklin Templeton CEO Jenny Johnson on Traditional Finance's Bitcoin Blind Spot
Jenny Johnson, the CEO of Franklin Templeton, has long been recognized for her forward-thinking approach in steering the asset management giant into the digital asset space. Having taken the reins of her family's company in 2020, Johnson has continually emphasized the importance of positioning Franklin Templeton for the next generation. However, during a recent conversation at the Wyoming Blockchain Symposium in Jackson Hole, Johnson revealed a shocking reality: many traditional financial firms remain unaware of the scale of
Bitcoin
and its growing ecosystem.
At the Wyoming Blockchain Symposium, Johnson candidly discussed her astonishment at the lack of awareness among traditional financial institutions regarding the sheer scale of Bitcoin transactions. ”What's crazy to me is that in traditional finance, they have no idea about the amount of money and the volume [of bitcoin],” Johnson remarked. Her statement brings attention to a significant disconnect between the established financial world and the rapidly evolving digital asset landscape.
To put this into perspective, the Bitcoin (BTC) blockchain processed over $36.6 trillion in transactions in 2023, a year that marked the market's recovery from a challenging period. This figure dwarfs the transaction volumes processed by global payment giants Mastercard and Visa, which handled $9 trillion and $14.8 trillion, respectively, during the same period. Johnson's comments highlight a parallel financial ecosystem that, despite its immense scale, remains largely ignored by many within traditional finance.
Johnson's focus on disruptive technologies is not limited to digital assets alone. In fact, she spends approximately 30% of her day-to-day work examining various forms of disruptive technology, with the aim of positioning Franklin Templeton at the forefront of these emerging trends. Among these, Johnson identifies digital assets and artificial intelligence (AI) as the two most significant trends she believes are critical to the future of the financial industry.
”There's an entire ecosystem that almost ignores what is a parallel, massive ecosystem,” Johnson observed, referring to the Bitcoin network and the broader digital asset space.
Traditional Finance's Cautious Embrace of Blockchain
Despite the apparent disconnect, traditional financial firms have not entirely ignored blockchain technology. Mastercard and Visa, for example, have both made significant strides in incorporating crypto payments into their networks. Visa, in particular, has conducted numerous trials to test new product offerings and has partnered with several crypto-native firms, including Circle and Solana, in a bid to strengthen its position within the digital asset space. Mastercard, on the other hand, has rolled out a blockchain-based debit card, signaling its intent to participate in the evolving financial landscape.
Franklin Templeton, under Johnson's leadership, has also been a pioneer in integrating blockchain technology into its operations. In 2021, the company's OnChain U.S. Government Money Market Fund (FOBXX) became the first fund to use a public blockchain to record transactions and ownership. This groundbreaking move not only demonstrated the firm's commitment to embracing digital assets but also set a precedent for other traditional asset managers to follow.
Earlier this week, Franklin Templeton made headlines once again by filing a proposal with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) that would provide investors with exposure to a range of digital assets. Trading under the ticker symbol EZPZ, this fund represents the latest in a series of moves by the firm to solidify its position as a leader in the digital asset space. Coinbase, one of the largest and most trusted crypto exchanges in the world, has been selected as the custodian for this new fund.
This strategic partnership with Coinbase further demonstrates Franklin Templeton's commitment to digital assets and its belief in the long-term potential of this emerging asset class. For Johnson, the move is yet another step toward ensuring that Franklin Templeton remains at the forefront of the financial industry's ongoing transformation.
Jenny Johnson's insights at the Wyoming Blockchain Symposium serve as a stark reminder of the significant divide that still exists between traditional finance and the digital asset world. While companies like Franklin Templeton, Mastercard, and Visa have begun to recognize and embrace the potential of blockchain technology, many in the traditional financial sector remain unaware of the scale and impact of Bitcoin and other digital assets.
Cipher Mining's Robust Growth and Strategic Expansion Positions It as a Bitcoin Mining Leader
In related news, Cipher Mining (CIFR) continues to distinguish itself as a dominant force in the Bitcoin (BTC) mining industry, with significant strides in exahash growth, operational performance, and power cost efficiency. This impressive performance has caught the attention of financial analysts, leading broker Canaccord to increase its price target for Cipher Mining from $6 to $7, while maintaining a strong buy rating on the stock. Following this positive outlook, Cipher’s shares saw a 1.5% increase, trading at $4.01 in early Wednesday trading.
Canaccord's upward revision of Cipher Mining's stock price comes on the heels of a robust second quarter, during which the company demonstrated not only strong financial results but also a promising outlook. The broker's research report highlights Cipher’s continued exahash growth, which refers to the total computational power used to mine and process transactions on the Bitcoin network. The company’s ability to scale this metric has been a key driver of its recent success, further solidified by its unencumbered balance sheet and a business model that was well-prepared for the recent
Bitcoin
halving event.
The significance of Cipher’s preparedness for the halving event cannot be overstated. The Bitcoin halving, which occurs approximately every four years, reduces the reward for mining new blocks by half, effectively decreasing the supply of new Bitcoins entering the market. This event often puts pressure on miners, making operational efficiency and low production costs crucial for sustaining profitability. Cipher’s readiness for this event has allowed it to maintain its competitive edge, particularly as one of the lowest-cost producers in the Bitcoin mining sector.
Cipher Mining's operational update for the second quarter reiterated its position as a low-cost leader in the Bitcoin mining space. The company has consistently achieved some of the lowest power costs in the industry, a critical factor given the energy-intensive nature of Bitcoin mining. This operational efficiency not only bolsters Cipher's profitability but also positions it favorably as the industry evolves and competition intensifies.
Looking ahead, Cipher Mining is set to further enhance its production efficiency at its largest facility in Odessa, Texas. According to Canaccord, the company plans to upgrade its mining fleet in the coming quarters, a move that is expected to ”materially increase production efficiency” at the Odessa site. These upgrades are part of Cipher's broader strategy to stay ahead of the curve by leveraging the latest technological advancements in mining hardware, which in turn will contribute to higher hash rates and improved operational performance.
Expansion and AI Integration: A Glimpse into the Future
In addition to its current operations, Cipher Mining is making strategic investments to expand its capabilities and explore new growth avenues. One of the most notable developments is the company’s recent acquisition of the Reveille site, which introduces ”real artificial intelligence (AI) optionality” to Cipher's operations. The Reveille facility benefits from access to high-speed fiber, water resources for cooling, and a robust grid connection, making it an ideal location for integrating AI-driven optimizations into the mining process.
AI has the potential to revolutionize the Bitcoin mining industry by optimizing energy usage, predicting equipment failures, and enhancing overall operational efficiency. Cipher’s strategic move to incorporate AI into its mining operations could provide a significant competitive advantage, enabling the company to maintain its leadership position as the industry becomes increasingly sophisticated.
Moreover, Cipher Mining’s expansion plans extend beyond its current facilities. The company’s greenfield Black Pearl site, also located in Texas, is on track for completion next year. This site is expected to contribute significantly to Cipher’s exahash expansion, further solidifying its position as one of the top players in the Bitcoin mining sector. The Black Pearl project represents another step in Cipher’s ongoing efforts to scale its operations and increase its market share in the rapidly growing
Bitcoin
mining industry. |
2024-08-22 | Analysts Point to Market Reset as Potential Catalyst for Bitcoin’s Next Rally
2024-08-22
On Aug. 22, technical analyst and creator of the stock-to-flow model Willy Woo posted a chart of Bitcoin inventory on exchanges.
He noted that things have been bearish until the start of August due to an influx of around 100,000 BTC from the German and US governments selling and Mt. Gox distributions
.
He added that “speculation has been rife creating more paper BTC.” Paper Bitcoin refers to derivatives such as futures and options
that don’t involve direct ownership of the asset.
Healthy Paper Bitcoin Flushout Needed
However, the market crash in early August flushed out a lot of that paper Bitcoin and leverage which has been keeping markets depressed, he said before adding:
“That’s a healthy reset of open value (paper bets). It’s really hard for BTC to climb when there’s overheated speculation in the market.”
I've been on RnR for a while, but…
Here's the chart I like best to set the scene.
Less inventory = bullish
Until the start of Aug, we've been in a bearish stance with an influx of 100k coins (Germany, MtGox, DOJ) while speculation has been rife creating more paper BTC. pic.twitter.com/Yq7yhMpRZ8
— Willy Woo (@woonomic) August 21, 2024
Woo said that “BTC price action needs to get really boring” before adding, “I feel like we are 66% the way there,” in that much of the speculation has left, and more spot BTC to be absorbed.
In terms of supply and demand, there has been a recovery from short-term bearish to “delicately neutral,” he said before adding:
“But over the longer term, the good news is we aren’t in a bear market. Just a very long consolidation.”
Meanwhile, fellow analyst Peter Brandt observed
that the current bull market cycle
will soon become the longest-time post-halving in history for a new all-time high. He added that this could indicate that a new all-time high this cycle may not necessarily be on the cards.
However, ITC founder Benjamin Cowed pointed out that Bitcoin is pretty much where it should be in terms of progression through the market cycle compared to previous ones.
Despite everything, #BTC
is right around where it always is at this point in the market cycle pic.twitter.com/zO52x9tAtX
— Benjamin Cowen (@intocryptoverse) August 21, 2024
BTC Price Outlook
Bitcoin prices hit a weekly high of $61,800 during late trading on Aug. 21. However, the asset has pulled back to just over $60,500 during the Thursday morning Asian trading session.
Despite all the selling from states and defunct exchanges, BTC has remained range-bound since recovering from its big dump earlier this month.
Analyst ‘Rekt Capital’ said that BTC would need to break resistance at $61,420 for this week to count as a new uptrend.
#BTC
Once Bitcoin has solidified itself at the Channel Bottom…
The uptrend across the Channel to the very top of it would likely take 2-3 weeks
Convincingly break ~$61420 soon and this week will technically count as week 1 in that new uptrend$BTC
#Crypto
#Bitcoin
https://t.co/0Oj3OcJBf4
pic.twitter.com/5wnFbgN5cQ
— Rekt Capital (@rektcapital) August 21, 2024
The post Analysts Point to Market Reset as Potential Catalyst for Bitcoin’s Next Rally
appeared first on CryptoPotato
. |
2024-08-22 | Is Toncoin the Next Big Thing in Crypto? See Why Analysts are Betting Big on TON’s Future!
2024-08-22
Despite skepticism, broader market metrics suggest Toncoin’s solid progress with potential for substantial long-term growth.
Technical indicators forecast a 50-60% increase in Toncoin’s price, with a near-term target of $10 per TON.
Toncoin has recently achieved a notable milestone with 946 daily active addresses on its Masterchain, reflecting a significant increase from July 2021.
This rise in active users underscores an expansion in network activities and a growing interest in decentralized applications (dApps) and work chains associated with TON. The surge suggests a robust demand for Toncoin and paints a bullish picture for its future.
Source: CryptoQuant
Despite the impressive metrics, some market analysts express caution, labeling the
TON blockchain
as potentially overhyped. They point to the relatively low number of daily active users as a basis for their skepticism.
However, a broader look at market indicators contradicts this pessimistic view, indicating solid growth and a promising long-term trajectory for TON.
Source: Tradingview
The technical analysis of the
TON/USDT
pair shows promising signs. Recent trading sessions revealed a reversal candle with a long tail on the weekly chart, signaling strong buying interest.
Additionally, a tightening of the Bollinger Bands on this chart suggests an imminent price squeeze, likely resulting in a breakout to the upside.
On the daily chart, Toncoin is approaching a critical resistance at the 100 simple moving average. Breaking this barrier could sustain a new support level above it.
Source: tradingview
Market
analysts by ETHNews
, anticipate a potential 50-60% surge in Toncoin’s value in the near term, setting a realistic price target of $10 per TON.
This bullish outlook is part of a broader expectation for an upcoming altcoin season, which could see significant movements across various cryptocurrencies.
Source: TradingView
Further supporting this outlook is the global liquidity context, which is teetering on the edge of a significant breakout.
Source: Bitcoin Strategy Platform
With global liquidity poised to expand and recent activities in USDT minting, cryptocurrencies like Toncoin could see substantial gains in the coming months, according to
ETHNews reports
.
Source: DefiLlama
As of now, TON’s market capitalization stands at $16.82 billion, with trading volumes over the last 24 hours reaching $227 million. This volume-to-market cap ratio suggests that Toncoin maintains
adequate liquidity
, essential for future growth and stability in its price.
Toncoin (TON)
is currently trading at
$6.541 USDT
, showing a slight increase of 0.74% as of the latest update. The day’s trading range has been between $6.459 and $6.599 USDT. The coin has seen significant price movement over the last year, with a substantial increase of
373.30%.
The post Is Toncoin the Next Big Thing in Crypto? See Why Analysts are Betting Big on TON’s Future!
appeared first on ETHNews
. |
2024-08-22 | Bitcoin Rises as Fed Hints at Possible Rate Cut in July Meeting Minutes
2024-08-22
Bitcoin (BTC)
's price has increased following the release of the U.S. Federal Reserve's July meeting minutes
, and is currently trading at $60,271, reflecting a 1.36% rise in the past 24 hours, according to CoinMarketCap data. Ethereum (ETH)
also saw a slight increase, trading at $2,605, up 0.35%. The Fed hinted at a potential interest rate cut in September.
The minutes revealed that most officials agreed a rate cut would be appropriate if upcoming economic data aligns with expectations. All eyes are now on Fed Chair Jerome Powell, who is set to speak at the Jackson Hole Monetary Policy Symposium on Friday, where he may provide more clarity on the timeline for rate cuts.
The Fed began raising rates aggressively in 2022 to combat 40-year high inflation after the Covid-19 pandemic. Initially, this tightening negatively impacted both stocks and crypto, as investors typically steer clear of riskier assets when borrowing costs are high. However, since then, these assets have rebounded, driven by the booming AI sector and the approval of spot Bitcoin ETFs, leading to increased investment in U.S. equities and crypto.
The Fed's efforts to reduce inflation to 2% seem to be progressing. The minutes noted that inflation had eased over the past year, with further progress toward the Committee's target observed in recent months. Despite the improving macro conditions, equities and gold have outperformed crypto so far, with the S&P 500 nearing all-time highs, while gold continues making new highs. |
2024-08-22 | Franklin Templeton CEO, Who Manages $1.5 Trillion, Talks About Bitcoin (BTC)!
2024-08-22
Franklin Templeton CEO, known for his support for Bitcoin, stated that TradFi still underestimates and ignores Bitcoin.
Speaking at the Jackson Hole Symposium in Wyoming, Franklin Templeton CEO Jenny Johnson said that traditional financial institutions (TradFi) are underestimating the massive scale of Bitcoin.
According to CoinDesk, Johnson said he spends 30% of his daily work researching innovative technologies.
The famous CEO also added that two rising trends he does not want to miss are cryptocurrencies and artificial intelligence (AI).
“We have an entire industry that runs almost parallel to traditional finance and ignores the huge cryptocurrency ecosystem.
What's crazy to me and what I can't understand is that the traditional financial sector has no idea about the amount and volume of money circulating in the Bitcoin and crypto space.
Despite Bitcoin's size, TradFi still ignores BTC.
Pointing out that traditional financial institutions have no idea about the size and volume of Bitcoin, Johnson stated that $36.6 trillion worth of transactions were made on the Bitcoin blockchain last year.
Comparing Visa Mastercard to Bitcoin transactions, the famous CEO pointed out that global payment networks Mastercard and Visa carried out transactions of $9 trillion and $14.8 trillion respectively, and said, “Bitcoin's transaction volume doubled the total transaction volume of Mastercard and Visa in 2023.”
Franklin Templeton already has spot Bitcoin and Ethereum ETFs.
*This is not investment advice.
Continue Reading: Franklin Templeton CEO, Who Manages $1.5 Trillion, Talks About Bitcoin (BTC)! |
2024-08-22 | Cryptocurrency Prices Today August 22: BTC Crosses $60K, Fantom (FTM) Rallies 17%
2024-08-22
Cryptocurrency Prices Today, August 22, 2024:
The crypto market today has sparked investor speculations globally, illustrating mixed price actions. However, recent key market events have projected a ray of optimism on long-term prospects. The dovish FOMC meeting minutes hinted that chances of a Fed rate cut in September have risen substantially. Further, the global crypto market cap witnessed a 1.08% increase to $2.12 trillion today.
Bitcoin (BTC) price reacted positively to regain a hold above $60K, whereas ETH crossed $2,600. However, Solana (SOL) and XRP traded in the red zone today, although Fantom (FTM) surfed along the day’s top gainers.
The total crypto market volume saw a 6.15% upswing to $68.6 billion. So, let’s take a closer look at some of the leading cryptocurrencies by market cap
and their price movements today, August 22.
Cryptocurrency Prices Today (August 22)
Bitcoin Price Today
BTC price rested at $60,483 today, a nearly 2% increase in the past 24 hours. Bitcoin’s intraday lows and highs were recorded as $58,893 and $61,834, respectively. The pumping price movement primarily aligns with $39.42 million inflows in Bitcoin ETFs as of August 21, per Soso Value data
. Further, Bitcoin’s dominance
stood at 55.97% today, a 0.23% increase over the past day.
As mentioned above, BTC appears to have reacted positively concerning the anticipation of Fed rate cuts in September.
Moreover, Whale Alert’s data revealed massive BTC on-chain movements by crypto market whales, adding a layer of intrigue to the matter.
Ethereum Price Today
ETH price gained nearly 1% over the past day to trade at $2,615. Ethereum’s 24-hour lows and highs were $2,539 and $2,663, respectively.
The cryptocurrency reinforced a bullish trajectory soon after Vitalik Buterin’s post
, stating, “Ethereum is good.” ETH market cap stood at $314.73 billion today.
Solana Price Today
SOL price
rested at $141.66 today, a 0.5% decrease in the past 24 hours. Its intraday lows and highs were recorded as $139 and $144, respectively. Notably, Solana’s market cap rested at $2.01 billion today. The coin encounters turbulence amid setback for Solana ETF launch.
XRP Price Today
Ripple’s XRP illustrated a highly turbulent movement over the past day, trading both in red and green territories. XRP price rested at $5939, a 0.21% decrease today. Its 24-hour lows and highs were recorded as $0.5868 and $0.6053, respectively.
Meme Coins Prices Today
Dogecoin (DOGE) price gained 1.78% in the past 24 hours to $0.1054. Simultaneously, Shiba Inu (SHIB) price pumped 2.87% to $0.00001406.
Moreover, even Pepe coin, dogwifhat (WIF), and BONK prices surged 1%-3% today.
Top Cryptocurrency Gainers Today
1. Fantom (FTM)
FTM price soared 17% to rest at $0.4646 today. Its 24-hour lows and highs were recorded as $0.3949 and $0.4689, respectively.
2. Beam (BEAM)
BEAM price surged 15% today to reach $0.01528. Its intraday lows and peaks were $0.01332 and $0.01531, respectively.
3. Polygon (MATIC)
MATIC price
also gained 15% over the past day to trade at $0.5349. Its 24-hour bottoms and peaks were $0.4667 and $0.5394, respectively.
The price upswing comes amid a whopping 7.5% increase in the asset’s TVL to $916.70 million from the beginning of this to date. Also, a major upcoming network update set for September 4th has birthed optimism on the asset’s price movements.
4. BitTorrent (BTT)
BTT price pumped 11.5% today to reach $0.0000009442. Its 24-hour lows and highs were $0.0000008364 and $0.000001004, respectively.
Top Cryptocurrency Losers Today
1. Helium (HNT)
HNT price dipped 7% over the past day to reach $6.84. Its 24-hour lows and highs were recorded as $6.67 and $7.43, respectively.
2. TRON (TRX)
TRX price tumbled 6.45% over the past day to trade at $0.1495. Its 24-hour lows and highs were $0.1495 and $0.1656, respectively.
3. Sui (SUI)
SUI price rested at $0.8486, a decline of 3% over the past day. The coin’s intraday lows and highs were $0.8357 and $0.8801, respectively.
4. Zcash (ZEC)
ZEC price rested at $41.19, a 3% fall over the past day. Its 24-hour lows and highs were recorded as $41.01 and $42.99, respectively.
Altogether, the cryptocurrency prices today have garnered both bullish and bearish market sentiments across the globe, primarily attributable to mixed price actions illustrated by tokens.
The post Cryptocurrency Prices Today August 22: BTC Crosses $60K, Fantom (FTM) Rallies 17%
appeared first on CoinGape
. |
2024-08-22 | Robert Kiyosaki Stark Warning: U.S. Debt Crisis Highlights Need for Gold, Silver, and Bitcoin
2024-08-22
The post Robert Kiyosaki Stark Warning: U.S. Debt Crisis Highlights Need for Gold, Silver, and Bitcoin
appeared first on Coinpedia Fintech News
Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” raised a stark warning about the U.S. debt crisis, urging individuals to consider investing in gold, silver, and Bitcoin as a hedge against the looming economic uncertainty.
U.S. Debt Growing Immensely
In a recent tweet, Robert Kiyosaki highlighted the enormous scale of U.S. debt, comparing a trillion dollars to 31,688 years in seconds. He pointed out the alarming rate at which the U.S. is accumulating debt, adding a trillion dollars every 100 days, bringing the national debt close to $35 trillion.
HOW MUCH is a trillion? A trillion seconds was 31,688 years ago. America goes a trillion $ in debt every 100 days. Now do you know why you must buy gold, silver, and Bitcoin?
— Robert Kiyosaki (@theRealKiyosaki) August 22, 2024
Currently, America’s debt stands at nearly $35 trillion, meaning every citizen effectively owes $100,000.
The rapid increase in debt has raised concerns about the economy’s long-term stability. Kiyosaki also warned against relying solely on FDIC insurance and the banking system, urging people to invest in tangible assets like gold, silver, and Bitcoin to protect their financial futures.
Why Gold, Silver, and Bitcoin?
As U.S. debt continues to climb, Kiyosaki underscores the need to invest in tangible assets like gold and silver, along with digital assets like Bitcoin. He believes these investments can protect against the potential collapse of fiat currency, which may lose significant value if the debt crisis worsens.
Kiyosaki has long recommended
gold, silver, and Bitcoin as safe havens. He recently predicted an imminent economic crash followed by a major bull market, with bitcoin potentially reaching $10 million per coin, gold $15,000 an ounce, and silver $110 an ounce. He attributes this forecast to declining trust in fiat currencies and historical trends.
Bitcoin – A Buying Opportunity
As of now, Bitcoin is trading at $60,805
, showing a 2.3% increase in the last 24 hours with a market cap of $1.2 trillion. However, it continues to consolidate between $58,000 and $62,066.
To start a strong bull run, Bitcoin may need to break through the resistance at this level. This resistance aligns with the previously breached trendline and the 100-day Exponential Moving Average around $62,217, making it a crucial zone to watch. |
2024-08-22 | Bitcoin Spot ETFs See $62M Inflows While Ether Faces Outflow Streak
2024-08-22
The most recent data highlights an interesting trend in the table. While Bitcoin spot ETFs notched a whopping $62 million worth of inflows on August 19, Ether continued a three-day streak of outflows. On August 19, all of the 12 Bitcoin spot ETFs available in the U.S. saw a massive inflow of 72% compared to the previous day. BlackRock’s IBIT took the lion’s share, with flows amounting to $92.7 million, pushing total inflows since launch to $20.48 billion.
On the fidelity side, FBTC moved into the green as well, with $3.9 million in inflows. Despite these gains, not all Bitcoin ETFs were having a good day, with Bitwise’s BITB and Invesco Galaxy’s BTCO seeing net outflows offset some of the overall gains. Nevertheless, Bitcoin spot ETFs’ cumulative inflows surged past $17.4 billion.
Several factors have contributed to the surge in Bitcoin spot ETFs. First and foremost, the recent price stability of Bitcoin appears to have again focused institutional investors’ radar hunting for a regulated entry point into the cryptocurrency market. If anything, funds such as BlackRock’s IBIT have performed well, indicating that investors view Bitcoin as a haven in the digital asset space. Also, the recent rise in Bitcoin’s price, 4.2% in the past 24 hours to $60,937, has added to the inflows. As the price of Bitcoin goes higher, so would the demand for ETFs that give them direct exposure to the underlying asset. This is much more so for Bitcoin spot ETFs, as they grant the owner real exposure to the asset, avoiding the headache of actually holding it. “Investors are rushing to Bitcoin spot ETFs because they provide an easy and regulated way to get exposure to the world’s leading cryptocurrency,” a financial analyst said. On the 19th of August, Ether ETFs lost $13.52 million, which marked the third straight day of negative flows. https://etfs.grayscale.com/ethe contributed to most of the outflows with ongoing losses of $20.3 million, moving its total outflows to $2.43 billion since inception.
Although the recent 2.3% price increase of Ethereum to $2,673 might sound like a decent dose of good news, that hasn’t been enough to reverse the tide of outflows. It would appear that investors could be booking some profits or rebalancing their portfolios in light of the continued volatility in the larger crypto market. The reduced trading volume for Ether ETFs, which fell to $124 million from $185 million the previous day, indicated waning interest in these products. With the ever-changing cryptocurrency market, BTC spot ETFs go on to stay ahead of investor sentiment. The most recent inflow, $62 million, came in such a way as to send a good signal that faith in Bitcoin’s future is growing strong and thin on a crypto market where other parts, like Ether ETFs, struggle to pick up. Looking forward, further success with Bitcoin spot ETFs could be realised through the conception of newer financial products that grant exposure to Bitcoin in increasingly innovative ways. For now, it would appear the market is in favour of Bitcoin, and data clearly shows how investors are willing to put serious capital behind this digital asset. In other words, the Bitcoin spot ETFs are in a surge of positive momentum, and so long as Bitcoin does well, these ETFs will likely continue seeing interest and inflows. The contrast with Ether ETFs reminds one that in the world of cryptocurrency, not all assets are created equal, and investor preferences can shift very fast depending on market conditions. Stay updated with news from TheBITJournal.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information. Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means. Explore in-depth articles, expert insights, and breaking news to keep you informed and ahead in the digital age. |
2024-08-22 | Gryphon Digital Mining Secures Ultra Low-Cost Power at $0.01/kWh, Boosts Bitcoin Mining Operations
2024-08-22
Gryphon Digital Mining, Inc. (NASDAQ: GRYP) has made a strategic move by acquiring Bitcoin mining operations in Louisiana that benefit from ultra low-cost electricity
priced at approximately $0.01 per kilowatt hour (kWh). This acquisition, valued at $1.5 million, includes 2.9 megawatts (MW) of operational capacity and 59 petahashes per second (PH/s) of Bitcoin mining equipment, and is expected to generate about $1 million in annual revenue. The deal also includes essential assets like gas power generators and containers, according to Bitcoinmagazine
.
CEO Rob Chang highlighted the significance of this acquisition, emphasizing that securing such low-cost power is crucial for thriving in the current post-halving
Bitcoin mining landscape, which is characterized by increasing global hashrate
. Chang noted that this move is part of a broader strategy to identify and secure over 500 MW of similar low-cost power opportunities, positioning Gryphon as a leading low-cost operator in the Bitcoin mining industry.
Moreover, Gryphon is committed to reducing carbon emissions by utilizing flare gas, a byproduct of oil extraction, as an energy source for its mining operations. By repurposing this gas, Gryphon not only powers its operations but also mitigates environmental impact by lowering the carbon emissions associated with flaring.
This acquisition is expected to enhance Gryphon's competitive advantage, allowing for greater profit margins and potentially enabling the use of more affordable mining equipment that might not be viable in higher-cost operations. Gryphon is also exploring possibilities such as offering hosting services or providing high-performance computing operations. |
2024-08-22 | Top 3 Low Cap Altcoin Gems — Insane Potential Possible?
2024-08-22
Will Bitcoin or ETH 50x or 100x this bullrun? Let me be honest. Chances of that happening are very low. I am not saying they will not go up, but not as high as some low or microcaps or altcoin gems.
And we always keep looking out for such opportunities. In this video, we’ve spotted 3 low-cap altcoin gems that you should keep tabs on. We’ll also tell you why we think these projects could do as much as 50x or even 100x. Stick around.
Why Are Low-Cap Altcoin Gems the Best Bet?
Just before I talk about my list, I’ll tell you why investing in low-cap projects is always one of the best strategies ahead of a bull market. Low-cap altcoin gems are under-the-radar tokens that haven’t hit the mainstream yet. They’re like hidden treasures with the potential to deliver insane returns.
How much can low-cap altcoin gems give? As much as possible. In the past, $FTM did 200x. And $AXS shot up as much as 950x. Like I said earlier, we are in the final lap before the bull market properly kicks off. Why do I think so? We’ve got the US election, rate cuts, ETFs going global, and even some big moves from China. All the signs are pointing to a massive run-up. So, if you haven’t been preparing, take this as your final call. Let’s talk about my altcoin gems.
1. Numerai ($NMR)
The first low-cap on our list, Numeraire ($NMR) takes us to the AI-crypto market. We think AI crypto projects are going to shine in the next bull run.
So, what’s Numerai
all about? It helps data scientists experiment and create machine learning models. The main goal here is to decentralize science and boost competition in the field. Interestingly, it’s also said to be the first hedge fund to launch its own cryptocurrency.
Here’s how it works: Numerai rewards data scientists with $NMR tokens when they create accurate predictive models. The project gives them free data to work with, and these models help Numerai trade in the stock market.
Source: X
AI plays a big role in making these predictions. Right now, Numeraire ($NMR)
is still flying under the radar. But as more people start creating models for rewards, this project could really take off.
With a current market cap of $97 million, there’s plenty of room for growth—possibly even hitting $1 billion, which could mean a 10x return. And it could go even higher. According to their website, they’ve already paid over $27 million to data scientists. So, we might see even more people jump on board.
2. Creta World ($CRETA)
Next up, let’s talk about Creta World
($CRETA)and why it’s worth keeping an eye on. Right now, $CRETA’s market cap
is under $10 million. That’s super low, but it also means there’s huge potential for growth. Having a gaming project in your portfolio is a smart move for this bull run, and we’ve got some solid reasons to like Creta.
Calling all Filipino web3 enthusiasts!
Join for an exclusive networking event and get the inside scoop on https://t.co/7agYv5D69j
and $CRETA
!
All attendees will receive a share of 9,000 CRETA WORLD tokens. Spots are limited – reserve yours now.$CRETA
@CRETA_WORLD
https://t.co/ebOJfYJVWP
— Creta (@CRETA_WORLD) August 19, 2024
First off, Creta World isn’t just another gaming platform. Sure, they’ve got some solid games like Kingdom Under Fire and Fortress 4. But Creta is more than that—it’s a whole gaming ecosystem with four key pillars:
Metaverse
: Creta’s metaverse is all about diverse, immersive worlds. They’re starting with a sci-fi-themed world, and anime and fantasy worlds are coming soon.
Marketplace
: They’ve got a marketplace where you can download games and trade assets—all in one spot.
Social Media Platform
: Creta is building a social media platform right into their ecosystem. You can chat in-game and trade NFTs while playing.
Creta Studio
: Anyone can create games with Creta’s game-creation tool.
What is CRETA? An ever-evolving next-gen, fully decentralized blockchain entertainment platform!
Enjoy as a player of high-end games & metaverses, or become a creator of your own content & universe!
Powered by revolutionary @LocusChain
‘s high-performance patented Game… pic.twitter.com/TC8FXO0YWO
— Creta (@CRETA_WORLD) August 9, 2024
Creta’s got a strong community, especially in Asia, where Web3 gaming
is huge. They’ve launched the $CRETA token on some of the biggest exchanges there and have been holding community events in places like the Philippines, where gaming is massive. Remember Axie Infinity? They focused on the Asian market in the last bull run and went nearly 1000x. Creta could do something similar.
Similarities Between Creta and Axie
There are lots of similarities between Creta and Axie. Both started with small market caps just before a bull run. Axie was under $30 million when it launched in 2020, and we all know what happened next—it skyrocketed, making early adopters rich. Creta’s market cap is even smaller, so there’s a lot of room for growth.
Another thing they share is community support. Creta, like Axie, has a strong, active community, especially in Asia. The team behind Creta is also fully doxxed and engaged with the community on Telegram and X. Plus, they’ve got top-notch developers. Co-founder Ray Nakazato has over 30 years in gaming, working on titles like Relics, Maximo, Lost Odyssey, and Blue Dragon. They’ve even got Yoshiki Okamoto, the guy behind Street Fighter 2 and Resident Evil, on board.
Built by world-class experts in game engines, publishing, marketing, and blockchain, Creta is the most innovative blockchain platform with cutting-edge quality and performance.
Check out our homepage for more info!
https://t.co/9QLYSCybOZ
$CRETA
@CRETA_WORLD
pic.twitter.com/Fg7OKCEtPY
— Creta (@CRETA_WORLD) August 13, 2024
So, yeah, there are some big similarities between Creta and Axie. But Creta’s offerings might be even better, which is why we’re expecting a very bullish run for them.
3. Pendle Finance ($PENDLE)
Last on our list is Pendle Finance
. With a market cap
of around $448 million, Pendle isn’t exactly a low cap—it’s more of a mid-cap project. So, why did we include it? Simple: Pendle’s growth potential is too good to ignore.
Pendle is a DeFi
project, and it’s one of the big players in the LSDfi (Liquid Staking Derivatives finance) market. Basically, Pendle gives us more ways to profit from our crypto. It lets anyone speculate on and hedge future yields. Pendle offers a unique approach to yield investments.
Airdrop Gain agETH (26 Dec) by @KelpDAO
& @August_digital
is now on Pendle
⍛ Exposure to multiple L2 networks
⍛ Restaking platforms
⍛ 6 different types of airdrops
All these with just a single click PLUS the Pendle twist
(Psst rsETH fans, the 26 Dec pool is live too!) pic.twitter.com/IZu4HVEPUk
— Pendle (@pendle_fi) August 20, 2024
How does it work? Pendle splits yield-generating tokens into two parts: ownership and yield tokens. The ownership token represents the underlying asset, while the yield token is a claim on the future yield.
Pendle has a Total Value Locked (TVL)
of $2.71 billion. So, why do we think Pendle has room to grow? It’s an ERC-20 token, so its value is tied to Ethereum’s performance. Pendle’s price could also be affected by the overall health of the DeFi market. Plus, as more people realize the benefits of tokenized yield, we expect demand for Pendle to rise.
That’s it for our list! Let us know what you think of these projects.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Creta World.
Copyright Altcoin Buzz Pte Ltd.
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2024-08-22 | Bitget Wallet Integrates Babylon Bitcoin Staking Mainnet
2024-08-22
Victoria, Seychelles, August 22nd, 2024, Chainwire
Bitget Wallet
, the leading Web3 wallet, has integrated support for the Babylon Bitcoin Staking Mainnet and launched a dedicated Dapp section for the Babylon ecosystem within the wallet. This development simplifies the Bitcoin staking process, allowing users to easily stake their BTC through Babylon with a single click on Bitget Wallet, earning rewards while contributing to the security of PoS networks.
Babylon
is a project that designs Bitcoin security sharing protocols with a vision of building a Bitcoin-secured decentralized world. Its latest development is the world’s first trustless and self-custodial Bitcoin staking protocol, which enables Bitcoin holders to stake their BTC on Proof-of-Stake (PoS) systems such as PoS chains, L2s, Data Availability (DA) layers, etc, enabling them to earn yield without the need for third-party custody, bridge solutions, or wrapping services. Babylon’s approach combines the high security and wide adoption of Bitcoin with the efficiency and scalability of PoS systems, increasing Bitcoin’s utility.
Bitget Wallet is committed to building a comprehensive Bitcoin ecosystem and has emerged as a leader in this space. The wallet currently supports BTC asset display, transfers, swap transactions, OTC trading, and the inscription of BRC20 and ARC20 formats, along with market data for inscriptions. Additionally, Bitget Wallet has upgraded its Launchpad feature to support BRC20 asset launches, providing users with access to new assets and opportunities. The integration of the Lightning Network and other Layer 2 solutions offers users convenient services for entering the Bitcoin Layer 2 ecosystem. By incorporating staking functionality, Bitget Wallet continues to support the ongoing development of Bitcoin, transforming it from merely a store of value into a dynamic asset that plays a crucial role in the security and growth of decentralized networks.
Bitget Wallet is also planning to collaborate with Babylon during the Cap2 phase of its mainnet to launch a staking rewards program, which offers users additional opportunities to earn rewards, further enhancing the benefits of participating in the Bitcoin staking ecosystem.
Alvin Kan, COO of Bitget Wallet, emphasized the significance of this collaboration: “By integrating with Babylon, we are not only ensuring the highest levels of security for our users but also driving innovation in the staking space. This integration allows our users to maximize their asset growth while actively contributing to the security of blockchain networks.”
About Bitget Wallet
Bitget Wallet
stands as one of the world’s leading non-custodial Web3 wallets and decentralized ecosystem platform. With the Bitget Onchain Layer, the wallet is well-poised to develop a burgeoning DeFi ecosystem through co-creation and strategic incubation. Aside from a powerful Swap function, Bitget Wallet also offers multi-chain asset management, smart money insights, a native Launchpad, Inscriptions Center, and an Earning Center. Supporting over 100 major blockchains, 250,000+ tokens, and a wide array of DApps, Bitget Wallet is your top wallet for asset discovery and Web3 exploration.
For more information, users can visit:
Website
|
Twitter
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Telegram
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Discord
Contact
PR team
[email protected] |
2024-08-22 | Cryptocurrency and the Presidential Election Race
2024-08-22
Photo by iStrfry , Marcus
on Unsplash
Trump Reveals Crypto Stash
Trump's Crypto Pivot Could Earn Votes
Harris Yet to Reveal Crypto Stance
November's Presidential election might still be a few months away, but Donald Trump and Kamala Harris will be covering a lot of key topics between now and then, with cryptocurrency being one of them.
Every key issue that will be discussed and debated over the next three months will have a bearing on how the U.S. public decides to vote, and the relevance of cryptocurrency adoption could be more important than some think.
Federal Election Commission requirements demand that anyone in pursuit of federal office must disclose their finances. Two of the most interesting things about Donald Trump's financial disclosure revealed that he had made a lot of money selling bibles and that he holds cryptocurrency worth upwards of $1 million.
He earned $300,000 by endorsing the Greenwood Bible, as well as making just under $5 million in royalties from his books Our Journey Together and Letters to Trump.
Most interestingly, Trump's financial disclosure revealed an entry called "cryptocurrency wallet virtual Ethereum key" with an estimated value of between $1-5 million.
This revelation comes in stark contrast to his previous opinions about cryptocurrencies, describing Bitcoin as a scam and saying one of the main reasons he did not like it was because it was in competition with the dollar.
Cryptocurrency adoption in the U.S. has been on the rise, and its decentralized nature makes it ideal for international transfers. This has seen growth in the offshore crypto gambling market, and casino games like those available on this site
are flourishing while many states are still contemplating legalizing fiat currency online gambling.
Crypto offers consumers a great alternative to fiat currencies and a solution to costly and slow international payments in all industries, not just that of gambling.
Its potential for investors evidently made more of an impression on Trump’s business mind than the fear of it damaging the dollar. This was not the only revenue Trump declared from digital asset sources, with more than $7 million in earnings coming from NFT trading cards.
Trump's decision to pivot on his opinion of cryptocurrency
is in opposition to the Democratic Party's administration, with Biden and other prominent members focusing on the potentially negative effects of crypto use, demanding a more comprehensive regulatory framework
.
Fears of its stability, the protection consumers are afforded, and its use for money laundering have dominated their discussions.
However, the popularity and widespread use of cryptocurrencies by the U.S. public and political backers has seen pro-crypto Democrats being more vocal.
Vice President Kamala Harris has yet to take a definitive crypto policy stance, and it is likely she will not be as critical as her predecessor.
Ironically enough, the U.S. public could take to crypto gambling to back their preferred candidate, with the odds currently close at 11/13 and 11/10 for Harris and Trump respectively.
There are sure to be some more headlines before election day, and many crypto users will be keen to see Harris's position before making their minds up.
DISCLAIMER: The information on this website
is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
2024-08-22 | WazirX Reeling from $230M Hack, Cancels Open Orders
2024-08-22
WazirX cancels all open orders, adding blocked INR and crypto assets back to user balances.
Despite a $230M hack, WRX coin shows resilience, raising questions about its unexpected growth.
WazirX blames wallet provider Liminal for the hack, sparking further controversy and user backlash.
WazirX, the Indian crypto exchange still reeling from the $230 million security breach aftermath, stated that all open orders on its platform will be canceled, with the linked assets to be returned to users’ balances. This action is part of their ongoing efforts to resolve the issues surrounding INR and crypto balances on the platform.
tribe! Please note that all open orders currently placed on WazirX will be canceled. Any INR and crypto assets blocked in these open orders will be added to your respective balances.
This step is part of our ongoing efforts to resolve the issue surrounding INR and crypto… pic.twitter.com/G5zUyB36hN
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 21, 2024
The trouble started when WazirX reported that 45% of investor funds
were stolen, forcing the suspension of its platform. This incident triggered demands from thousands of investo…
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2024-08-22 | $55 Million in DAI Stolen From This Crypto Whale via Phishing Attack
2024-08-22
On Tuesday, a cryptocurrency whale suffered a loss, with approximately $55.4 million worth of Dai stablecoin stolen in a phishing attack.
According to the blockchain security firm CertiK, the attacker likely used a phishing tool known as Inferno Drainer to gain access to the whale’s externally owned account (EOA).
Inferno Drainer Phishing Attack
The incident was first reported
by on-chain sleuth ZachXBT in a Telegram post, where he highlighted the breach before CertiK confirmed
the news.
Inferno Drainers are notorious for deceiving victims by mimicking legitimate websites or emails from well-known cryptocurrency exchanges or decentralized finance (DeFi) protocols, ultimately compromising their private information.
The attack targeted a Maker Vault, a collateralized debt position that allows users to borrow the U.S. dollar-pegged Dai stablecoin by depositing collateral. CertiK explained
that the bad actor exploited a vulnerability to gain control of the whale’s Maker Vault through the compromised EOA.
The hacker then transferred ownership of the victim’s DSProxy #166,776, a smart contract that enables users to execute multiple contract calls in a single transaction, to a new address under their control.
The attacker changed the protocol’s owner address to their wallet after gaining control and minted almost 56 million in DAI, effectively draining the vault of its funds.
July Sees Over $270M in Losses
This incident is the latest in a series of high-profile hacks targeting the crypto space. Earlier this week, ZachXBT reported
a separate breach involving the theft of 4,064 Bitcoin (BTC), worth approximately $238 million.
The stolen BTC stash was quickly transferred across multiple platforms, including THORChain, KuCoin, ChangeNow, Railgun, and Avalanche Bridge.
Although the exact method used in the heist remains unclear, experts believe a combination of phishing, social engineering, and exploiting wallet vulnerabilities may have been involved.
According to CertiK, more than $270 million was lost
in various hacks, exploits, and scams across Web3 projects in July alone. This figure marks the second-highest monthly loss recorded in 2024, with attackers returning only $7.8 million of the stolen funds.
The report highlighted the various methods used by the bad actors, including exit scams, which accounted for approximately $3 million in losses, flash loans with an estimated $265.8 million lost, and other exploits totaling around $9.8 million.
DeFi protocols have become a prime target for cybercriminals, as DEX aggregation and bridging protocol LI.FI suffered
a $10 million loss due to a security breach last month.
Additionally, the WazirX hack, which saw
over $230 million funneled through the controversial mixing service Tornado Cash, left several retail investors with losses.
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2024-08-22 | Bitcoin Withstands Volatility and Sinks Altcoins!
2024-08-22
Week 34 of 2024 was marked by significant movements in the crypto market, especially for Bitcoin. Several key trends emerged, attracting the attention of investors and highlighting the importance of staying informed in this dynamic environment.
Bitcoin: A Strengthened Domination
Bitcoin (BTC) continues to dominate the crypto market, despite a period of increased volatility. According to Bitvavo, the price of BTC
remained around €53,000, about 20% below the record reached in March. This relative stability of Bitcoin contrasts with the difficulties encountered by altcoins, which have suffered more pronounced declines.
Altcoins, or alternative cryptocurrencies, were particularly affected by the market’s weakness. Bitvavo points out that Bitcoin’s dominance reached its highest level since spring 2021, exacerbating losses for altcoins. This trend could indicate an increasing preference among investors for Bitcoin as a safe haven, especially in times of economic uncertainty.
€20 bonus for registering on Bitvavo
This link uses an affiliate program.
Technical Analysis and Outlook
Bitvavo’s technical analysis reveals
that Bitcoin is currently in a critical zone, between €56,000 and €58,000, where the 50-day and 200-day moving averages are located. These levels are crucial for determining short and medium-term trends. A break above these levels could signal a bullish recovery, while staying below could indicate a continuation of the correction.
Bitvavo anticipates increased volatility in the coming weeks due to macroeconomic factors such as economic data from the United States and Japan, as well as speeches by central bankers at the annual conference in Jackson Hole. Additionally, the reduced market liquidity during the summer period could amplify these movements.
Bitvavo’s analysis for week 34 of 2024 highlights Bitcoin’s resilience in the face of a struggling crypto market. The growing dominance of Bitcoin, which recently fell to 55%
, and the challenges faced by altcoins underscore the importance of staying informed and vigilant. Bitvavo continues to provide valuable analyses to help investors navigate this complex and constantly evolving market. |
2024-08-22 | Core Scientific Repays $267 Million Debt
2024-08-22
Core Scientific
, a leading Bitcoin mining company, has significantly reduced its debt by repaying $267 million using proceeds from a recently closed convertible senior notes offering. This strategic move includes settling $150 million in secured notes, $61 million from an exit facility, and $56 million in miner equipment loans, resulting in a substantial decrease in interest expenses from 12.5% to 3%, according to Financemagnates
.
Following the debt repayment, Core Scientific bolstered its financial position by adding $172.8 million in cash to its balance sheet. The company plans to leverage this financial flexibility to expand its high-performance computing (HPC) hosting
capacity while strengthening its Bitcoin mining operations.
This move aligns with a broader industry trend, as more cryptocurrency miners
, like HIVE Blockchain and BitFuFu
, are diversifying into AI and HPC to capitalize on growing demand and stabilize revenue streams amid Bitcoin market volatility. Core Scientific's CEO, Adam Sullivan, highlighted the importance of this shift, noting the potential for increased profitability and the company's strengthened position in the competitive mining landscape.
The transition towards HPC is expected to unlock significant value for Core Scientific, positioning the company for long-term growth and resilience in the evolving digital asset ecosystem. |
2024-08-22 | Crypto News Today: Kamals Harris’s First-Ever Crypto Policy Announcement Unveiled
2024-08-22
The post Crypto News Today: Kamals Harris’s First-Ever Crypto Policy Announcement Unveiled
appeared first on Coinpedia Fintech News
According to the latest Bloomberg report
, a policy adviser to Kamala Harris’s campaign has revealed that the Vice President will support measures to help grow digital assets.
Harris To Support Digital Asset Policies
When asked about their efforts to engage the crypto community, Brian Nelson, the senior campaign advisor for policy to the campaign said, “She’s going to support policies that ensure that emerging technologies and that sort of industry can continue to grow,” during a Bloomberg News roundtable at the Democratic National Convention on Wednesday. “Obviously, they’ve expressed that one of the things that they need are stable rules, rules of the road,” Nelson said.
A prominent crypto analyst Adam Cochrane in an X post
underscored that, “This is the first official statement from the Harris campaign about crypto in any capacity, and it is a positive one. Let’s acknowledge that’s a huge step from where we’ve been in the past and keep pushing.”
U.S. Rep. Wiley Nickel (D-NC) also commented
, “I’ve been working hard to push for a reset on crypto, and am thrilled about this important policy statement.”
More Efforts Of Engagement From The Democrats
There have been more efforts of engagement from the Democratic side as. Sen. Chuck Schumer, majority leader in the U.S. Senate, participated in a Crypto4Harris event last week, promising to pass cryptocurrency legislation out of the Senate before the end of the year.
A noted Bitcoin enthusiast Mark Cuban had also stated that the Harris campaign had contacted him with ‘multiple questions’ about crypto, depicting it as ‘a good sign.’
While Trump has vowed to renew expiring tax breaks and implement sweeping tariffs on US allies and competitors alike, there are criticisms that such a move could aggravate high prices and bring down global trade.
Harris’ Policy Roll Out
The Democratic nominee began rolling out her policy agenda last week, with a focus on the economy, which is pegged as the central issue of November’s election and which threatens to be one of her biggest political liabilities.
However, Harris has vowed that building up the middle class will be the defining focus of her presidency if elected and that increased taxes on corporations and high earners would offset the costs of its new proposals.
Notably, Harris supports increasing the US corporate tax rate to 28% from 21% in line with Biden’s recent budget proposal. Trump, in office, cut the corporate tax rate from 35% to 21% and has proposed reducing it even more.
Also Check Out: Crypto Legislation 2024: How GOP Senate Hopes to Reshape US Crypto Regulations |
2024-08-22 | BlackRock ETF Outshining Global Peers, Will Fidelity Flip It Soon?
2024-08-22
American investment firm BlackRock is now the biggest issuer of spot Bitcoin Exchange-Traded Fund (ETF) as regards Assets Under Management (AUM). Eric Balchunas, a Senior ETF analyst at Bloomberg, shared data
showing the BlackRock iShares Bitcoin Trust (IBIT)
well ahead of global ETF leaders in ranking
While IBIT solidifies its position as a global leader, Fidelity’s Bitcoin ETF (FBTC) has also stood out as a dominant force in the market. Many in the crypto space wonder if FBTC can flip IBIT soon.
IBIT’s Position Among Global Non-Crypto ETFs
Looking at the data shared by Balchunas, approximately $911 billion has flowed into the global ETF market Year-To-Date (YTD). Bulchunas noted that the inflows represent a huge milestone as the market approaches its annual record break of $1.2 trillion.
Balchnas attributes the global ETF success to increased contributions from non-US countries, who have added over 40% of the total, up from 25% in 2021. He added that global ETFs have set a record pace, with 1,121 new ETFs launched this year.
BlackRock is another huge contributor to the global ETF market. So far, BlackRock’s iShares Bitcoin inflows have soared to $20.5 billion YTD, making it the top Bitcoin ETF performer. IBIT has outshined other non-crypto ETFs like VTI from Vanguard Asset Management and 510300 from Huatai-PineBridge Fund Management in the global ETF ranking.
IBIT is now regarded as the third-largest worldwide ETF, outperformed only by Vanguard’s VOO and IVV, BlackRock’s non-crypto ETF. Meanwhile, Fidelity’s FBTC was also spotted in the 14th spot on the global ETF landscape, ahead of other non-crypto ETFs like BlackRock’s DNYF.
BlackRock Bitcoin ETF Rivals
IBIT is way ahead of other top competitors in the spot Bitcoin market. Recent data
from Farside Investors shows IBIT has amassed about $20.5 million since it began trading in January. According to the details, BlackRock has flipped FBTC’s $9.8 million and Bitwise’s $2 million. On August 19, IBIT recorded a huge single-day inflow of 92.7 million.
Surprisingly, IBIT’s outstanding performance comes amid a decline
in the broader market. The past few months have seen Bitcoin falling, with prices below the $55,000 mark. However, Bitcoin’s price, although still consolidating, has recovered to $60,000. As of this writing, Bitcoin price
was trading at $59,590, demonstrating a 0.75% increase in 24 hours. However, the trading volume decreased 12% in the past day to $26 million.
IBIT’s huge inflows, despite challenges in the broader ecosystem, indicate rising interest from institutional investors. More investors are beginning to recognize the benefits of holding crypto assets.
Can Fidelity or Grayscale flip BlackRock’s IBIT?
Whether Fidelity or Grayscale can outshine BlackRock’s IBIT hinges on many factors, such as investor sentiment, trading fees, etc. For now, IBIT has demonstrated that it is ready to retain the top spot, with its fee way below that of Grayscale and Fidelity. BlackRock has set its fee of 0.21%, Fidelity 0.25%, and Grayscale 1.5%.
Meanwhile, Grayscale ETF
continues to see outflows from its Bitcoin ETF. Over $19.6 billion has flowed out of the fund. If this continues, the firm’s flipping race against BlackRock might not work out.
Fidelity has a rather healthy netflow, and FBTC might be the best option should any Bitcoin ETF product aim to replace IBIT.
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2024-08-22 | Bitcoin volatility ‘ramping up’ above ATH levels as price retests $62K
2024-08-22
Bitcoin’s volatility has passed the levels it reached during its all-time high in March and continues to rise, and traders think this could be the catalyst needed for BTC to finally break out of its consolidation phase.
But to trigger the rally, Bitcoin (BTC
) must first hold above $61,000 and successfully retest the $62,000 level, which it hasn’t hit since Aug. 9.
“Bitcoin after a big slump in volatility levels, it’s now ramping back up and getting close to levels we saw earlier this year at the all-time highs,” pseudonymous crypto trader Daan Crypto Trades wrote in an Aug. 21 X post
.
“It’s what’s eventually needed to put an end to this massive consolidation in one way or another,” he added.
Bitcoin volatility approaching its year-to-date high
On Aug. 21, the Bitcoin Historical Volatility chart — a tool used to display the volatility of Bitcoin over a period of time — hit 3.42%, surpassing the 3.00% recorded on March 13, when Bitcoin reached its all-time high of $73,679, according to CoinGlass data
.
Just under two weeks later, on March 26, Bitcoin’s volatility hit its highest point for 2024, at 4.28%.
While volatility isn’t a bullish signal by itself,
it indicates that Bitcoin’s price could see significant movement outside of its current price range. Traders warn that it could also cause the price to go the other way.
“Based on 10 years of price history there is a high chance that September will print cycle lows,” pseudonymous crypto trader TheoTrader added
.
Bitcoin is down 10.99% over the past 30 days. Source: CoinMarketCap
Since the April 20 Bitcoin halving
, Bitcoin prices have been consolidating in a wide range that extends from $49,842 to $72,000.
Increased volatility can benefit the market by attracting greater trader interest in speculating on Bitcoin’s next move and potentially more opportunities for traders to profit from price swings.
Related:
Bitcoin bull run’s ‘most important chart’ hits new $94T all-time high
However, future traders appear to be bullish that Bitcoin’s price will go upward.
The put-to-call volume ratio, measuring the demand
for sell versus buy options, stands at 66.18% calls and 33.82% puts, resulting in a put-to-call ratio of 0.51.
At the time of publication, Bitcoin was trading at $60,875 after attempting to break through $62,000, but it fell short at $61,552, as per
CoinMarketCap.
Crypto trader Matthew Hyland pointed out in an Aug. 22 X post
that Bitcoin is “testing the neckline,” a trading pattern used to confirm support levels by drawing a line through the high points on Bitcoin’s price within a certain period.
Magazine:
‘Algo choice’ could fix toxic social media — but ad dollars mean it won’t
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. |
2024-08-22 | Germany’s Crypto Crackdown Seizes Bitcoin and $28 Million in ATM Raids
2024-08-22
Germany has once again found itself in the spotlight and that too in the crypto world. After the nation made headlines for its decision to sell off seized Bitcoin earlier this summer, authorities have continued to tighten their grip on the crypto space. This time, the focus is on cryptocurrency ATMs, and the recent crackdown has left many wondering about the future of cryptocurrency in Europe’s largest economy. Its been anything but a quiet summer for Germany’s crypto community. The sale of seized Bitcoin by German authorities had already sparked debates among crypto enthusiasts and critics alike, with some praising the move as a sensible financial decision while others viewed it as an indication of the country’s increasingly stringent stance on digital assets. Now, with the recent busts on August 20, the debate has been reignited, this time surrounding the legality and regulation of crypto ATMs.
On that day, German authorities embarked on a sweeping anti-money laundering operation that saw them confiscate 13 cryptocurrency ATMs and almost $28 million in cash from 35 locations across the nation. The raids, which were spearheaded by BaFin, Germany’s financial watchdog, in collaboration with police and the Bundesbank, have been described as one of the most significant actions against crypto-related malpractice in recent times. According to BaFin, converting euros to cryptocurrencies, or vice versa, constitutes a commercial activity under Germany’s Banking Act. This means that any entity wishing to operate a crypto ATM must obtain explicit authorization. Without this, the machines are considered illegal, and their operation poses substantial risks, particularly in terms of money laundering and terrorist financing.
Crypto ATMs, which allow users to buy or sell cryptocurrencies like Bitcoin using cash or debit cards, have become increasingly popular in recent years. However, he anonymity that often accompanies these transactions has raised red flags among regulators. The concern is that without proper oversight, these machines could easily be exploited by criminals to move illicit funds or finance illegal activities. The watchdog emphasized the importance of regulatory compliance, not just as a means of preventing crime but also as a way of protecting consumers who might otherwise fall victim to scams or fraudulent schemes. For those operating unlicensed crypto ATMs, the consequences are now more severe than ever. BaFin has warned that ATM operators can face prosecution, with penalties of up to five years in prison. This marks a significant escalation in the authorities’ approach to regulating the crypto space, and it sends a clear message to those involved in the industry: compliance is non-negotiable.
The recent raids are part of a bigger picture painted by German authorities to crack down on crypto malpractice. Earlier this year, there were several high-profile cases where individuals and businesses were found to be engaging in illegal activities involving cryptocurrencies. These cases have only served to bolster the resolve of regulators to bring the sector under stricter control. The recent events have left many in the crypto world wondering about the future of Bitcoin and all the other altcoins in Germany. Will these crackdowns stifle innovation and drive crypto businesses out of the country? Or will they lead to a more regulated and secure environment where cryptocurrencies can thrive? For now, it’s too early to tell. What is clear, however, is that Germany is taking a hard line on crypto regulation. The authorities are determined to weed out illegal activities and bring the sector in line with the country’s strict financial laws. This approach may be met with resistance from some quarters, but it’s also likely to be welcomed by those who see regulation as key to the growth and acceptance of cryptocurrencies on a global scale.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information. Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means. Explore in-depth articles, expert insights, and breaking news to keep you informed and ahead in the digital age. |
2024-08-22 | Mt. Gox Transfers $75M in Bitcoin to Bitstamp for Payouts
2024-08-22
Mt. Gox
sent 1,265 Bitcoin
(BTC) worth $75.36m to the Bitstamp exchange, which suggests that payouts to the company’s creditors may follow soon. This is a regular repayment process following the famous hack 10 years ago that saw 850,000BTC lost.
The latest transactions from Mt Gox’s cold wallet suggest that the repayment process is picking up. This could mean more people are set to get their lost Bitcoin back.
Mt. Gox Initiates Major BTC Transfer to Bitstamp
The transfer was 1,264.69 BTC
from Mt. Gox’s cold wallet address to Bitstamp, the chosen platform to distribute the repayments. This transfer comes after Mt. Gox received 12,000 BTC from another wallet, indicating that liquidations are still happening.
These wallets help manage the repayments, as has been the trend of late, with large amounts preceding payout activities.
Bitstamp
has also been central to the distribution channel. In its operations, the exchange has ensured that the funds are returned to the owners correctly.
Similar to Bitstamp, other platforms, such as Kraken
, have seen creditors pay their money without much latency. This integrated approach among these platforms shows a strong process of trying to regain investor confidence.
Furthermore, the order of such transactions has become a rather accurate signal of the next payments. This form of movement is seen to occur just before financial distributions and can impact the overall price of Bitcoin.
While these transfers are becoming more recurrent, stakeholders keep on observing any effects that may occur on cryptocurrency prices.
Institutional Investors Show Confidence in Bitcoin
The recent transfer has shaken the crypto market, and the price of Bitcoin has slightly reduced. Post-transaction, the cost of Bitcoin fell below $60K but has been on the rise in the subsequent days. This is a typical pattern after big wallet operations; it demonstrates the market’s reaction to the operations linked to Mt. Gox.
Ethereum’s second-most traded cryptocurrency also dropped and was trading below the $2,600 level.
Although short-term market responses have some consequences on the crypto fear and greed index, it is currently showing signs of increasing fear among investors that may affect their trading behavior shortly. However, the general feeling in the market is cautious optimism as the repayment process is being conducted.
Such interest from institutional investors is a positive sign for the market’s stability in the long term. Inflows into US spot Bitcoin ETFs
, especially from BlackRock’s Black Oak Investment Trust and Ark’s Next Generation Internet ETF, mean investors remain optimistic about Bitcoin’s price potential.
On the other hand, GBTC of Grayscale has seen outflows, which show that managers are not only buying the fund’s holdings but diversifying their portfolios.
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2024-08-22 | Three Altcoins That Can Give You 1,000x Returns In 2024
2024-08-22
The post Three Altcoins That Can Give You 1,000x Returns In 2024
appeared first on Coinpedia Fintech News
In the world of cryptocurrency, the search for profitable investments is a constant pursuit for smart investors. While Bitcoin and Ethereum dominate the headlines, crypto experts believe these 3 altcoins – ETFSwap (ETFS),
Kaspa (KAS), and Polygon (MATIC)—have the potential to deliver 1,000x returns for investors looking to make a significant profit before the end of the year.
ETFSwap (ETFS): The DeFi Platform Revolutionizing Crypto Investing
ETFSwap (ETFS) tops the list among other altcoins that have the potential to give investors profits of over 1,000% before the end of 2024. Built on the ERC 20 standard, the ETFSwap (ETFS) altcoin provides investors looking to diversify their portfolios with access to a diverse range of tokenized exchange-traded funds (ETFs) that cut across different sectors of real-world assets (RWA), including healthcare, transportation, agriculture, and more.
These ETFs include leveraged ETFs, cryptocurrency ETFs, real estate ETFs, fixed-income ETFs, commodity ETFs, and others. Interestingly, all ETFs on the ETFSwap (ETFS) platform carry a 10x leverage feature that allows investors to earn up to 1,000% of profits. Also, with ETFSwap’s
50x leverage
feature, investors can expand their positions on the available ETFs and earn up to a 5,000% return on investment.
In comparison to Kaspa (KAS) and Polygon (MATIC), one standout feature of the ETFSwap (ETFS) is its integration of advanced
AI-powered tools
like the
ETF Filter, ETF Screener, and ETF Tracker,
which makes it the most sought-after altcoin in 2024. This technology highlights the most profitable ETF investment options based on previous performance and present market conditions. Additionally, ETFSwap offers investors up to 87% annual percentage yields (APY) as rewards for staking the altcoin.
In order to ensure the utmost security for its users who invest in the altcoin, ETFSwap (ETFS) has completed its KYC verification process with SolidProof
, a renowned cybersecurity and blockchain audit firm that specializes in protecting financial institutions from fraudulent activities. However, through ETFSwap’s zero-knowledge approach, investors can buy the altcoin without the stress of KYC verifications, saving time and protecting their anonymity.
Kaspa (KAS): The Emerging Proof-of-Work Powerhouse
Kaspa (KAS)
is another promising altcoin that has caught the attention of both retail and institutional investors through its proof-of-work (PoW) algorithm. However, what sets Kaspa apart from other altcoins is its implementation of the GHOSTDAG protocol, which enables Kaspa to process multiple transactions faster than traditional blockchains without compromising its security or decentralization.
Furthermore, Kaspa is designed with similar principles that make Ethereum (ETH) one of the most secure cryptocurrencies in the world. Most experts predict that Kaspa has the potential to reach a market cap of $10 billion in the near future due to its finite number of tokens.
According to data from CoinGecko, Kaspa has a market cap of over $4 billion and a daily trading volume of $78.6 million. As of writing time, Kaspa is trading within the range of $0.1624 and $0.1689, which gives investors the perfect window to buy the altcoin for a low price before it skyrockets.
Polygon (MATIC): The Ethereum Scaling Solution Poised For Explosive Growth
Polygon
(MATIC) is among the altcoins poised to give investors massive returns as it continues its Community Grants Program with the aim of distributing $1 billion in POL tokens in order to improve the Polygon’s ecosystem. Also, Polygon’s scalable and cost-effective layer-2 solution has attracted a constantly growing number of decentralized applications, which will contribute to its success in the altcoin market.
With several crypto experts expressing optimism about Polygon’s (MATIC), the altcoin recently touched a significant support level, trading within the range of $0.3936 and $0.4209. While this reflects a two-year low for MATIC, crypto analysts see it as a catalyst for growth. This bullish outlook is echoed by Javon Marks, a respected voice in the crypto space who projects that Polygon (MATIC) could reach new all-time highs above the $3 mark.
Join The ETFSwap Presale
ETFSwap (ETFS) has left the crypto world in shock as it raises $3 million only a few weeks into its ongoing presale. As the altcoin market presents a realm of opportunities, smart investors are rapidly buying ETFS tokens for a low price of
$0.01831
as they stand to make gains of
200%
in the coming weeks due to a potential price increase in the next stage of its presale.
For more information about the ETFS Presale
Visit ETFSwap Presale
Join The ETFSwap Community |
2024-08-22 | Bitcoin Price Could Trigger Altcoin Surge
2024-08-22
You can also read this news on COINTURK NEWS: Bitcoin Price Could Trigger Altcoin Surge
BTC price
could initiate a new rise in altcoins if it closes above $61,400. Due to previous failures, the funding rate on Binance is not expected to turn positive immediately, and it hasn’t. However, one of these attempts should result in an upward breakout.
BNB Coin Predictions
BTC price increase above $61,400 and the opening of Asian markets could continue with possible strong demand. However, it’s too early to celebrate because it’s uncertain how long investors
accustomed to profit-taking will extend the process.
BNB
started to rise on August 19 and closed above the downtrend line. Such movements in large-cap altcoins are encouraging for the overall altcoin market. On the other hand, if the rise continues, new attempts at $605 and $635 could occur. This would mean the expected move for a new ATH above $700 has begun.
Solana (SOL) Price Prediction
The ETF story ended early, and there is a thesis that applications
without BlackRock will result in disappointment. During the ETH ETF process, BlackRock acted early, boosting investor confidence. BlackRock previously stated that they did not see strong demand for SOL or other altcoins and would not act soon.
The EMA20 at $147 has not yet been reclaimed, and the sales here are not unjustified. If the price continues to fall, it could drop to $136 and $116. Closures below $136 will be discouraging for a bearish breakout.
Conversely, if the price can recover from the current level, excitement could increase for $188 after pursuing $153 and $164. On the futures side, volume for SOL Coin remains strong, and investors are trading the latest fluctuations.
XRP Coin Commentary
At the time of writing, the price is above $0.6. XRP
Coin remains calm despite the recent rise. The EMA20 is at $0.57, and as long as
XRP Coin
holds this level, there is no room for pessimism on the upside. RSI is supportive, and a test of $0.64 could succeed.
After that, the target will be $0.74. The SMA50 is a significant support, and a break below it could cause the price to compress further between $0.64 and $0.46.
The post first appeared on COINTURK NEWS:
Bitcoin Price Could Trigger Altcoin Surge
The post Bitcoin Price Could Trigger Altcoin Surge
appeared first on COINTURK NEWS
. |
2024-08-22 | Bitcoin Faces Uptrend Threat and Short Squeeze Pressure Near $62K Level
2024-08-22
Bitcoin has been on a wild ride lately, and everyone is buzzing about what’s next. The crypto world is full of speculation, and the recent moves in Bitcoin’s price have people talking about a possible breakout. But with mixed signals from the market, it’s tough to know where things are headed. Let’s dive into the latest developments and see what might be in store for BTC. Bitcoin has been bouncing around a lot recently. The price has been flirting with the $60,000 mark, and every time it dips, it quickly rebounds. This back-and-forth action has some traders excited, thinking a big move is on the horizon. BTC bulls are eyeing the $62,000 level as a critical point. If they can push past it, the next target could be as high as $65,000 or more. Some analysts believe the market is ripe for a “short squeeze,” where prices shoot up quickly, forcing those betting against Bitcoin to buy in, driving the price even higher. BTC/USD 1-hour chart. Source: TradingView
BTC got a bit of a lift after the U.S. Federal Reserve hinted at possible rate cuts. The Fed’s minutes from their latest meeting suggested that if economic conditions align, they might lower rates soon. This news was music to the ears of Bitcoin fans. Lower interest rates make riskier assets like BTC more attractive, and the market reacted with a small rally. However, it wasn’t a huge jump, and Bitcoin is still trying to break out of its current trading range. The focus now is on the upcoming speech by Fed Chair Jerome Powell, which could provide more clues on where things are headed. While some are optimistic, not all signs are pointing up for BTC. Technical analysis shows that BTC might be heading into a rough patch. A key indicator, the stochastic oscillator, is showing signs of an “overbought downturn.” This could mean that the recent uptrend is losing steam, and Bitcoin might be in for a price drop. Other indicators like the MACD are also suggesting a possible decline. If these signals play out, Bitcoin could struggle to maintain its current levels and might see a dip in the coming weeks. The next few weeks are crucial for Bitcoin. Bulls are trying to push the price past $62,000, but they’re facing strong resistance. If they succeed, we could see Bitcoin rally to new highs. But if the bearish signals are correct, we might see the price dip before it can climb again. The crypto market is always unpredictable, and with Bitcoin’s recent volatility, anything could happen. Whether you’re a Bitcoin fan or just watching from the sidelines, it’s going to be an exciting ride. Bitcoin’s recent market action has everyone guessing. With bulls pushing for a breakout and technical indicators warning of a downturn, the path ahead is uncertain. But one thing’s for sure—Bitcoin never fails to keep things interesting. As always, keep an eye on the charts, watch for news from the Fed, and be ready for anything. Bitcoin’s journey is far from over, and the next chapter could be just around the corner. |
2024-08-22 | Best New Crypto Casino Promotions
2024-08-22
Looking for the best new crypto casino promotions? You’ve come to the right place! In the fast-paced world of bitcoin casinos, new players are always on the hunt for the best crypto bonuses, free spins, and exciting casino games. But with so many crypto casinos popping up, how do you know which ones offer the best bitcoin casino bonuses, the fastest payouts, and the most generous deposit match offers? Whether you’re into live casino action, table games, or sports betting, this guide covers the top bitcoin casinos and the most enticing crypto casino bonuses. From Lucky Block to Mega Dice, we’ll show you the best bitcoin casinos with the biggest bonus funds, lowest minimum deposits, and easiest wagering requirements. And let’s not forget about weekly cashback, reload bonuses, and those must-have loyalty programs. So, dive in, discover the top bitcoin gambling spots, and find your next favorite casino offer today!
A crypto casino is like your favorite online casino but better. Instead of using traditional money, you play with cryptocurrencies like BTC and ETH. This means faster payouts, lower fees, and better privacy. Crypto casinos offer everything you love—casino games, free spins, and big casino bonuses—but with a twist. New players often get treated to huge deposit bonuses and bitcoin casino bonuses right from the start. Looking for the best bitcoin casino? You’ll find tons of options offering crypto casino bonuses that give you more bonus funds with lower wagering requirements. Whether you’re into slots, table games, or live casino action, the best bitcoin casinos have it all. Take Lucky Block or Mega Dice for example—they’ve got killer bonus offers and quick payout times that’ll keep you coming back. And it’s not just about the games. Crypto casinos are also vpn friendly, meaning you can play from anywhere. Plus, with perks like weekly cashback, reload bonuses, and rewarding loyalty programs, even returning players get in on the action. Whether you’re after the top bitcoin gambling sites or the latest sports betting odds, a crypto casino might just be your new favorite place to play. Wondering if new bitcoin casinos are safe and legal? You’re not alone. The world of crypto casinos can seem a bit like the Wild West, but don’t worry—many of the best bitcoin casinos are stepping up their game. While the bitcoin gambling industry is heavily regulated in some places, like the U.S., things get a little gray when it comes to crypto casinos. So, are these bitcoin casinos legal? Well, it depends. In most countries, cryptocurrencies like BTC ETH exist in a legal gray area, so there aren’t clear-cut laws about them. But here’s the good news: many new bitcoin casinos aren’t just floating out there unregulated. Casinos like Lucky Block, Mega Dice, and Wild.io have legit licenses from the Government of Curaçao. This means they’re committed to giving you a safe, fair experience. So, if you’re diving into the world of crypto casino bonuses, free spins, and those juicy deposit bonuses, just make sure you’re playing at a licensed site. That way, you can enjoy your bonus funds, quick payout times, and exciting casino games with peace of mind. Whether you’re a new player or a returning player, stick with the best bitcoin casinos, and you’ll be in good hands.
When diving into the world of new crypto casinos, expect a range of exciting bonuses that cater to both new players and seasoned gamblers. First up, bitcoin casino bonuses are often the most generous. You’ll find massive deposit bonuses where casinos match your first deposit, sometimes up to 200% or more. These bitcoin casino bonuses are a great way to start your gaming journey with a hefty stack of bonus funds. Many crypto casinos also offer enticing no-deposit bonuses, perfect for those who want to try out the platform without risking their own bitcoin. These crypto casino bonuses might include a handful of free spins or a small amount of bonus funds to use on casino games. It’s a risk-free way to get a feel for the best bitcoin casinos. Another common perk is the crypto-specific offers. Whether you’re depositing BTC, ETH, or any other crypto, these crypto bonuses often come with lower wagering requirements and faster payout times. Plus, many crypto casinos like Lucky Block and Mega Dice offer exclusive promotions, including reload bonuses, weekly cashback, and even VIP loyalty programs that reward both new and returning players. Keep an eye out for casino offers with low minimum deposits—perfect for those just getting started. And don’t forget about live casino bonuses and table games specials, which are often available at the best bitcoin casinos. With so many casino bonuses on the table, the hardest part might just be choosing where to play!
Ybets Casino is making waves in the crypto casino world, especially with its impressive casino bonuses. If you’re a fan of big deposit bonuses and endless free spins, this might just be your new go-to bitcoin casino. Ybets pulls out all the stops to attract new players with a whopping 500% deposit match bonus on your first deposit. That’s right, 500%! This bitcoin casino bonus can boost your bonus funds significantly, giving you plenty of ammo to explore their vast selection of over 6,000 casino games. But the fun doesn’t stop there. Ybets also treats its players to a daily 20% cashback on net losses. Whether you’re into slots, table games, or live casino action, you’ll find something to enjoy. And let’s not forget the crypto bonuses available for regular players. From reload bonuses to exclusive promotions, there’s always a casino offer to keep things exciting. Plus, with fast payout times and a vpn friendly platform, you can play from anywhere in the world. Ybets is also known for its low minimum deposit requirement, making it accessible to players of all budgets. So, whether you’re a high roller or just looking for a bit of fun, Ybets has something for everyone. And with such generous bonus offers, it’s no wonder Ybets is quickly becoming one of the best bitcoin casinos around. Bonus type
Description
Wagering requirements
500% Welcome Bonus over 4 deposits
Up to $5,000 on your first deposit
60x on bonus amount
20% Daily Cashback
20% cashback on net losses every day
No wagering
Reload Bonus
Varies by promotion, often includes free spins or match bonus
Varies
Up to 150% welcome bonus, max $5,000
Does not offer a no deposit bonus
Sports betting
No VIP programme
Live casino
Accepts only crypto for withdrawals
6000+ casino games
No minimum deposit
Metawin Casino is quickly becoming a favorite among crypto casino enthusiasts, and it’s easy to see why. This bitcoin casino offers a unique blend of exciting casino bonuses and innovative promotions that keep both new players and returning players hooked. One of the standout features is the 5% daily Winback bonus, which is perfect for those who love consistent rewards. Every day, Metawin returns 5% of your previous day’s wagered amount as bonus funds—no wagering requirements, just pure cash back into your account. This ongoing crypto bonus is ideal for players looking to maximize their playtime without worrying about complicated terms. In addition to the Winback, Metawin occasionally drops free spins into players’ accounts, especially if you’re active on their social media channels. Imagine snagging some free spins just for sharing a tweet—how cool is that? And for those who prefer a little more competition, the Metawin Races are a big hit. These leaderboard challenges give you the chance to climb the ranks and win serious bonus funds with minimal effort. If you’re into live casino action, Metawin’s casino offer is top-notch, with various table games from top providers. Plus, with a vpn friendly platform and lightning-fast payout times, this might just be the best bitcoin casino for those looking to get the most out of their bitcoin gambling experience. Top 3 Bonus offers at Metawin casino
Bonus type
Description
Wagering requirements
5% Daily Winback
5% cashback on previous day’s wagers
No wagering required
Free spins
Earn free spins via social media challenges and promos
Varies by promotion
Metawin Races
Compete in daily and weekly races for cash prizes
1x on winnings
Innovative blockchain competitions with big ETH prize pools and NFT rewards
No standard welcome deposit bonus
Anonymous player experience
Sports betting
Quick payout time
No withdrawal limits or delays in getting access to your winnings
Instant Casino is quickly gaining attention in the world of crypto casinos, and for good reason. Although it’s a relatively new bitcoin casino, it’s already making waves with its generous casino bonuses. One of the standout features is the 10% weekly cashback offer. Every Monday, players receive 10% back on their net losses, up to £10,000. The best part? There are no wagering requirements on this cashback, so you can withdraw your bonus funds instantly if you like. While Instant Casino doesn’t currently offer a traditional deposit bonus for new players, this cashback deal is a fantastic way to get a little something back every week. It’s perfect for both returning players and those just dipping their toes into bitcoin gambling. The site is also vpn friendly, making it accessible from anywhere in the world. Instant Casino offers a wide selection of over 3,000 casino games from top providers like NetEnt and Evolution. Whether you’re into slots, table games, or live casino action, there’s something for everyone. Plus, with lightning-fast payout times and a user-friendly interface, Instant Casino is shaping up to be one of the best bitcoin casinos for those who value speed and efficiency. Bonus type
Description
Wagering requirements
10% Weekly Cashback
10% cashback on net losses up to £10,000
No wagering required
Loyalty Program Rewards
Earn points and redeem them for cash or free spins
Varies by reward
Reload Bonuses
Regular reload bonuses to boost your deposits
Varies by promotion
10% weekly cashback bonus
Not available in the US – VPN is required
Instant payout
Requires KYC
Live casino
Only two payment methods (Visa/Mastercard)
Live sports betting
Instant casino Telegram bot with crypto payments and @Wallet support
Cryptorino Casino is making waves in the crypto casino world with its impressive casino bonuses and promotions. As a bitcoin casino, Cryptorino knows how to attract new players with one of the most lucrative welcome offers out there. They’re currently offering a 100% deposit bonus of up to €50,000 plus 50 free spins. That’s right, new players can double their deposit and get bonus funds to explore a wide range of casino games. However, there’s a catch. The wagering requirements for this bitcoin casino bonus are quite steep at 80x, and you have just seven days to meet them. But if you’re up for the challenge, the rewards can be substantial. And let’s not forget the weekly cashback promotion, which gives returning players up to 20% of their net losses back. This crypto bonus can be a real lifesaver when luck isn’t on your side. Cryptorino is also vpn friendly, making it accessible to players worldwide. With over 6,000 games, including live casino options and table games, Cryptorino offers something for everyone. While they’re still rolling out more features and bonus offers, this crypto casino is already positioning itself as one of the best bitcoin casinos around. Whether you’re into bitcoin gambling or just looking for the next big casino offer, Cryptorino is worth checking out. Bonus type
Description
Wagering requirements
100% Deposit Bonus
Up to €50,000 + 50 Free Spins
80x
Weekly Cashback
Up to 20% on net losses
Details pending
Loyalty Program
Rewards based on player activity
Varies by tier
100% welcome deposit bonus up to €50,000
Does not offer sports betting
Accepts 11 cryptocurrencies such as BTC, ETH, LTC, and USDT
Does not accept fiat currencies for gambling
Anonymous casino
Instant crypto payments
Supports Bitcoin Lightning Network for instant payments
LuckyHand Casino, launched in May 2024, is quickly making a name for itself in the crypto casino world. This bitcoin casino offers a massive selection of over 7,700 casino games from top providers like Evolution and Pragmatic Play. But what really stands out are their casino bonuses and promotions, designed to attract new players and keep returning players engaged. The most enticing casino bonus at LuckyHand is their 100% deposit match up to 300 USDT. This deposit bonus is perfect for new players looking to double their initial deposit and get extra bonus funds to explore the extensive game library. With a minimum deposit requirement that’s easy to meet, you can dive into the action right away. The wagering requirements are set at 35x, which is quite fair compared to many other online casinos. In addition to the welcome bonus, LuckyHand offers regular reload bonuses and weekly cashback promotions, making it a great choice for bitcoin gambling enthusiasts. The platform is also vpn friendly, ensuring that you can access it from anywhere in the world. With fast payout times and a loyalty program in the works, LuckyHand is positioning itself as one of the best bitcoin casinos for both casual players and high rollers. Whether you’re into slots, table games, or live casino action, this crypto casino has something for everyone. Bonus type
Description
Wagering requirements
100% Deposit Match
Up to 300 USDT on first deposit
35x
Weekly Cashback
Regular cashback on net losses
No wagering required
Reload Bonuses
Ongoing bonuses to boost deposits
Varies by promotion
Pros
Cons
7000+ casino games
No responsible gaming tools
Live casino
Issues with Some Supported Languages
Fully licensed and regulated
Provably fair games
Supports cryptocurrencies
Sirwin Casino, launched in 2024, is quickly becoming a favorite among crypto casino enthusiasts. This bitcoin casino stands out with its massive casino bonuses and extensive game selection. New players are in for a treat with a 600% deposit match bonus, offering up to $1,500 plus a $400 free chip. This deposit bonus gives you a solid start to explore their wide range of casino games and live casino options. Sirwin also offers a variety of crypto casino bonuses that cater to both new players and returning players. The wagering requirements for these bonuses are competitive, making it easier to convert those bonus funds into real cash. Regular promotions include reload bonuses, free spins, and a weekly cashback program that helps you recover some of your losses. For sports betting fans, Sirwin has a dedicated sportsbook with its own welcome bonus, offering up to $500 in free bets. The platform is vpn friendly, ensuring access from anywhere in the world, and with fast payout times, you won’t be waiting long to get your winnings. Sirwin Casino also boasts a robust loyalty program where you can earn rewards as you play, making it a top contender for those looking for a comprehensive bitcoin gambling experience. Bonus type
Description
Wagering requirements
600% Deposit Match
Up to $1,500 + $400 Free Chip
35x
Weekly Cashback
Regular cashback on net losses
No wagering required
Sportsbook Welcome Bonus
Up to $500 in free bets
Varies by promotion
Diverse language options
No fiat currencies are supported
4000+ casino games
Offers promotions and bonuses for both new and old players.
24/7 customer support
Generous welcome bonuses up to $4,250
ZixCasino is making a bold entrance into the crypto casino world, and it’s clear they’re serious about attracting new players. Their welcome casino bonus is one of the most generous around, offering up to €3,000 across your first three deposits. The first deposit bonus gives you a 120% match up to €1,000, the second offers 110% up to €1,000, and the third provides 100% up to €1,000. These bitcoin casino bonuses come with a 45x wagering requirement, which is fairly standard but keep an eye on the 15-day time limit to meet these conditions. For those who love free spins and regular rewards, ZixCasino has a variety of ongoing bonus offers to keep you spinning and winning. Whether you’re into slots, table games, or live casino experiences, there’s always a crypto casino bonus to enhance your play. Plus, their minimum deposit is only 10 USDT, making it accessible for all players. One standout feature is their weekly cashback promotion, which gives returning players a chance to recover some losses with no additional strings attached. Combined with fast payout times and a vpn friendly platform, ZixCasino is positioning itself as a top choice for bitcoin gambling.
Bonus type
Description
Wagering requirements
120% First Deposit Match
Up to €1,000
45x
Weekly Cashback
Cashback on net losses
No wagering required
Reload Bonuses
Regular deposit matches and free spins
Varies by promotion
Attractive welcome package in 3 deposits – up to 3000 USDT
No Deposit Bonus isn’t available
Sports betting
High minimum withdrawal
24/7 customer support
Low minimum deposit
Live dealer games
When choosing from the best new bitcoin casino, there are a few key things to keep in mind. First, let’s talk about safety. Crypto casinos operate in a bit of a gray area since cryptocurrencies like BTC ETH aren’t regulated like traditional currencies. But don’t worry, the best new bitcoin casinos often go the extra mile. They get licensed, usually with a Curaçao e-gaming license, to make sure they’re playing by the rules. This gives new players peace of mind and ensures a safe environment for bitcoin gambling. Now, how do you know if a bitcoin casino is legit? It’s simple. Look for their licensing info at the bottom of their website. If it’s there, you’re good to go. No license? You might want to keep your bitcoin in your wallet. Next up, let’s talk casino games. The best bitcoin casinos offer a wide range of games. From slots to table games like blackjack and roulette, there’s something for everyone. Lucky Block is a great example. They offer a variety of roulette styles, from French to American. Plus, many crypto casinos have live casino tables where you can play with real dealers. And if you’re into sports betting, you’re in luck. The best bitcoin casinos have you covered there too. So, when picking a bitcoin casino, check for a license, make sure they offer your favorite casino games, and dive into the action with confidence!
So, why should you check out new bitcoin casinos? For starters, these crypto casinos know how to reel in new players with some seriously generous casino bonuses. We’re talking big deposit bonuses, tons of free spins, and unique crypto casino bonuses. They want to stand out, so they’ll often give you the best bonus offers around. But it’s not just about the bonuses. The best bitcoin casinos also deliver an overall awesome gambling experience. From the moment you sign up, usually just with an email, you’re in the game. Many of these bitcoin casinos make it super easy to get started, with low minimum deposits and instant payout times. Nobody likes waiting around for their winnings, right? Plus, these new crypto casinos often throw in perks like weekly cashback, reload bonuses, and cool loyalty programs that keep returning players happy. And if you’re worried about security, don’t be. The top bitcoin gambling sites make sure they’re fully regulated, so your bonus funds and personal info stay safe. So, whether you’re into table games, live casino action, or even sports betting, new bitcoin casino sites are definitely worth a look. Just make sure they’re legit, and you’re good to go!
In conclusion, choosing the best crypto casino is all about finding the right mix of generous casino bonuses, quick payout times, and low minimum deposit requirements. Look for a bitcoin casino that offers a strong deposit bonus with fair wagering requirements, plus plenty of free spins and ongoing crypto casino bonuses. Whether you’re a new player or one of the returning players, these factors will help you get the most out of your bonus funds. Don’t forget to check out the loyalty programs, reload bonuses, and weekly cashback offers that can add even more value. From exciting casino games and table games to sports betting and live casino action, the right bitcoin casinos will keep you entertained while maximizing your bitcoin bonus potential. So, when selecting your next online casino, consider these key points to ensure you’re getting the best crypto casino experience and the most bang for your buck in the world of bitcoin gambling.
A: Crypto gambling involves using cryptocurrencies like Bitcoin, Ethereum, and others to play casino games and place bets. It’s popular because it offers increased privacy, faster transactions, and lower fees compared to traditional online gambling. The added security and anonymity make it a preferred choice for many players. A: At crypto casinos, deposits and withdrawals are typically quick and easy. You can fund your account using popular cryptocurrencies like BTC or ETH. The process is generally faster than traditional methods, with withdrawals often completed within minutes. Be sure to check each casino’s specific terms regarding minimum and maximum limits for deposits and withdrawals. A: Joining a VIP program at a crypto casino can offer numerous benefits, including higher deposit bonuses, free spins, quicker withdrawals, and personalized customer support. As you continue to play and earn status, the perks within the VIP program become even more rewarding, making your online gambling experience more enjoyable. A: Yes, online gambling at reputable crypto casinos is generally safe, especially when the casino is licensed and regulated. Always look for casinos that use SSL encryption and have a strong reputation for fair play. Choosing a secure platform ensures your gaming experience is both fun and safe. A: While crypto gambling is largely based on luck, there are strategies that can enhance your experience. Managing your bankroll wisely, understanding the wagering requirements, and taking full advantage of casino bonuses are key. Participating in a VIP program can also provide additional perks that may improve your overall success. |
2024-08-22 | Bitcoin on Track for Six-Figure ATH, Analyst Maintains Target
2024-08-22
Although the crypto market has been going up and down lately, Bitcoin is aiming for an ambitious target. A well-known expert called CryptoCon continues to maintain that Bitcoin will set new all-time highs by late 2025.
While there is plenty of uncertainty and volatility following Bitcoin’s record high in March, CryptoCon is still confident that the price will go up a lot over the next few years. This is a good sign for the future of cryptocurrency.
CryptoCon’s analysis, which he shared
on X on August 19, is based on his “November 28th Cycles Theory,” which he originally discussed in January 2023.
This theory suggests that Bitcoin will see its next significant price peak around late 2025, specifically targeting a six-figure valuation. According to CryptoCon, this aligns with historical patterns where Bitcoin has reached new highs in the years following previous market cycles.
November 28 Cycles Theory: CryptoCon X
The latest chart from the model aligns August 2024 with the same month from four, eight, and twelve years prior, indicating that Bitcoin is about to enter the most vigorous phase of its bull market.
Based on this forecast, 2024 will serve as a year of preparation, and 2025 will be the year of new all-time highs.
In March 2024, it reached a new all-time high, but this ATH seems to be just the start. CryptoCon says that this was just a warm-up phase and that the main rally will happen in 2025.
The theory hinges on a cyclical pattern observed around November 28th, a date CryptoCon believes will continue to play a pivotal role in Bitcoin’s price movements.
Navigating the Current Market
Bitcoin’s current trading environment shows some turbulence. Peter Brandt, a veteran trader, has updated his prediction for the price of Bitcoin. He shared
on his X account that both Bitcoin and Ethereum
are showing similar technical patterns.
Brandt says that Bitcoin hasn’t set a clear direction yet
, so traders and investors are waiting to see what will happen next.
He indicates that a decisive shift in Bitcoin’s long-term trajectory will depend on breaking out of its current range, either above the $74,000 horizontal resistance or another significant level. Brandt dismisses diagonal resistance lines as irrelevant to his analysis, focusing instead on price range dynamics.
Bitcoin Holds Steady Despite Transfers
Despite recent major shifts caused by the now-defunct Mt. Gox exchange, which moved 13,265 BTC worth about $782 million, Bitcoin’s value continues to hover around $60,000.
Mt. Gox sent another 13,265 #Bitcoin
to exchanges this morning, bringing their total holdings to less than 50,000 BTC.
That number was ±140,000 BTC a little over a month ago.
Supply overhang reducing, fast. pic.twitter.com/3ZZC4yZJ7q
— Jelle (@CryptoJelleNL) August 21, 2024
This transfer includes 12,000 BTC moved to a new wallet and 1,265 BTC sent to an internal wallet. Recently, Mt. Gox shifted 1,265 BTC, valued at $75 million, to Bitstamp to aid in repaying creditors. On August 14, the exchange moved 33,140 BTC, worth nearly $1.97 billion, into new wallets, with only 111.3 BTC sent to major exchanges OKX and Binance.
Mt. Gox has distributed
61,670 BTC, worth a total of $4.04 billion, to platforms such as Bitstamp, SBI VC Trade, and Kraken since July 5. There are still about 79,186 BTC left, which is $4.67 billion.
The post Bitcoin on Track for Six-Figure ATH, Analyst Maintains Target
appeared first on The Coin Republic
. |
2024-08-22 | Bitcoin Hits $61,000 After Attempting $62,000
2024-08-22
You can also read this news on BH NEWS: Bitcoin Hits $61,000 After Attempting $62,000
Bitcoin’s price has made a significant move towards the $62,000 mark but has settled back to $61,000. As investors keep a close eye on the market, the daily closing prices become crucial. With the imminent opening of the Asian markets, the cryptocurrency’s next steps could be influenced by the broader economic trends, including potential interest rate
cuts and positive signals from policymakers like Harris.
What is the DOGE Price Target?
Dogecoin (DOGE) enthusiasts are looking for the cryptocurrency to maintain closing prices above $0.11. While Bitcoin’s price volatility and variable demand for DOGE present challenges, surpassing $0.11 could indicate the start of an upward trend. Conversely, if DOGE falls below $0.10, the price might drop further to the $0.09 level. Achieving a breakthrough to $0.23 this year could potentially lead DOGE towards the $0.40 target.
Where is TON Coin Headed?
The TON Coin ecosystem is expanding despite supply distribution challenges. Binance
‘s recent listing of DOGS, a meme coin within the TON ecosystem, has sparked interest. Due to Telegram’s vast user base nearing one billion, TON projects have the potential for rapid growth. TON Coin remains stable as long as it closes above $6.56, but losing this support could lead to a decline to $6.05. An upward move past the SMA50 level of $6.79 could re-ignite a rally, bringing the price closer to $7.65 or even higher.
Key Takeaways for Investors
– Monitoring Bitcoin’s daily closing prices is essential for predicting its next move.
– Dogecoin needs to maintain prices above $0.11 to signal a reversal of the downtrend.
– The TON Coin ecosystem benefits from Telegram’s massive user base, promising long-term growth.
– TON Coin must stay above $6.56 to avoid deeper declines.
What About ADA Coin’s Performance?
Cardano (ADA) stands out as one of today’s top-performing altcoins, achieving a notable market value increase and hovering around $0.3679 with nearly a 7% rise. Closes above the EMA20 level at $0.35 have weakened the bears, setting the stage for a potential move to the SMA50 level at $0.38. If ADA convincingly closes above this level, a continued rally towards $0.52 could be on the horizon.
In conclusion, the cryptocurrency market exhibits key milestones and potential targets for Bitcoin, DOGE, TON Coin, and ADA, with critical support and resistance levels playing a significant role in future
price movements.
The post first appeared on BH NEWS:
Bitcoin Hits $61,000 After Attempting $62,000 |
2024-08-22 | Bitcoin Targets $62,000 but Retraces to $61,000
2024-08-22
You can also read this news on COINTURK NEWS: Bitcoin Targets $62,000 but Retraces to $61,000
BTC price
targets $62,000 again but has retraced to $61,000 for now, and the daily close is important. Although it’s early, we need to see what happens at the Asian market opening. If BTC has initiated a real comeback, it should continue closing above $60,000. Both the timing for interest rate
cuts and Harris’s non-oppositional stance on crypto should increase appetite.
DOGE Price Target
Bulls want closes above $0.11, but
BTC
price fluctuations and DOGE demand lack prevent this. We can say the downtrend starts to reverse with closes above $0.11. However, if $0.1 is lost, the often-mentioned $0.09 target will come into play. For
DOGE
, which attempted $0.23 this year, surpassing this threshold could lead to a rise up to $0.4.
TON Coin Price Target
Although there are issues related to the distribution of supply, the TON Coin ecosystem continues to grow. Binance announced listing and launchpad news
for DOGS, a meme coin in the
TON
ecosystem, this week. Telegram’s nearly one billion users provide rapid growth opportunities for projects in the ecosystem due to its integration with TON. This is positive for TON Coin in the long term.
TON Coin is safe with closes above $6.56, but if support is lost, it could drop to $6.05. This means profit-taking during rallies could push the price to deeper lows. The next target would be $5.5.
In the opposite scenario, a jump above the SMA50 level of $6.79 means the rally could accelerate again. This could revive hopes for $7.65 and double-digit ATH prices.
ADA Coin Comments
Among today’s top gaining
altcoins
is
ADA
Coin
. It experienced a strong increase in market value and is hovering around $0.3679 with nearly a 7% rise. Closes above the EMA20 level of $0.35 indicated weakening bears, which happened as expected. Now, the SMA50 level of $0.38 needs to be achieved.
The downtrend line is at the SMA50, and convincing closes above this could mean a rally continuation to $0.52.
The post first appeared on COINTURK NEWS:
Bitcoin Targets $62,000 but Retraces to $61,000
The post Bitcoin Targets $62,000 but Retraces to $61,000
appeared first on COINTURK NEWS
. |
2024-08-22 | Brazilian Regulator Grants Approval for Second Solana ETF in the Country
2024-08-22
The Brazilian Securities and Exchange Commission (CVM) has greenlighted a second Solana exchange-traded fund (ETF) weeks after it approved its first one on August 8.
According to the CVM’s central database, the product will be launched by Hashdex, an asset manager based in Brazil, in collaboration with the local investment bank BTG Pactual.
Brazil’s Second Solana ETF
However, the newly approved
Solana ETF remains in a pre-operational phase. Hashdex manages over $962 million in assets and has a history of launching innovative products on the B3 Brazilian stock exchange. The company has previously introduced ETFs based on the Nasdaq Crypto Index, as well as Bitcoin and Ethereum.
This development comes just weeks after the CVM confirmed
Brazil’s first Solana ETF on August 8, which is offered by QR Asset, another local asset manager.
The timing of the CVM’s decision coincides with ongoing speculation about the Solana ETF situation in the US. Earlier this year, the Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in January and spot Ether ETFs in June, causing optimism that Solana could be next in line.
Several prominent asset managers, including VanEck and Franklin Templeton, have expressed interest in launching
Solana ETFs.
US Solana ETF Approvals
However, recent developments have cast doubt on the likelihood of such approvals in the near term. Filings for Solana ETFs, known as 19b-4 forms, were
recently removed
from the Chicago Board Options Exchange (Cboe) website
and had not been added to the Federal Register, leading to speculation
about the future of these products in the country.
On August 20, Bloomberg ETF analyst Eric Balchunas highlighted in an X post that the 19b-4 forms submitted by Cboe were not acknowledged by the SEC. As a result, the Chicago Board Options Exchange withdrew these forms, though the S-1 filings by the issuers remain active.
The S-1 form is a crucial part of the SEC’s approval process, enabling issuers to offer new securities publicly. However, it cannot advance without the 19b-4 filings.
Nate Geraci, president of The ETF Store, views
these developments as strong indications that the ETF is unlikely to receive the green light soon under the current legislation.
When asked about the possibility of such an ETF this year, Balchunas responded
, “Yes, near-zero chance in 2024 and if Harris wins there’s prob near-zero chance in 2025 too. Only hope IMO is if Trump wins.”
Despite these challenges, VanEck remains committed to its Solana ETF proposal with Matthew Sigel, the company’s head of digital assets research, clarifying
that the removal of the filing does not mark the end of its ambitions.
The post Brazilian Regulator Grants Approval for Second Solana ETF in the Country
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. |
2024-08-22 | Bitcoin price hits $61K, but investors still prefer stocks and bonds right now
2024-08-22
Although Bitcoin (BTC
) has gained 21% since it retested the sub-$50,000 level on Aug. 5, its price has struggled to maintain above $62,000. Meanwhile, the S&P 500 index has fully recovered and is now trading just 1% below its all-time high set on July 16.
Bitcoin faces several conflicting trends, including derivatives metrics reflecting low buyer interest and macroeconomic indicators suggesting that traders are increasingly shifting away from cash positions. Interestingly, these stock market gains have coincided with a notable decline in US Treasury yields, which signals robust demand for these traditionally safe instruments.
In essence, traders are now willing to accept lower returns on fixed-income assets, likely reflecting a growing confidence in the Federal Reserve’s (Fed) strategy to curb inflation without sparking a recession. The Fed is widely expected to cut interest rates on Sept. 18 after maintaining rates above 4% since December 2022.
Investors are focusing on stocks and bonds ahead of economic uncertainty
The strong demand for government bonds, typically considered the safest asset class, doesn’t necessarily imply confidence in the US dollar’s purchasing power. If investors begin to perceive the US government’s fiscal position as unsustainable due to its ever-growing debt, their initial reaction would likely be to seek protection in safer assets. If this scenario unfolds, Bitcoin investors might have reason to be moderately concerned in the short term despite a generally bullish long-term outlook.
The US dollar Index (DXY) recently plunged to its lowest level
since December 2023, losing strength relative to other major global currencies. Some analysts suggest that DXY holds an inverse correlation with Bitcoin’s price, partly because Bitcoin’s appeal lies in its independent payment processing capabilities and fully transparent economic model.
US Dollar Strength Index (DXY) 50-day correlation vs. Bitcoin/USD. Source: TradingView
Historical data shows that the inverse correlation between the DXY index and Bitcoin was evident in the past, but this relationship has weakened in recent months, with the correlation fluctuating between -40% and +40%. This recent variability reduces the statistical strength of the inverse correlation argument. However, the lack of a clear correlation does not entirely dismiss the possibility of Bitcoin price reclaiming the $72,000 level
.
Similarly, the recent gains in the S&P 500, which might seem counterintuitive, actually reflect a broader investor distrust in holding cash positions. This sentiment is inherently positive for Bitcoin’s outlook.
The largest global companies are highly profitable, offering potential dividends or stock buybacks. These factors position them as effective hedges, particularly when considering the substantial cash reserves held by tech giants.
Bitcoin derivatives metrics display resilience and potential price upside
To gauge how professional Bitcoin investors are positioning themselves, it’s essential to analyze BTC futures pricing. Under normal market conditions, monthly contracts should trade at a 5% to 10% annualized premium relative to spot markets, compensating for the longer settlement period associated with futures.
BTC 2-month futures annualized premium (basis rate). Source: Laevitas.ch
The Bitcoin futures premium recently dropped to 6%, its lowest level since October 2023. While this is still within the neutral range, it is bordering on bearish territory. This is a sharp contrast to late July when the premium surpassed 10% as Bitcoin’s price surged above $68,000.
To determine if this movement is isolated to futures markets, one should also examine BTC options data. In a neutral market, the imbalance between call (buy) and put (sell) option pricing should not exceed 7% in either direction. If traders are turning increasingly bearish, the demand for put options would rise, causing the options skew indicator to move above +7%.
Related:
2 key Bitcoin metrics signal steady bull cycle — ‘No bubble’ in sight
Bitcoin 1-month options delta skew at Deribit. Source: Laevitas.ch
In contrast to the futures market, there is currently balanced demand for both call and put options, as indicated by the delta skew. This has been the case for the past few weeks, suggesting that professional traders are not particularly concerned about Bitcoin’s ability to reclaim the $62,000 level. It’s more likely that traders are refraining from increasing their exposure to cryptocurrencies ahead of the Fed’s September decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. |
2024-08-22 | Bitfarms to Acquire Stronghold Digital Mining in $164 Million Deal
2024-08-22
Bitfarms Ltd., a Bitcoin mining company from Canada, is planning to buy Stronghold Digital Mining in a $164 million deal.
According to a press release
on August 21, Bitfarms will offer 2.5 of its own shares for each share of Stronghold. The deal also includes taking on Stronghold’s current debt.
Stronghold has been struggling financially after the Bitcoin halving event in April. This event cut Bitcoin mining rewards by half, which has put a lot of pressure on mining companies.
During the second quarter, the Pennsylvania-based company reported a loss of $21.3 million on $19.1 million in revenue, leading to a 60% drop in its stock price this year.
On the other hand, Bitfarms earned $41.5 million in revenue in the same period. By buying Stronghold, Bitfarms hopes to increase its mining capacity and make use of Stronghold’s power resources and connections to local power grids.
This acquisition comes as Bitcoin miners are beginning to recover from recent market difficulties. Recent data from CryptoQuant
suggests that the worst may be over, with signs of improvement in the mining industry. Moreover, Bitcoin’s hashrate, which measures mining activity, has hit a new record high of 638 exahashes per second, showing renewed confidence in the market.
Also Read: Riot Acquires Block Mining, JPMorgan Highlights Capacity Boost |
2024-08-22 | FTX Fuels Crypto Market Rebound
2024-08-22
You can also read this news on BH NEWS: FTX Fuels Crypto Market Rebound
Crypto markets have recently endured turbulent times, with the latest turmoil surrounding Mt Gox barely making a dent due to nearly completed refunds. As issues subside, the market now turns its attention to FTX. The FTX trustee’s efforts to return billions of dollars to creditors could inject significant liquidity into the market, potentially boosting demand for cryptocurrencies like Bitcoin
and altcoins.
How Will FTX Impact the Market?
Despite causing market crashes in 2022, FTX now appears poised to contribute positively. The trustee plans to disburse billions of dollars to investors
, and even if a fraction of these refunds is reinvested into cryptocurrency, it could generate substantial demand and potentially uplift market prices.
A recent announcement
revealed overwhelming support for FTX’s restructuring plan, with 95% of votes in favor. This high level of backing suggests that the process could be finalized within months, paving the way for timely refunds.
What Are the Next Steps for FTX?
FTX CEO Ray expressed optimism about the plan’s approval, highlighting the innovative structure designed to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors. This plan also aims to resolve disputes with various stakeholders. As the confirmation hearing approaches on October 7, the focus shifts to executing the plan and distributing funds.
Concrete Benefits for Crypto Investors
– Potential injection of billions of dollars into the crypto market.
– Increased demand for Bitcoin and altcoins.
– Swift resolution of bankruptcy claims with significant creditor support.
– Enhanced market stability as longstanding issues like Mt Gox are resolved.
Conclusion:
The upcoming months could be pivotal for crypto markets as FTX’s restructuring plan gains traction. Investors should keep a close eye on developments, especially around the October 7 confirmation hearing, which could mark the start of significant refunds and market activity. The last quarter of 2024 promises to be an exciting period for those invested in cryptocurrencies.
The post first appeared on BH NEWS:
FTX Fuels Crypto Market Rebound |
2024-08-22 | Grayscale Exec Highlights Crypto’s Shift to Becoming Non-Partisan Issue
2024-08-22
In a recent interview, David LaValle, Global Head of ETF at Grayscale
, mentioned that the topic of digital assets is no longer limited to political affiliation.
According to LaValle, this change is a sign of the increasing importance of digital assets in the political arena. The crypto industry has gained recognition from Democrats and Republicans, which means it is slowly but surely gaining mainstream acceptance.
Crypto Gains Bipartisan Support Amid Political Debates
LaValle noted that today, digital assets are no longer confined to one party. They have become a major concern for Democrats and Republicans.
He pointed out that the growing attention to the sector in political debates indicates the sector’s economic viability. This change is reflected in more investors. While the public considers digital assets when voting, proving the impact of cryptocurrency on politics.
Recently, Republican presidential candidate Donald Trump has shown much interest in Bitcoin and other digital currencies. Some of his ideas include making the United States the global hub for cryptocurrency and easing the current restraints on the industry.
In contrast, Democratic candidate Kamala Harris
has not yet stated her position, but she may be considering the sector’s importance in her campaign.
Traditional Finance Embraces Cryptocurrency with Bitcoin ETFs
Top financial institutions such as Morgan Stanley
, which recently started providing Bitcoin ETFs
. According to LaValle, this development means that financial advisors must become more knowledgeable about cryptocurrencies. With digital assets considered an asset class, advisors must understand the digital asset market.
Traditional financial institutions joining the crypto space is proof of the industry’s expansion and possible future. This trend shows that crypto-assets adoption in the global financial system is gradually increasing, enhancing its economic position.
Grayscale Surveys Show Crypto’s Rising Political Impact
According to Grayscale’s surveys, more investors and citizens include digital assets when voting. This change highlights the increasing political relevance of cryptocurrencies as more voters view them as an important economic issue.
According to LaValle
, this could have implications for policy-making, given that conservative and liberal politicians recognize the value of digital assets.
The increasing use of crypto in political discourse clearly indicates the asset class’s growing importance. With more people starting to understand the relevance of digital assets in planning for the future, this shift is likely to help policy decisions be more equitable and evidence-based.
The post Grayscale Exec Highlights Crypto’s Shift to Becoming Non-Partisan Issue
appeared first on The Coin Republic
. |
2024-08-22 | Is BONK Price Ready to Escape 3-Month Correction?
2024-08-22
BONK price surged 3% to $0.000018 on Wednesday’s trading session as Bitcoin price jumped above $60000 psychological level. This Solona-based meme coin has risen for three consecutive days, indicating a renewed buying momentum and potential bottom formation. Will buyers drive this recovery further, or are sellers waiting for a counterattack?
BONK Price Consolidates Above Major Support
Over the past two weeks, the BONK price witnessed a sideways action resonating between the 200-day Exponential moving average and the support trendline of a rising channel pattern. This chart setup consists of two trendlines acting as dynamic support and resistance to lead a steady recovery trend.
A consolidation trend above the bottom support (blue) is crucial for meme coin
buyers as the last retest to this support bolstered a 267% rally to $0.000045. The momentum indicator Relative strength index forming a higher lower formation indicates the rising buying pressure at the channel pattern.
Supporting the bullish thesis, the BONK futures open interest witnessed a fresh upsurge to $7.65 Million, according to Coinglass
data. This increase in open interest indicates that more investors are entering the market and opening new positions, often reflecting growing confidence in the asset.
BONK Open Interest | Coinglass
With sustained buying, the BONK price
could rally 17% to challenge the combined resistance of $0.0000219 and a downsloping trendline. This overhead resistance (Red) has been intact since May 2024 and drives the current correction trend with fresh lower high formation.
A potential breakout from this resistance will signal the end of a three-month correction and offer buyers suitable footholds to drive sustained recovery. The post-breakout rally could drive the asset to over 50% to target $0.0000338, followed by $0.000045.
BONK/USDT -1d Chart
On the contrary note, the daily EMAs (50, 100, and 200) accumulated at the $0.000022 level create a solid resistance against potential recovery. If the overhead support at the above-mentioned level persists, the BONK could rechallenge the lower trendline
and delay the breakout thesis.
The post Is BONK Price Ready to Escape 3-Month Correction?
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. |
2024-08-22 | Will Bitcoin Breach $62,000 Level or Fall Again?
2024-08-22
The post Will Bitcoin Breach $62,000 Level or Fall Again?
appeared first on Coinpedia Fintech News
After a strong 3.7% of green 4-hour engulfing candle, Bitcoin (BTC) once again reached its crucial level near $62,000. However, this is the fifth time BTC has reached this level in the last 15 days, and each time it has faced massive selling pressure, resulting in a significant drop in BTC’s value
Bitcoin’s Upcoming Levels
This time, BTC’s daily candle closing will be crucial in determining its upcoming momentum, whether it will repeat the history or breach this $62,000 resistance. According to expert technical analysis, BTC looks bearish as it started falling from that crucial level. Looking at the current market sentiment
, there is a high possibility BTC will again fall to $59,000 and $58,000 levels in the coming days.
Source: Trading view
However, to experience a massive upside move, BTC needs to breach the $62,000 level and close a daily candle above that level. If this happens, BTC could rally to the $67,000 level or even higher.
Rise in Open Interest
With the recent price surge, BTC’s open interest
has increased by over 4.05% in the last 4 hours and over 5% in the last 24 hours. This increased open interest signals and strong interest from traders and investors in BTC.
However, the rise of open interest does not necessarily signal a bullish trend, it is possible that short sellers have begun making significant bets at the current level, hoping that BTC will fall.
Bitcoin’s Price Overview
At press time, BTC is trading near the $61,200 level and has experienced a price surge of over 3% in the last 24 hours. Meanwhile, its trading volume has remained unchanged during the same period, meaning traders’ participation remains stable.
Earlier, on August 21, 2024, the on-chain analytic firm made a post on X (previously Twitter) that a large sell order of 1,200 BTC had been placed at the $60,500 level.
#BTC
OrderBook Heatmap
Someone placed large sell orders at $60500,about 1.2K #BTC
.
https://t.co/z9WYoWqeVP
https://t.co/tGw50era3Z
pic.twitter.com/7YFYoFKgAl
— CoinGlass (@coinglass_com) August 21, 2024
However, with the recent price surge, BTC reached a high of over $61,820, indicating that someone has already purchased that notable 1,200 BTC at the $60,500 level. |
2024-08-22 | Bitcoin Amid War: How Geopolitical Turmoil Affects Nakamoto's Coin
2024-08-22
Bitcoin, the revolutionary digital currency created by Satoshi Nakamoto, has faced many tests since its inception. Bitcoin's performance has sparked debate among experts and enthusiasts amid recent global conflicts.
Geopolitical events
have shown that Bitcoin's correlation to traditional markets can fluctuate, shifting its role as a financial haven.
In the turmoil of 2024, Bitcoin's price movements closely mirrored stock market trends, raising questions about its stability compared to traditional assets like gold. While gold remained resilient, fueled by central bank purchases, Bitcoin struggled to maintain its value. This dynamic has prompted analysts to reassess Bitcoin's positioning in volatile times.
On crypto Twitter, prominent figures like Anthony Pompliano have highlighted the need to understand Bitcoin's behavior during crises. Pompliano tweeted, ”Bitcoin's true test is its performance in real-world events. Crypto enthusiasts must watch closely.” As ongoing conflicts continue to shape the global economy, how Bitcoin navigates these challenges will be critical for its future.
Historical Context of Bitcoin
Bitcoin, created in response to a financial downturn, has evolved through various cycles of highs and lows. Understanding its origins and how it differentiates from previous digital currencies clarifies its unique impact on the global financial system.
Origins of Bitcoin and the Nakamoto White Paper
Bitcoin emerged in 2009 when
Satoshi Nakamoto
published a white paper titled ”Bitcoin: A Peer-to-Peer Electronic Cash System.” This document outlined a new decentralized financial system that enabled secure and anonymous transactions without a central authority. The timing was critical, as it came from the 2008 financial crisis. On January 3, 2009, the Bitcoin blockchain went live with Nakamoto mining the first block, embedding a message about the financial bailout of banks.
The release of the white paper and the subsequent launch of Bitcoin represented a radical shift in financial technologies. It solved issues like double-spending and trust in centralized financial institutions. Instead of relying on banks or governments, Bitcoin used cryptographic proof to facilitate trust.
Previous Digital Currencies and Bitcoin's Differentiation
Before Bitcoin, several digital currencies, including DigiCash and e-Gold, attempted to create alternative financial systems. These earlier ventures failed to gain traction mainly due to centralized control and regulatory hurdles.
Bitcoin's decentralized
nature, using the Nakamoto Consensus, made it distinct.
Bitcoin operates on a peer-to-peer network, eliminating the need for transaction intermediaries. This decentralization ensures its resilience against shutdowns and resistance to censorship. Bitcoin's innovation also addressed issues plaguing predecessors, such as preventing double-spending via a transparent ledger.
Furthermore, Bitcoin's limited supply of 21 million coins starkly contrasts with traditional fiat currencies subject to inflationary policies. This scarcity has contributed to its role as ”digital gold,” a store of value in uncertain economic climates.
Bitcoin's Infrastructure During War
Bitcoin's infrastructure demonstrates resilience even in the face of war. Its decentralized nature and mining operations' ability to continue to show how it can withstand geopolitical turmoil and conflict.
Decentralization and Resistance to War-Time Control
Bitcoin's decentralized network is one of its most vital features during wartime. Since there is no central authority, it is nearly impossible for any single government to control or shut down the network. This resilience makes Bitcoin appealing in regions where financial systems are vulnerable due to conflict.
”Bitcoin's core strength lies in its decentralization,” tweeted a well-known Bitcoin advocate, Andreas Antonopoulos. During the Russia-Ukraine conflict, Bitcoin transactions continued uninterrupted despite financial instability, showing its effectiveness as an alternative financial system.
Governments have tried to control cryptocurrencies during conflicts. Still, the Bitcoin network remains robust thanks to its global decentralized nodes. This makes Bitcoin a reliable asset during geopolitical instability.
Mining Operations in Conflict Zones
Mining operations can face significant challenges in war zones. Electricity supply interruptions and damaged infrastructure are common issues. Despite these challenges, miners often find ways to keep operations running, sometimes using portable generators or relocating to safer areas.
In the recent Ukraine conflict, some miners reported relocating to unaffected regions to continue their operations. ”War disrupts many aspects of our lives, but Bitcoin mining has shown remarkable adaptability,” noted a crypto analyst on Twitter.
Even in conflict zones, decentralized mining pools ensure that Bitcoin's hash rate remains relatively stable. This stability ensures that transactions are processed consistently, maintaining trust in the network during turbulent times.
Economic Impact on Bitcoin Value
Bitcoin's value fluctuates significantly in response to global conflicts and economic instability. These fluctuations are driven by market volatility and changing investment trends, including Bitcoin's role as a haven asset.
Market Volatility in Times of War
During armed conflicts, Bitcoin often experiences significant price swings. For example, when Hamas attacked Israel on October 7, 2023, Bitcoin's price dropped from roughly $28,000 to around $26,500, a decline of less than 6% over a few days. Yet, by October 25, 2023, the price surged to $35,000 before falling almost 5% as
Israel invaded Gaza
.
Economic uncertainties during wars lead to increased activity in crypto markets. Market analyst Tom Lee noted, ”War introduces unpredictability, which can either panic or incentivize investors,” hinting at Bitcoin's volatility during such events. Additionally, this mirrors the reaction observed during the Russian invasion of Ukraine, where Bitcoin prices fell and recovered based on conflict intensity.
Investment Trends and Bitcoin as a Safe Haven Asset
When traditional markets falter, Bitcoin is often seen as an alternative investment. During conflicts, investors seek assets that preserve value, and Bitcoin frequently catches their interest. A report from Forbes discussed how US-China trade tensions could impact Bitcoin, suggesting a potential 10% hourly price swing if there is a kinetic conflict.
Crypto enthusiasts and experts on Twitter have recently echoed similar sentiments. One user stated, ”In times of war, Bitcoin's decentralized nature gives many investors a sense of security.” This belief has propelled Bitcoin's adoption as a hedge against economic instability. Influential crypto figures highlight Bitcoin's resilience across social media platforms.
Bitcoin's potential as a safe-haven asset is a key feature of its long-term stability and appeal to diverse investors. The ongoing debate about Bitcoin's effectiveness in this role continues, particularly on platforms like Twitter, reaffirming its status in the digital currency landscape.
Global Perception and Acceptance
Bitcoin has become more than just digital money, especially during global conflict. It's shifted legal stances and impacted public trust in cryptocurrency.
Shifts in Legal Stances During Conflict
During times of war, governments often reconsider their stance on cryptocurrencies. For instance, Ukraine legalized Bitcoin early in the conflict with Russia, aiming to aid financial stability—to bolster economic resilience and enable international donations via Bitcoin.
In contrast, Russia has seen mixed responses. While some government officials support Bitcoin to circumvent sanctions, others warn against it due to regulatory concerns. This creates an uncertain environment for Bitcoin's legal status during conflicts.
Experts like Nic Carter note, “Bitcoin offers a route for financial independence in volatile times.” Geopolitical events force governments to reevaluate their positions on digital currencies.
Public Trust in Cryptocurrency Amid Uncertainty
Conflicts also affect public trust in Bitcoin. Traditional financial systems show vulnerabilities, so people consider Bitcoin a safeguard. Bitcoin provides an alternative means of holding value and facilitating transactions in war-stricken areas.
Crypto Twitter reflects this sentiment, with users like Andreas Antonopoulos emphasizing Bitcoin's reliability during crises. “Bitcoin works even when banks don't,” he says. This is echoed by many enthusiasts who believe in its decentralized nature.
However, it's not all positive. Critics argue that Bitcoin is too volatile to be a haven during turbulent times. Recent discussions on platforms like Twitter showcase divided opinions, making public trust a significant topic in the global acceptance of Bitcoin during wars.
Technological Advancements and Security
Bitcoin's resilience amid global conflicts has driven both innovation and a focus on network security. This section explores how geopolitical unrest has spurred technological advancements and maintained the integrity of the Bitcoin network.
Innovations Stemming from Conflict Conditions
Geopolitical unrest often leads to innovation in blockchain technology. For example, the demand for secure, transparent transactions has grown during conflicts, accelerating the development of more robust blockchain protocols. Developers have worked on improving transaction speeds and reducing fees, making Bitcoin more accessible.
Conflict conditions have also spurred advancements in privacy features. Enhanced anonymity protocols have emerged to protect users in volatile regions. These innovations ensure that Bitcoin users can transact securely without revealing their identities, even in conflict zones.
Smart contracts and decentralized finance (DeFi) tools have also seen significant improvements during wartime. Developers have focused on creating more efficient and secure DeFi platforms, introducing new financial products that can operate independently of traditional banks.
Network Security and Integrity During Disruptions
Maintaining the security of the Bitcoin network is crucial during geopolitical unrest. Bitcoin's decentralized nature helps ensure its resilience. The network’s security protocols prevent attacks and keep transactions valid, even during conflicts.
Miners play a critical role in this process. During conflicts, mining activities often relocate to safer areas, ensuring the continuous operation of the network. The longest chain rule, a key component of
the Nakamoto Consensus
, helps maintain network integrity.
Cybersecurity measures have also been enhanced to combat the risk of cyber attacks. Specialized teams constantly monitor the network, identifying and mitigating potential threats. This proactive approach ensures that Bitcoin remains a secure and reliable asset, even in uncertain times.
Regulatory and Ethical Considerations
Bitcoin's role in international conflicts has sparked extensive discussions about its regulatory and ethical dimensions. These points are critical for understanding how Bitcoin can be managed and used in challenging scenarios.
International Regulations and Compliance
International regulations for Bitcoin vary widely. Some regions have strict guidelines to ensure transparency and compatibility with national financial systems. For instance, the European Union has enforced rigorous
AML
(Anti-Money Laundering) regulations, making it difficult for illicit activities to go unchecked. In contrast, countries like El Salvador have embraced Bitcoin fully, recognizing it as legal tender.
In the U.S., the SEC recently approved 11 spot Bitcoin ETFs, including Fidelity's
FBTC
, signaling a more accommodating stance. On Twitter, influencers like Michael Saylor emphasize the growing regulatory approval as a positive development for Bitcoin.
However, compliance remains a complex issue. Different countries have different requirements, which can confuse users and businesses. Bitcoin's decentralized nature often clashes with traditional regulatory frameworks, so we need ongoing dialogue and adjustment.
The Ethics of Bitcoin Usage in War Funding
Using Bitcoin to fund conflicts raises serious ethical questions. Bitcoin's pseudonymity can be exploited to support guerrilla groups and terrorism anonymously. Reports on
CryptoTwitter
often highlight instances where Bitcoin has been used to bypass traditional banking restrictions.
Analysts from platforms like Coindesk have pointed out that Bitcoin's anonymous nature makes it an attractive option for war funding. The recent COPA and Craig Wright trial underscores the need for ethical scrutiny.
Moreover, prominent figures like Elizabeth Warren have called for tighter controls to prevent misuse. Inaccurate views circulate about Bitcoin being a primary tool for terrorists, though blockchain transparency can sometimes counteract this misconception. Public awareness and regulatory oversight are crucial to maintaining Bitcoin's ethical use.
Conclusion
Bitcoin's performance during times of conflict has been mixed. While it remains a significant player in the financial world, its volatility and correlation to traditional markets have raised questions about its reliability as a safe-haven asset.
Summary of Bitcoin's Performance and Prospects
Bitcoin has often been seen as digital gold, a safe-haven asset during turmoil. However, during recent geopolitical conflicts, Bitcoin's correlation with the stock market has increased, reducing its effectiveness as a hedge. According to data, Bitcoin underperformed gold during periods of market uncertainty in 2024, calling into question its role as a store of value.
The coin has also faced challenges from critics within the crypto community. Popular crypto analyst CryptoWhale tweeted that Bitcoin's instability makes it less reliable during crises. Several market experts also believe that Bitcoin needs to mature further to fulfill its promise as a safe-haven asset.
Despite this, Bitcoin's long-term prospects remain positive. Its decentralized nature and widespread adoption continue to attract investors. The network's resilience, powered by the
Nakamoto Consensus
, ensures robust security and transaction validity. As Bitcoin turns
16 years old
, its legacy as an innovative financial instrument endures.
Ultimately, Bitcoin's role in the financial ecosystem is still evolving. While it may not yet be the ultimate safe-haven asset, its influence and adoption suggest a promising future. |
2024-08-22 | Jason Les: Leading Innovations in Blockchain and DeFi
2024-08-22
Jason Les, a key figure in the crypto world, recently made headlines with his appointment as CEO of
Riot Blockchain
. With a computer science and poker background, Jason brings a unique perspective to the blockchain industry. His experience as a professional poker player has honed his risk management skills, making him well-suited for the volatile world of cryptocurrency.
Jason Les's leadership at Riot Blockchain is pivotal as the company aims to expand its Bitcoin mining operations.
Under his guidance, Riot Blockchain has strategically focused on securing low-cost power to mitigate the impacts of market fluctuations. This approach has positioned the company as a resilient player in the Bitcoin mining industry during economic downturns. His commitment to innovation and efficiency underscores his role in shaping Riot's future and the broader crypto landscape.
Experts and enthusiasts are buzzing about Jason's strategic vision on social media, particularly Twitter. For instance, crypto analyst Alyse Killeen recently tweeted her confidence in Jason's ability to lead, stating, ”Jason Les is moving Riot Blockchain in the right direction with his focus on sustainable growth and innovation.” This sentiment is echoed by others in the community, highlighting the growing anticipation for Riot's next steps under his leadership.
Jason Les: Biography
Jason Les is a key figure in the cryptocurrency industry, leading Riot Blockchain as CEO. His journey includes significant academic achievements and entrepreneurial efforts highlighting his impact on blockchain technology.
Early Life and Education
Jason Les was born in the United States. He attended the University of California, Irvine, where he graduated with a degree in Computer Science. His background in technology laid a strong foundation for his future career in the blockchain sector.
His experience in software development and technology management bolstered his academic achievements. These skills proved valuable as he later pivoted to roles that demanded technical and leadership skills.
Les's education was not just about classroom learning. He also engaged in various tech-related activities, which helped him understand the practical applications of his studies.
Entrepreneurial Ventures
Les's entrepreneurial journey began before his tenure at Riot Blockchain. Initially, he worked in software development, contributing to several successful projects.
In 2019, Les joined
Riot Blockchain
as CEO, bringing his expertise to the forefront of the crypto industry. Under his leadership, the company expanded its mining operations and increased its market value.
He also navigated challenges such as regulatory hurdles and market volatility. His strategic decisions have positioned Riot Blockchain as a leading player in cryptocurrency mining.
Jason Les has actively engaged with the crypto community on platforms like Twitter. His insights and updates resonate with industry experts and enthusiasts, solidifying his reputation as a knowledgeable and influential leader in the blockchain space.
Involvement in Cryptocurrency
Jason Les has been a notable figure in cryptocurrency, playing a vital role in Bitcoin mining and blockchain technology innovation.
Early Adoption and Investment
Jason Les became involved in Bitcoin back in 2013, a period when the digital currency was still in its nascent stage. His early adoption reflects a strong belief in the potential of cryptocurrency. Over the years, he has invested in Bitcoin and ventured into related technologies and innovations. His contributions have helped shape the early landscape of Bitcoin mining, demonstrating significant foresight in recognizing the transformative power of blockchain.
Advocacy and Thought Leadership
As the CEO of
Riot Blockchain
, Jason Les has become a pivotal advocate for decentralized finance and blockchain technology. His influence extends beyond company operations; he actively participates in industry discussions and panels. Known for his insightful commentary on platforms like Twitter, Les often emphasizes the importance of transparency in cryptocurrency operations. He supports a vision where blockchain technology can drive greater financial inclusion and innovation.
Cryptocurrency Trading Strategies
Cryptocurrency trading involves various strategies that help investors maximize their profits and minimize risks. Two key strategies include algorithmic trading and effective risk management.
Algorithmic Trading
Based on pre-set rules, algorithmic trading involves using computer programs to buy and sell cryptocurrencies. These algorithms can analyze market trends, execute trades at high speeds, and reduce the impact of human emotions on trading decisions.
Jason Les, CEO of
Riot Blockchain
, has emphasized the importance of algorithmic trading in enhancing market efficiency. He has contributed to advancements in blockchain technology, paving the way for more sophisticated trading algorithms.
Experts often utilize algorithms that incorporate moving averages, trading volume, and other technical indicators. These tools can identify entry and exit points, optimize trading strategies, and help traders stay ahead in a fast-moving market.
Risk Management
Due to the market's high volatility, risk management is essential in cryptocurrency trading. Effective risk management strategies protect traders from significant losses.
Investors should set stop-loss orders to sell assets when prices automatically fall to a certain level. This technique prevents further losses by closing positions before prices plummet. Additionally, diversifying investments across different cryptocurrencies can reduce risk, preventing total loss if one coin's value drops significantly.
Prominent crypto traders like Jason Les advocate using proper risk management tools to ensure long-term success. By combining these methods, traders can more confidently navigate the unpredictable crypto market.
These strategies can improve trading outcomes and make cryptocurrency investments safer and more profitable by incorporating insights from market experts and real-world news.
Blockchain Technology Contributions
Jason Les has played a significant role in advancing blockchain technology. His contributions include spearheading development initiatives and regularly participating in speaking engagements to share his expertise.
Development and Innovations
Jason Les has been instrumental in driving technical advancements at Riot Blockchain. As the CEO, he focuses on improving the efficiency and scalability of their Bitcoin mining operations. His emphasis on adopting cutting-edge technologies has helped Riot become one of the few NASDAQ-listed Bitcoin mining firms in the U.S. One notable innovation is the integration of eco-friendly mining practices, which reduces energy usage and environmental impact.
Les often collaborates with other blockchain companies to explore new technologies. He said, ”Collaborative efforts in blockchain technology can accelerate advancements and make the ecosystem more robust.” His commitment to innovation has earned him respect in the cryptocurrency community.
Speaking Engagements
Jason Les is a frequent speaker at blockchain and cryptocurrency events. His talks often focus on the future of blockchain technology and its potential to disrupt traditional financial systems. He has been invited to major conferences like Consensus and Blockchain Expo, where he shares insights on the industry's technological advancements and regulatory challenges.
He is also active on social media platforms like Twitter, where he engages with other experts and enthusiasts. ”Blockchain technology is more than just a financial tool; it's a revolution in transparency and trust,” Les tweeted recently. His speeches and online presence make him a prominent voice in the ongoing conversation about the future of blockchain.
Regulatory and Legal Perspectives
Understanding the dynamics of regulatory and legal frameworks is crucial for the growth and sustainability of cryptocurrency projects. This involves compliance advocacy and managing relationships with government bodies.
Compliance Advocacy
Jason Les, CEO of Riot Blockchain, advocates for regulatory compliance in the cryptocurrency industry. He emphasizes the need for clear and robust guidelines to build investor confidence. By ensuring that Riot Blockchain meets regulatory standards, Les helps mitigate risks associated with legal uncertainties.
Many industry experts agree on the importance of compliance. For instance, in a recent discussion, crypto analyst Mike Novogratz highlighted, ”Clear regulations are the bedrock for fostering innovation and preventing malpractices in crypto.”
Les’s stance aligns with this sentiment. Riot Blockchain's proactive approach, including stringent reporting and adherence to local and international laws, sets a benchmark in the industry.
Government Relations
Government relations play a pivotal role in the cryptocurrency landscape. Les actively engages with policymakers to advocate for favorable mining regulations and infrastructure support. This includes participating in forums and working groups that shape future laws.
The recent publication of the World Economic Forum outlines several regulatory changes worldwide. For example, new rules aim to standardize practices, encourage transparency, and protect users. Les's involvement in these discussions is crucial.
Crypto Twitter often buzzes with updates on regulatory developments. Influencers like
Anthony Pompliano
share real-time insights, stressing the importance of constructive dialogues between the crypto community and regulators. By actively engaging in these conversations, Les ensures that Riot Blockchain remains at the forefront of regulatory advancements.
Education and Community Involvement
Jason Les has significantly contributed to the crypto industry's educational initiatives and community-building efforts. His various roles and projects show his focus on spreading knowledge and fostering a supportive community.
Educational Initiatives
Jason Les is committed to enhancing blockchain education. He frequently participates in webinars and panels to address crypto topics, sharing insights from his experiences. As CEO of
Riot Blockchain
, he emphasizes the importance of understanding blockchain technology and decentralized finance.
Les also engages with universities and online learning platforms to develop courses and materials to improve crypto literacy. His goal is to make the blockchain space more accessible to newcomers. By collaborating with educational institutions, he helps shape curricula that prepare students for careers in the crypto industry.
Further, Jason Les often supports initiatives encouraging young developers to explore blockchain technology. His work has a lasting impact on the next generation of crypto enthusiasts and professionals.
Community Building
Community engagement is a vital part of Jason Les's approach. He interacts with the crypto community on social media platforms like Twitter, frequently discussing the latest trends and technologies. His transparent communication style has earned him a considerable following and respect among crypto enthusiasts.
Les also supports community events and hackathons that foster innovation. By sponsoring and participating in these events, he helps create an ecosystem where developers, investors, and users can connect and collaborate, ensuring the community remains vibrant and forward-thinking.
Moreover, Jason Les's involvement in policy discussions and regulatory forums showcases his dedication to creating a supportive environment for the crypto industry. He advocates for balanced regulations that protect consumers while encouraging innovation. This role solidifies his position as a critical figure in the blockchain community.
Media Appearances and Interviews
Jason Les, CEO of Riot Platforms, is a familiar face in the media discussing Bitcoin, blockchain technology, and the cryptocurrency market. His insights are frequently sought after by both mainstream and niche media outlets.
Podcasts and Webinars
Jason Les has been featured on numerous podcasts and webinars, sharing his expertise in blockchain and cryptocurrency. During these sessions, he has addressed various topics, such as the future of Bitcoin mining and the impact of regulations on the crypto industry. In a recent
webinar with Bloomberg
, Les spoke about the potential of Bitcoin ETFs. He emphasized how these financial instruments could act as catalysts for market growth.
Crypto Twitter often highlights clips from podcast appearances, and analysts applaud his clear, precise communication style. Notable crypto enthusiast Chris Burniske tweeted, ”Jason Les’s analysis on Bitcoin mining efficiencies is always on point. A must-listen for crypto investors.” The engagement around his discussions indicates his influence in the crypto space.
Print and Online Publications
Les is regularly featured in print and online publications. His views on Bitcoin mining and blockchain are often quoted in articles aimed at novice and seasoned investors. The article on
CoinDesk
highlighted his appointment as CEO of Riot Platforms and his strategic vision for the company.
Financial news platforms often seek his commentary during market fluctuations. A notable mention in a Yahoo Finance article elaborated on his approach to mitigate risks. Hannah Cho, a board member at Riot Platforms, commented, ”Jason’s perspectives on navigating regulatory landscapes are invaluable.” This blend of internal endorsements and external interest validates his credibility.
Jason Les in the Future of Crypto
Jason Les, the CEO of
Riot Platforms
, has been an influential figure in the cryptocurrency space.
Under his leadership, Riot Platforms has positioned itself as a significant player in the Bitcoin mining industry. Les emphasizes the importance of maintaining low power costs to weather periods of low bitcoin mining profitability, such as during a bitcoin halving.
Key strategies Les focuses on:
Energy efficiency
Sustainable practices
Advanced mining technologies
Les's approach to energy efficiency and sustainability has gained attention. ”We need to focus on eco-friendly methods to sustain long-term mining operations,” he says in his interviews.
Conversations on Crypto Twitter
On Crypto Twitter, Les often engages with the community, sharing insights and updates. Influencers like @CryptoLark have noted, ”Jason Les’s strategic mindset is essential for tackling the future challenges of crypto mining.”
Contributions to Blockchain and DeFi
Les is known for his work in blockchain technology and decentralized finance (DeFi). His perspectives on DeFi emphasize security and transparency. ”Decentralized finance will reshape financial systems by making them more accessible and secure,” he states in various discussions.
Community Impact:
Advocates for secure blockchain practices
Supports educational initiatives in the crypto space
Promotes collaboration within the crypto community
Jason Les continues to shape the future of crypto by focusing on sustainable and efficient practices. His leadership at Riot Platforms and 1contributions to the broader blockchain community reflect his commitment to advancing the industry. |
2024-08-22 | TradFi Underestimates Bitcoin's Enormous Scale, Franklin Templeton CEO Says
2024-08-22
JACKSON HOLE, WYOMING — Franklin Templeton CEO Jenny Johnson, who steered the asset management giant toward the digital asset space after taking over her family's company in 2020, is shocked by how much traditional financial firms are unaware of Bitcoin's scale. In a conversation at the Wyoming Blockchain Symposium in Jackson Hole on Tuesday, Johnson said 30% of her day-to-day work is spent looking at disruptive technology, as her main focus is positioning the firm for the next generation. This includes digital assets, which Johnson believes is one of two big, obvious trends that she didn't want to miss. (The other is artificial intelligence.)
"What's crazy to me is that in traditional finance, they have no idea about the amount of money and the volume [of bitcoin]," Johnson said. In 2023, the Bitcoin (BTC) blockchain processed over $36.6 trillion in transactions as the market recovered from a tough year. This is in contrast to Mastercard and Visa, the two big payment networks worldwide, which processed $9 trillion and $14.8 trillion, respectively. "There's an entire ecosystem that almost ignores what is a parallel, massive ecosystem," Johnson said. Mastercard and Visa aren't ignoring blockchain technology. Both companies have made efforts in recent years to add crypto payments to their networks. Visa in particular has run trial after trial to test out new product offerings and has partnered with several crypto-native firms, including Circle and Solana, to grow a stronger footing in the space. Mastercard is rolling out a blockchain-based debit card. Franklin Templeton, after the appointment of Johnson as the company's CEO, quickly became a leader among traditional financial asset managers. Its OnChain U.S. Government Money Market Fund (FOBXX) became the first fund to use a public blockchain to record transactions and ownership in 2021. Earlier this week, the company filed a proposal with the Securities and Exchange Commission to launch a fresh exchange-traded fund, trading under the ticker symbol EZPZ, that would expose investors to a range of digital assets. Coinbase would be the custodian for that fund. Edited by Nick Baker. Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH. About
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. |
2024-08-22 | Kamala Harris and Her Team Announce They Will Encourage the Growth of the Cryptocurrency Industry
2024-08-22
At the Democratic National Convention, Vice President Kamala Harris’ campaign stated its intention to support policies that would encourage the growth of the cryptocurrency sector, according to the campaign’s senior policy advisor Brian Nelson.
At a roundtable hosted by Bloomberg News, Nelson voiced Harris’ commitment to ensuring emerging technologies like digital assets have the regulatory environment they need to thrive. “She will support policies that will allow emerging technologies and industries like these to continue to grow,” Nelson said.
The move comes as the cryptocurrency industry, which has become increasingly influential in the political arena, struggles to navigate a complex regulatory landscape. Under President Joe Biden, the industry has frequently expressed frustration with what it perceives as restrictive regulations. This year, the industry has been increasing its influence, including making significant political donations to shape future policy.
Unlike the Trump campaign’s approach, which has attracted prominent crypto investors like Cameron and Tyler Winklevoss, Harris’ team is signaling a more balanced stance. While Trump has proposed measures to reduce regulation and fire SEC Chairman Gary Gensler, Harris’ campaign is advocating policies that encourage innovation while maintaining necessary safeguards.
Related News: Bitcoin is Recovering! $60,000 Surpassed Again - Here's the Reason for the Surge
“They made the statement, quite frankly, that one of the things they need is stable rules, rules of the system,” Nelson said, referring to Harris’ recent speech outlining economic policy.
While Harris did not specifically address digital assets at her recent campaign event in North Carolina, she did emphasize the importance of reducing unnecessary regulatory red tape and promoting a stable business environment. According to Nelson, Harris’ focus is on creating consistent and transparent rules that protect consumers while allowing innovative technologies to flourish.
Harris’ former domestic policy adviser Rohini Kosoglu also touched on the candidate’s economic vision during the roundtable. Kosoglu compared Harris’ approach to that of former President Trump, and touched on the potential uncertainty and instability that businesses could face under a second Trump administration.
*This is not investment advice.
Continue Reading: Kamala Harris and Her Team Announce They Will Encourage the Growth of the Cryptocurrency Industry |
2024-08-22 | Is Bitcoin Set To Crash To $40K? Solana (SOL) Investors Are Flocking to Rollblock Presale To Hedge Risks
2024-08-22
A bearish
BTC price prediction
of $40k is likely as
Bitcoin
fails to hold above 60k on several occasions. If that happens, altcoins like
Solana (SOL)
could experience devastating drawdowns.
That’s where a
new
crypto presale
like Rollblock (RBLK)
comes in to help investors protect their capital. This GambleFi’s crypto presale has already delivered
110%
gains despite the recent market turmoil.
Solana whales are among the top investors buying in to hedge risks as a
BTC price prediction
of $100k fades in the distance.
A BTC price prediction of $40k is possible
In the recent bull run,
Bitcoin
rocketed from a low of $15,476 to an ATH of $73,777, sparking a bullish
BTC price prediction
of $100k. But since March,
BTC
whales have been taking profit, pushing Bitcoin price into a descending channel.
On Aug. 5, Bitcoin hurtled down to wick at 49k before recovering to face sharp rejection in the $62k region in mid-August. As of Aug. 19, BTC continued to trade at the lower side of the channel in the $58k region.
A bearish
BTC price prediction
places it in the $40k region. That’s the monthly support zone where
BTC
accumulated for months before breaking out in February 2024. Investing in a
new crypto presale
could help
Bitcoin
shrimps minimize the downside.
Solana (SOL) whales reinvest profits in new crypto presales
Solana (SOL)
shot from a low of $8 to a high of $210 in the recent bull run, delivering a solid 26x return. But for nearly 5 months,
SOL
whales have been on a profit-taking spree.
On Aug 5,
SOL
crumbled to the $110 region before recovering later on to face rejection at $163 as whales locked in gains.
SOL
now hovers in the $142 zone. If Bitcoin crumbles to $40k,
SOL
could crash down to earth to weekly support in the $80 region.
Solana
whales are flocking to crypto presales like Rollblock that could deliver potential upside in a bearish market.
Rollblock (RBLK) new crypto presale a safe haven for investors
The
Rollblock (RBLK) presale
has captured the attention of investors with incredible revenue-sharing incentives and astronomical growth potential. Investors have already blessed this GambleFi crypto presale with more than $2.2 million in stage 5. That has pushed the RBLK price from $0.01 to $0.021, pulling an easy
110%
yield for early revelers.
Unlike traditional online gambling platforms, Rollblock redistributes a weekly dividend to RBLK holders. Users can also become liquidity providers in the Rollblock network by staking their tokens for generous rewards to the tune of 30% APY.
The RBLK token has a killer deflationary design. Capped to a billion, a weekly token burn program depletes the circulating token supply steadily as demand increases, appreciating the token value.
Such a solid tokenomic structure at the center of the $450 billion gambling empire positions RBLK’s market cap to rocket into the billions, pumping the RBLK price to the stratosphere.
Analysts predict potential gains north of 880% in presale and a blast past
100x
on launch. That’s why
Solana (SOL)
whales are flocking into the Rollbock
new crypto presale
to hedge risks as
BTC price prediction
of $40k swirls in the market.
Discover the exciting opportunities of the
Rollblock (RBLK) presale
today!
Website
:
https://presale.rollblock.io/
Socials
:
https://linktr.ee/rollblockcasino |
2024-08-22 | Bitcoin Aims for $61,400 Mark
2024-08-22
You can also read this news on BH NEWS: Bitcoin Aims for $61,400 Mark
Bitcoin
‘s price is currently targeting $61,400, hovering around $61,288. Historical data suggests that those betting on another price drop might be in for a surprise. The consistent inflows in ETF channels since August indicate increased institutional interest, although recent market volatility has presented buying opportunities.
Can Bitcoin Sustain Its Momentum?
Technical analyst SuperBro highlights the impact of the US elections and global recession fears on Bitcoin’s price movement. He notes that while past dips occurred in July or August, the current decline may be coincidental. CryptoQuant reports that Bitcoin whales reduced their buying since March’s all-time high, but a recent signal from the Fed
suggests an imminent price rise.
To maintain upward momentum, Bitcoin must close above the 50-day simple moving average of $61,314. While attempts have been made, profit-taking has prevented success so far. Achieving this could push Bitcoin to $65,660 and potentially to $70,000. The ultimate target would be to surpass the $73,777 resistance and aim for over $80,000, though a fallback to $55,724 or even $49,000 remains possible.
What Lies Ahead for Ethereum?
Ethereum’s price needs to exceed the EMA20 level of $2,707 to signal a reversal. Currently priced at $2,636, losing the $2,500 mark could lead to further declines to $2,300 or $2,111. However, closing above EMA20 could trigger a move towards the $2,850 breakout level. Similar delayed pricing was observed during the BTC ETF process.
For Ethereum to approach its all-time high (ATH) again, Bitcoin would need to surpass $70,000. This interdependence underscores the intertwined nature of the cryptocurrency market.
Key Takeaways from Market Movements
The following inferences can be drawn from the current market trends:
Bitcoin’s institutional interest remains strong despite recent volatility.
Closing above key moving averages is crucial for sustained upward momentum.
Ethereum’s price movement is closely tied to Bitcoin’s performance.
Global economic factors and regulatory signals significantly influence cryptocurrency prices.
In conclusion, the cryptocurrency market is at a pivotal point, with Bitcoin and Ethereum facing critical resistance levels. Upcoming market movements will be crucial in determining their future
trajectories.
The post first appeared on BH NEWS:
Bitcoin Aims for $61,400 Mark |
2024-08-22 | Bitcoin Targets $61,400 While Ethereum Faces Key Resistance
2024-08-22
You can also read this news on COINTURK NEWS: Bitcoin Targets $61,400 While Ethereum Faces Key Resistance
Bitcoin
price is targeting $61,400 and hovering around $61,288 as of writing. Is it another disappointment? It’s too early to say, but those who saw previous upward attempts as short-selling opportunities might face a big surprise in the next attempts, at least according to historical data
.
Bitcoin (BTC)
ETF
channel has seen net inflows since August 7, except for two days, and the volatile price has turned into a buying opportunity on the institutional front. Technical analyst SuperBro argues that the recent negative pricing due to the US elections is reasonable. He mentioned that in previous instances, the price hit new lows in July or August. However, this time the dip is connected to global recession concerns, which can be considered a coincidence.
CryptoQuant says that
Bitcoin
whales have slowed their buying pace since the all-time high in March, but the definite interest rate
cut signal from the
Fed
minutes suggests that the rise should now begin.
BTC
needs to close above the 50-day simple moving average of $61,314. Although it was attempted as of writing, it hasn’t succeeded yet due to profit-taking, but the night is long. If we start seeing closures above this level, the rise could continue to $65,660 and $70,000.
The target will be to surpass the $73,777 resistance level and aim for above $80,000 for a real ATH. Conversely, there could be a drop back to $55,724 and $49,000.
Ethereum (ETH)
ETH
needs to surpass the EMA20 level of $2,707 to talk about a reversal. The price is at $2,636 as of writing. If $2,500 is lost, a drop to $2,300 and $2,111 could occur. However, closures above EMA20 could initiate a move towards the $2,850 breakout level. We also saw delayed pricing in the
BTC ETF
process.
If ETH repeats this, it will need to move towards ATH soon. Of course, for this process to proceed healthily, BTC needs to surpass $70,000.
The post first appeared on COINTURK NEWS:
Bitcoin Targets $61,400 While Ethereum Faces Key Resistance
The post Bitcoin Targets $61,400 While Ethereum Faces Key Resistance
appeared first on COINTURK NEWS
. |
2024-08-22 | Trump Trade: Bitcoin Pops 4% On Rumors Of Upcoming RFK Dropout
2024-08-22
Bitcoin surged by 4% back to $61,550 on Wednesday as speculation grew that Robert F. Kennedy Jr. may soon exit the 2024 U.S. Presidential race to endorse Donald Trump.
The news has re-established Trump as a betting favorite to win the November election, which is thought by analysts to have major implications for Bitcoin’s short-term price movements.
As reported by
ABC News
, RFK Jr. will drop out by the end of the week, with sources saying he will endorse Trump. When contacted directly, RFK did not confirm or deny the rumor.
This comes after Kennedy’s running mate Nicole Shanahan hinted
in a recent podcast appearance that he and Kennedy have a difficult decision to make as to whether or not they should put their efforts behind Trump.
According to Polymarket, crypto bettors now believe RFK is 97% likely to dropout of the race before November. They also view Trump as 52% likely to win the November election, versus Kamala Harris
at 47%.
Late Tuesday, Alex Jones of Info Wars also reported
that RFK would soon endorse Trump, and might be in consideration for various cabinet positions under Trump’s administration.
According to FiveThirtyEight, Harris has a 2.8% lead on Trump in national polls. Kennedy, meanwhile, is polling at 4.9% nationally, meaning his share of voters could swing the election’s result.
The price move in response has culminated in $104 million in crypto liquidations within the past 24 hours, Coinglass
shows.
The post Trump Trade: Bitcoin Pops 4% On Rumors Of Upcoming RFK Dropout
appeared first on CryptoPotato
. |
2024-08-22 | Bitwise CIO: “Professional Investors Can Buy Upto $500 Billion Bitcoin”
2024-08-22
Institutional investors are increasingly embracing Bitcoin, with their stake in the cryptocurrency now reaching 10% of the total supply, according to Matt Hougan, Chief Investment Officer at Bitwise Asset Management.
This trend is expected to continue as professional investors continue to increase their interest in Bitcoin, especially through ETFs.
In a recent analysis of Q2 13F filings, which are quarterly financial disclosures required by the U.S. Securities and Exchange Commission (SEC), Hougan highlighted the growing interest in Bitcoin ETFs among institutional investors. He noted that the number of institutional investors holding Bitcoin ETFs increased by 14% in Q2 2024, from 965 in the first quarter to 1,100 as of the end of June. This growth is particularly significant considering that 112 investors sold their Bitcoin ETF holdings during the same period, meaning 247 new firms gained exposure to Bitcoin through these products.
“One thing I know is that most ETFs improve over time,” Hougan wrote in a note. “The first year may be tough, but momentum tends to build in years two, three, four and five. I expect the same thing to happen here.”
Hougan noted that while about 80% of the U.S. stock market is held by institutional investors, those same investors currently hold only 10% of all Bitcoin. To get that figure to 50%, professional investors would need to buy an additional $500 billion worth of Bitcoin, according to Hougan’s calculations.
Related News: New Prophecy from Justin Sun: “New Billion Dollar Altcoin Coming”
Institutional investors are already making significant strides in this direction. In the second quarter, Bitcoin ETFs held 21.15% of total assets under management, compared to 18.74% in the first quarter. This means that as of the end of June, approximately $11 billion worth of Bitcoin was held through ETFs.
“That’s a great sign,” Hougan said. “If institutions are buying Bitcoin when prices are volatile, imagine what could happen in a bull market.”
Despite a 12% drop in Bitcoin’s price in Q2, the cryptocurrency has gained over 41% since the start of 2024. Hougan emphasized that the rate of institutional adoption of Bitcoin ETFs is unprecedented, outpacing some of the most popular ETFs in history. For example, the Invesco QQQ ETF, SPDR Gold Shares ETF, and JPMorgan BetaBuilders Japan ETF have all gained significantly fewer institutional holders over a comparable time period.
The 13F filings also revealed that the median institutional investor currently allocates just 0.47% of their portfolio to Bitcoin, a figure that Hougan found “extremely encouraging.” He noted that many professional investors start with a small allocation, typically 1% or less, but gradually increase it to 2.5% or even 5% over time.
*This is not investment advice.
Continue Reading: Bitwise CIO: “Professional Investors Can Buy Upto $500 Billion Bitcoin” |
2024-08-22 | Crypto ATM Numbers in Germany Drops Post-BaFin Crackdown
2024-08-22
The German Federal Financial Supervisory Authority (BaFin) recently confiscated 13 cryptocurrency ATMs and over $28 million in cash from 35 locations. The agency said the seized crypto-automated cash kiosks operated without the required permits and licenses.
The agency mentioned that bad actors could use these unlicensed crypto ATMs. This includes those that deal with digital assets like Bitcoin (BTC) to enable money laundering activities and other crypto scams.
Before the raid, there were 176 Crypto ATMs in the country. BaFin pointed out that many unlicensed crypto ATMs operate in the country.
Crypto ATM Misuse Leads to Its Global Slowdown
Introducing Crypto ATM aims to offer users a convenient way to access digital assets. Due to its effectiveness in serving this purpose, it is gaining popularity worldwide. Currently, there are 387,000 ATMs in 69 countries, including
Canada,
Australia
, El Salvador, and
Spain
.
Recently, CoinATM Radar reported that the United States houses the majority of Crypto ATMs, totaling over 32,000.
Lately, however, the overall number of crypto ATMs has remained stagnant. Infact, the adoption of the machine significantly dropped in 2023 before experiencing recovery this year.
Despite their relevance to society, crypto ATMs’ convenience makes them susceptible to misuse. Global authorities are now more vigilant about these risks and are implementing measures to ensure the lawful operation of these machines.
US Regulators Stay Vigilant on Crypto ATMs
Like Germany, the United States regulatory authorities have started taking action against digital asset ATMs operating in the country.
US Regulators have stressed the need for operators to comply with certain regulations to prevent bad actors from using unregulated ATMs for money laundering and illicit financing.
In 2022, the Federal Trade Commission (FTC)
raised awareness about a new method of crypto scams, including Crypto ATMs
. This was after the
Federal Bureau of Investigation (FBI) issued the same warnings to investors in 2021.
Germany, a Crypto-Friendly Nation
This BaFin cracking down on Crypto ATMs in Germany has again put the country in the spotlight. This comes after the Saxony State of Germany went on a Bitcoin selling spree that kept market participants on edge for almost a month. Right now, the digital asset is still frantic about rebounding, attempting to reach its previous market price.
In 2022, the European country was
crowned the most crypto-friendly nation
, beating Singapore to the title.
Impressively,
Landesbank Baden-Württemberg, the largest federal bank in Germany,
recently revealed its plan to introduce cryptocurrency custody services
in the latter half of 2024.
The post Crypto ATM Numbers in Germany Drops Post-BaFin Crackdown
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. |
2024-08-22 | The Protocol: Now Everyone's Putting a Wrapper on Bitcoin
2024-08-22
Tron founder Justin Sun – described on a recent podcast episode as "shameless" but "very shrewd" and "one of the smartest on-chain users, period" – is in the headlines this week, and not just because of the new self-referentially named memecoin launchpad, SunPump. His move to take a role alongside BitGo in the custody of the $9 billion-plus wrapped bitcoin (WBTC) project has made waves in the highly competitive arena of tokenizing bitcoin for use in decentralized finance (DeFi) protocols on Ethereum and other chains. Read on. PLUS:
This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday. The supply of wrapped bitcoin (orange) has fluctuated, as has the market capitalization, since the price of the WBTC token trades in sync with notoriously volatile bitcoin (Dune Analytics)
WRAPPERS DELIGHT: A shakeup is afoot in the business of tokenizing bitcoin for use on the Ethereum blockchain. Back in 2019, the crypto custodian BitGo and two partner firms conceived of "wrapped bitcoin" – a way of locking up bitcoin and minting an equivalent token, WBTC, that could be used on Ethereum, a crucial destination for many crypto traders since it's home to the biggest decentralized finance (DeFi) protocols. The WBTC project saw rapid uptake, its market capitalization surging by late 2021 to about $16 billion, before eventually settling back to the current level around $9 billion, still a top-20 cryptocurrency. Of note, however, was that BitGo served as the sole custodian for the locked-up bitcoin, seen as a potential risk. So it would seem that BitGo's plan, announced last week, to transition WBTC to "multi-jurisdictional custody" – adding operations in Hong Kong and Singapore – might help to address some of the concerns. Instead, some projects and commentators have homed in on the involvement of Tron founder Justin Sun in BiT Global, the custody firm that will now oversee the locked-up bitcoin, as a new risk. "The partnership has raised eyebrows among industry observers," Nydig research head Greg Cipolaro wrote on Aug. 16. In a tweet, Sun acknowledged he had "heard that the community has some concerns about my involvement in various projects, including WBTC," but insisted that his "personal involvement in WBTC is entirely strategic. I do not control the private keys to the WBTC reserves and cannot move any BTC reserves." BitGo CEO Mike Belshe joined an X Spaces to point out that "there is no single party that has the ability to mint or steal from the underlying treasury."
Even so, the decentralized stablecoin issuer MakerDAO, after a spicy online discussion on its forum, passed a motion on Aug.14 to eliminate its exposure to WBTC, due to concerns that the new setup would "centralize too much control with BiT Global," as reported by CoinDesk's Sam Reynolds. For now, the DeFi protocol Aave is sticking with WBTC, according to the analysis firm CoinMetrics, but "this transition has brought custodial and operational risks to the forefront, spurring increased interest in permissionless alternatives."
Those might include Threshold's tBTC, or another one called dlcBTC – both out in full force on the podcast circuit over the past week. The U.S. crypto exchange Coinbase teased a new "cbBTC." On X, crypto influencers touted FBTC, another wrapped bitcoin alternative that launched last month with the support of Mantle Network, as a possible solution to WBTC's "centralization risks." Such players are "accelerating the development for alternative (and decentralized?) versions of wrapped bitcoin," Galaxy Digital's Gabe Parker wrote in a newsletter. Or as Gauntlet's Tarun Chitra put it on the Chopping Block podcast, "There's going to be this mad rush to try to fill the gap."
A broader and perhaps more bankable take came from Presto Research: "Regardless of one’s view on Sun’s involvement, the attempt to decentralize a key piece of the DeFi infrastructure is likely a step in the right direction, despite its challenges."
ELSEWHERE:
Urbit founder Curtis Yarvin (David Merfield/NASA, composite by Jesse Hamilton for CoinDesk)
Urbit, an idiosyncratic and audacious project to rebuild the entire internet computing stack from scratch, brought back controversial founder Curtis Yarvin after a five-year hiatus. He holds no formal title but is taking the lead on strategy. The board of the Urbit Foundation, the nonprofit that steers core development, fired executive director Josh Lehman. Christopher Colby is filling the role on an interim basis while the board seeks a permanent replacement. The foundation is running out of money. A fundraising proposal backed by Lehman to create a new layer-2 blockchain on top of Ethereum has been scrapped in favor of Yarvin's strategy, which involves creating a utility token, possibly on Base, Coinbase's layer-2 network. Click here for the full article by Marc Hochstein
Top picks of the past week from our Protocol Village column, highlighting key blockchain tech upgrades and news. Schematic from GOAT Network economics beigepaper illustrating the "two primary methods for BTC holders to participate in a sequencer" (GOAT Network)
1. PROTOCOL VILLAGE EXCLUSIVE: GOAT Network, describing itself as the "first Bitcoin layer 2 to share network ownership," published their economics beigepaper detailing their economics and solution to sustainable BTC yield. An executive summary reads: "GOAT Network leverages decentralized sequencer, BitVM2 and zkVM technologies to create a platform that inherits the security of BTC mainnet, while accommodating investors’ diverse financial needs."
2. FIRST ON COINDESK: Robin Linus, the Bitcoin developer who shook up the crypto tech landscape last year with a theoretical method of making the oldest and original blockchain more programmable, is out with a second iteration called "BitVM2" – boasting dramatic improvements that could bring the concept closer to real-world implementation. The basic setup involves using cryptography to compress programs into sub-programs that can then be executed within Bitcoin transactions, according to a white paper published Thursday by Linus along with five co-authors. 3. Linea, an EVM-equivalent layer-2 network bootstrapped by the Ethereum developer Consensys, and Status, describing itself as an "open-source decentralized communication super app" are collaborating on a parallel chain. According to the team, the new L2 rollup, Status Network, "will be launched and the Status team will be first contributors to use Linea’s code through their new open-source repositories. Status developers will engage directly with the Linea codebase, intending to operate an identical version of Linea in parallel, thus strengthening the entire ecosystem. The team will also contribute to ongoing engineering on Linea, such as supporting client and prover diversity, and conducting research to advance Linea’s decentralization roadmap."
4. Bitcoin (BTC) staking platform Babylon, led by a Stanford University professor and tipped to be one of the more promising new scaling projects for the oldest and largest blockchain, is moving to the next stage of its development, with plans to launch the first phase of its main network on Aug. 22. Babylon raised a $70 million funding round led by Paradigm earlier this year. The project is led by Stanford engineering professor David Tse, known for his prior research on information theory while working at University of California, Berkeley. During the first phase, BTC holders will be able to lock their tokens on the Bitcoin network, according to an emailed release on Monday. 5. Network3, describing itself as a "protocol for decentralized, authenticated, anonymous and reliable data transmission and computation," launched a physical dual mining machine, called the N3 Edge, that supports both IoTeX and Network3 tokens. Network3's new physical dual mining machine, N3 Edge (Network3)
Fundraisings
Fabric Cryptography team (Fabric Cryptography)
Deals and grants
Data and Tokens
Regulatory, Policy and Legal
The percentage of private transactions on Ethereum, when measured by total gas used, has climbed since September 2022. (Blocknative)
A growing number of sophisticated Ethereum users are choosing to transact privately on the blockchain – relying on so-called dark pools to avoid trading bots set up to front-run transactions, but potentially sacrificing the openness and transparency that are supposed to be hallmarks of decentralized public networks. That's according to new research compiled by Blocknative, a company that specializes in preventing or minimizing the impact of MEV, which stands for "maximal extractable value" – the profits that can be siphoned off by fast-moving software bots that can quickly enter into trades to skim margin off of transactions that are sitting in the network's public queue, waiting to be processed. Private transactions, which are sent directly to validators or block proposers, instead of public mempools, now account for about half of the total on Ethereum, in terms of the total gas usage – reflecting the computational power required to process transactions. The percentage was about 7% in September 2022 when Ethereum transitioned into a proof-of-stake network, but it's taken off this year, jumping from about 15% since the start of 2024. "You have a small number of actors who can see the private flow," Blocknative CEO Matt Cutler said in an interview. "Certain people can see stuff, and certain people can't, and that creates opportunity and advantage."
Click here for the full article by Bradley Keoun
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. Bradley Keoun is the managing editor of CoinDesk's Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation. |
2024-08-22 | Bitcoin’s Dominance over Ethereum at a 40-Month High: What Will It Take for an Ethereum Breakout?
2024-08-22
Cryptocurrency research firm CryptoQuant reported in a recent analysis that Bitcoin’s market dominance has increased significantly, reaching a 40-month high of 78.5% compared to Ethereum.
The chart provided by CryptoQuant shows the widening gap between Bitcoin’s dominance and Ethereum’s market cap. This trend has been gaining momentum since late 2022, amid increasing speculation surrounding Bitcoin ETFs. The subsequent approval and significant inflows into Bitcoin ETFs have further strengthened Bitcoin’s market dominance.
Related News: BREAKING: Coinbase Adds a New Altcoin to Its Roadmap to List
Despite the excitement surrounding a potential Ethereum ETF, it has yet to have a similar impact on Ethereum’s market appeal. The modest demand for Ethereum ETFs highlights the disparity in investor interest compared to Bitcoin.
Historical events such as the ICO bubble and the cryptocurrency market peak in 2021 have previously influenced Bitcoin’s dominance. According to analysts, a similar significant event may be necessary to change this trend in favor of Ethereum.
At the time of writing this article, Bitcoin's market value is around $1.18 trillion, while Ethereum's market value is around $315 million.
*This is not investment advice.
Continue Reading: Bitcoin’s Dominance over Ethereum at a 40-Month High: What Will It Take for an Ethereum Breakout? |
2024-08-22 | Polygon (MATIC) Breaks Out of Descending Trendline, Signaling Bullish Momentum
2024-08-22
MATIC breaks out of descending trendline, signaling potential bullish momentum.
Technical analysis suggests possible 50% surge to $0.75 if $0.48 level holds.
On-chain data shows increased open interest and bullish sentiment among traders.
Polygon’s
MATIC token has emerged as a beacon of hope in an otherwise tepid cryptocurrency market, captivating investors with a price surge and a decisive bullish breakout.
This remarkable performance stands in stark contrast to the struggles faced by market leaders Bitcoin (BTC) and Ethereum (ETH), positioning MATIC as a potential outlier in the current market cycle.
The bullish breakout for MATIC
comes on the heels of a prolonged downtrend that persisted from March to August 2024. During this period, the token found itself constrained by a formidable descending trendline, which acted as a persistent barrier to upward movement.
However, recent price action, backed by substantial trading volume, has seen MATIC successfully breach this resistance, potentially signaling a shift in market sentiment.
MATIC’s analysis shows interesting picture
Technical analysis paints an intriguing picture for MATIC’s near-term prospects. Despite trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, experts suggest that the token’s outlook remains bullish.
The key to confirming this positive sentiment lies in MATIC’s ability to close a daily candle above the critical $0.48 level. Should this occur, analysts project the possibility of a staggering 50% rally, potentially propelling MATIC towards the $0.75 mark or beyond.
On-chain metrics further bolster the case for MATIC’s bullish outlook. Data from CoinGlass reveals a notable 19% increase in open interest over the past 24 hours, indicating growing engagement from both investors and traders.
Moreover, the exchange liquidation map for the past week shows an imbalance, with long positions far outweighing shorts. This lopsided leverage distribution is often interpreted as a bullish signal, suggesting widespread optimism among market participants.
The current market structure presents two critical liquidation levels for MATIC: $0.464 on the downside and $0.489 on the upside. A breach of the upper threshold could trigger the liquidation of nearly half a million dollars worth of short positions, potentially fueling further upward momentum.
Conversely, a drop below the lower bound might result in the liquidation of $2.7 million in long positions, underscoring the delicate balance of market forces at play. |
2024-08-22 | Bitcoin Surpasses $61,000 Again
2024-08-22
You can also read this news on BH NEWS: Bitcoin Surpasses $61,000 Again
Bitcoin
‘s price has once more crossed the $61,000 mark, leading to speculation about a potential uptrend. However, financial experts advise caution, emphasizing the need for a weekly close above $63,000 to confirm a true reversal. The recent movements in Bitcoin’s price reflect a pivotal moment, particularly as market participants observe the weakening of the DXY and anticipate a shift in Federal Reserve policies.
What Does This Mean for Investors?
For weeks, short sellers have benefited from Bitcoin’s upward attempts. The latest price surge, however, may indicate a turning point. This rise is linked to a weakening U.S. Dollar Index (DXY) and expectations of a more relaxed monetary policy from the Federal Reserve. Investors have been paying close attention to the Fed’s minutes, which now hint at easing, unlike the monetary tightening signals from January 2022 that led to market declines.
How Will Altcoins React?
Bitcoin’s price needs to not only surpass $61,000 but also maintain its position and gain momentum as the Asian markets open. A weekly close above $63,000 could thwart the expectations of those anticipating a downturn. Concurrently, altcoins have started to experience rapid increases, and should Bitcoin remain strong, double-digit gains in altcoins could become more common.
Key Takeaways for Investors
Investors can draw several actionable insights from the current market situation:
A weekly close above $63,000 is crucial for confirming an upward trend.
The weakening DXY and potential easing of Fed policy are key drivers of Bitcoin’s rise.
Altcoins are showing significant growth, which might continue if Bitcoin remains stable.
Short sellers may need to reassess their positions if Bitcoin maintains its upward trajectory.
In conclusion, Bitcoin’s recent movements have captured the attention of investors
, with key indicators suggesting potential stability and growth. The coming weeks will be crucial in determining whether this bullish trend holds. Investors are advised to remain vigilant and consider the broader market dynamics influenced by monetary policy and currency strength.
The post first appeared on BH NEWS:
Bitcoin Surpasses $61,000 Again |
2024-08-22 | Bitcoin is Recovering! $60,000 Surpassed Again – Here’s the Reason for the Surge
2024-08-22
Bitcoin price saw a notable surge above $60,000 following the release of the Federal Reserve meeting minutes. According to market data, BTC is currently trading at $60,862.
This surge in Bitcoin’s value coincided with a period when the US dollar index (DXY) fell below 101, approaching its lowest point since the beginning of the year.
The Fed's minutes showed that “a large majority of members” viewed a September rate cut as a potential move. Upside risks to inflation were perceived as having diminished, with nearly all members predicting that inflation would continue to decline. However, downside risks to employment appeared to have increased. Many participants highlighted the potential consequences of easing policy too late or too little, which could severely weaken economic activity or employment.
Related News: BREAKING: Huge Cryptocurrency Step from Latin America's Largest Company
The rise in Bitcoin price was caused by the publication of the Fed minutes.
At the time of writing this article, approximately $70 million worth of cryptocurrencies have been liquidated in the cryptocurrency market in the last 12 hours, and $33 million of these were in long positions.
*This is not investment advice.
Continue Reading: Bitcoin is Recovering! $60,000 Surpassed Again – Here’s the Reason for the Surge |
2024-08-22 | Bitcoin Surpasses $61,000 and Signals Potential Uptrend
2024-08-22
You can also read this news on COINTURK NEWS: Bitcoin Surpasses $61,000 and Signals Potential Uptrend
Today, BTC
might finally break upwards. The price has surpassed $61,000 again. It’s too early to celebrate as we need a weekly close above $63,000 for a true reversal. Time will tell if those who strengthened short positions above $60,000 were right again.
Bitcoin Rises Again
BTC
has been making short sellers happy with every upward attempt for weeks. However, things might change now. The price has surpassed $61,000. Moreover, this rise is linked to the weakening
DXY
and the expected easing of
Fed
policy.
The details of the
Fed
minutes we reported last minute are reminiscent of those from January 2022. Back then, strong signals for monetary tightening were given, accelerating market declines. The only difference today is that those strong signals are now for easing.
Although the price has surpassed $61,000, it needs to close at current levels and accelerate during the Asian market opening. If we see a weekly close above $63,000, investors
waiting for a drop might be disappointed. Altcoins have started to rise rapidly. If BTC remains strong, double-digit increases in altcoins wouldn’t be surprising.
The post first appeared on COINTURK NEWS:
Bitcoin Surpasses $61,000 and Signals Potential Uptrend
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2024-08-22 | Prometheum labels UNI, ARB securities in custody expansion
2024-08-22
Digital asset trading and custody firm Prometheum has announced that it will add Uniswap and Arbitrum to its custodial platform, where they will join Ether. Prometheum describes the tokens as “digital asset securities.” Custodial services should be available in the third quarter of the year.
The classification of Uniswap (UNI
) and Arbitrum (ARB
) as securities may be controversial in some quarters, although Prometheum has made the same claim about Ether (ETH
).
Prometheum has big plans
Prometheum will offer ETH, ARB and UNI custody to corporate and institutional through its Prometheum Capital subsidy. Prometheum Capital is a special purpose broker-dealer (SPBD) registered with the United States Securities and Exchange Commission (SEC) and a member of the self-regulatory Financial Industry Regulatory Authority (FINRA).
Prometheum Capital claims
to be “the only SEC-qualified custodian and special purpose broker-dealer for digital asset securities.” It originally planned to launch its custody services in the first quarter of 2024. Its plans do not stop at that, the company said
in a statement on Aug. 21:
“Prometheum Capital will continue to expand its digital asset offerings for custody, and in the future trading, to support digital assets including debt, equities, ETFs, mutual funds, options, money market funds, and other investment contract products that are issued and transferred on a blockchain.”
Source: Prometheum
Prometheum’s unique approach to digital assets
Many crypto firms have voiced their discontent with the difficulty of registering with the SEC. Prometheum’s registration as an SPBD aroused suspicions
of favoritism among legislators and the crypto community
when it received the designation
in May 2023.
Related: SEC has 'very low' odds of winning against Uniswap: Crypto lawyer
Uniswap is a decentralized cryptocurrency exchange
. It claimed
that UNI is not a security and is as decentralized as Bitcoin (BTC
) and ETH in response to a Well’s notice
it received from the SEC
in April.
Arbitrum is a decentralized autonomous organization (DAO). Holders of its native ARB voted to enable ARB
staking on Aug. 15.
Magazine: 11 critical moments in Ethereum’s history that made it the No.2 blockchain |
2024-08-22 | Bitcoin Starts 2024 Strong with Over 40% Increase
2024-08-22
You can also read this news on COINTURK NEWS: Bitcoin Starts 2024 Strong with Over 40% Increase
Bitcoin
started 2024 strong with an increase of over 40% since the beginning of the year. This rise is supported by several positive fundamental factors, including the launch of spot Bitcoin exchange-traded funds in the US and the halving event that reduced the amount of Bitcoin awarded to miners by 50%.
What to Expect on the Bitcoin Front?
Unlike previous cycles, Bitcoin’s price
reached new all-time highs before the halving event, leading many analysts to predict a super cycle within the current halving year. More than 123 days have passed since the Bitcoin halving event, and the Bitcoin price has yet to surpass its all-time high before the halving.
Data from Coinglass
reveals that Bitcoin has always provided positive returns in the fourth quarter of halving years, with gains of 58% and 168% in 2016 and 2020, respectively. Moreover, Bitcoin has provided positive returns in eight out of eleven years between 2013 and 2023, with an average gain of 88%.
If history repeats itself, Bitcoin’s likelihood of recovery in the fourth quarter of 2024 stands out at 73%. CryptoQuant founder and CEO Ki Young Ju analyzed Bitcoin’s price movement during the 2020 halving event and found that the recovery began in the fourth quarter:
“In the last
Bitcoin
halving cycle, the bull recovery started in the fourth quarter. Whales will not allow the fourth quarter to be boring with flat annual performance.”
According to Young Ju, Bitcoin’s price is in an accumulation phase, indicating a potential parabolic uptrend as it enters the last quarter of 2024.
Details on the Subject
Data from TradingView
shows that Bitcoin’s price movement has formed a series of higher lows on the daily chart but has remained below the 200-day exponential moving average (EMA) for the past seven days.
IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model reveals that Bitcoin faces relatively strong resistance on its recovery path compared to its downside support. The 200-day EMA average at $59,423 is close to the $59,500 to $61,300 price range, where approximately 1.51 million addresses previously purchased about 817,770 Bitcoin.
This indicates that high demand-side liquidity is necessary to push Bitcoin’s price beyond the 200-day EMA average and subsequently above the resistance provided by the 50 and 100-day EMA averages at $61,383 and $62,323, respectively. Analyst Mark Cullen suggests that if this does not occur, Bitcoin’s price could drop to the $57,500 level or even revisit the $54,500 level.
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Bitcoin Starts 2024 Strong with Over 40% Increase
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2024-08-22 | Bitcoin perks up after big downward revision to U.S. jobs growth
2024-08-22
MicroStockHub/E+ via Getty Images
Bitcoin (BTC-USD) knee-jerked higher after the U.S. Bureau of Labor Statistics marked down the number of workers in payrolls by the most in 15 years. The cryptocurrency is making yet another attempt to break out of the current strong $60K resistance level, climbing 2.6% to $60.7K at 2:56 p.m. ET. Since the Aug. 4-5 market swoon, bitcoin has flirted the $60K level more than five separate times. Ethereum (ETH-USD), the world's largest altcoin, also advanced after the BLS revision, rising 1.5% to $2.63K at the time of writing. Here's a list of all the major digital tokens and their price action. The payrolls benchmark was revised down 818K, or by 0.5%, for the 12 months through March 2024. That's the largest downward revision since 2009, adding pressure on the Federal Reserve to cut interest rates at its next meeting on Sept. 17-18. The preliminary estimate signals the labor market started softening much sooner than originally estimated. The final revision will be issued in February 2025. A broad interpretation of the data suggests that a weaker-than-expected economy results in more accommodative monetary policy by the Fed, which, in turn, drives bitcoin (BTC-USD) prices higher than they would otherwise be. Only time will tell if this dynamic plays out in favor of BTC. |
2024-08-22 | BitFuFu’s Mining Costs Soar 168% Amid Capacity Expansion
2024-08-22
BitFuFu, a cloud mining company affiliated with Bitmain
, has reported a dramatic surge in Bitcoin mining costs amid a significant expansion of its operations, according to its Q2 2024 financial and operational report, the average cost to mine one Bitcoin skyrocketed to $51,887, marking a 168% increase compared to the same period in 2023, where costs stood at $19,344 per BTC. This sharp rise is attributed to escalating electricity
and operational expenses, compounded by the Bitcoin halving event in April 2024, which increased mining difficulty and slashed BTC rewards by half, according to Cointelegraph
.
Despite these challenges, BitFuFu expanded its mining capacity by over 60%, reaching 24.7 exahashes per second (EH/s) from 15.2 EH/s in 2023. This growth has also driven the company’s revenue up by nearly 70%, with total earnings of $129.4 million in Q2 2024, compared to $76.3 million in the same period last year. The increase in revenue is largely due to the expansion of BitFuFu’s cloud-mining services, which contributed $77 million during this quarter.
Bitcoin analysts remain optimistic despite the cost pressures, with experts like Matthew Sigel from VanEck suggesting that the worst of the "forced selling" is behind us. Sigel also noted that the current market trends are typical for the post-halving period, which usually lasts one to three months. This environment sets the stage for potential recovery as miners and investors adjust to the new dynamics in the crypto market. |
2024-08-22 | Bitcoin Reaches $60,000
2024-08-22
You can also read this news on BH NEWS: Bitcoin Reaches $60,000
Bitcoin
‘s price has surged past the $60,000 mark as the latest Federal Reserve minutes hint at potential economic relief. The Fed’s recent discussions suggest that the long-standing macroeconomic challenges might be easing, marking a potential pivot point. With inflation rates previously soaring beyond 9%, prompting historic interest rate hikes, the latest details from the January 2022 Fed minutes present a more optimistic outlook.
What Do the Latest Fed Minutes Reveal?
In January 2022, the Fed emphasized the necessity of raising interest rates, signaling caution to the markets. However, the most recent minutes show a shift towards a more dovish stance. Should the upcoming inflation data
before the September meeting also indicate a decline, a significant rally in the cryptocurrency sector is anticipated. Key points from the minutes include a 25 basis point rate cut justification due to recent inflation developments and rising unemployment in July.
How Could This Impact Cryptocurrencies?
The minutes also highlighted that most participants noted reduced risks to the inflation target while acknowledging increased risks to employment. Confidence among participants has grown as incoming data suggests inflation is moving towards the 2% target. However, there were warnings about the potential dangers of easing policy restrictions too soon or too significantly, which could reverse inflation progress, while delaying easing could unnecessarily weaken economic activity or employment.
Concrete Inferences for Investors
The Fed’s shift towards a more dovish stance may lead to a decline in interest rates.
Upcoming inflation data will be crucial for predicting cryptocurrency market movements.
Investors might see a parabolic rally in cryptocurrencies if economic indicators continue to improve.
Monitoring labor market conditions
will be essential as they influence economic growth forecasts.
Balancing policy restrictions remains critical to maintaining economic stability.
As the DXY index approaches a drop below 101, SP500 has jumped to 5622, and bond yields have declined to 3.765, indicating broader economic trends that may further influence market sentiment.
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Bitcoin Reaches $60,000 |
2024-08-22 | Does Harris Want To Tax Your Unrealized Bitcoin Gains? Here’s What’s Going On
2024-08-22
Rumors are swirling online that Kamala Harris wants to introduce an unrealized capital gains tax if elected President – a move that could theoretically tear up the profits of crypto investors.
But some key details are missing from the public conversation – namely that the tax wouldn’t apply to the vast majority of investors.
Kamala Harris’s Tax Plans
As reported
by Semafor on Monday, the Committee for a Responsible Federal Budget (CRFB) said that the Kamala Harris campaign has specifically promised to “support all of the tax increases on the high earners and corporations that are in the Biden budget.”
“And obviously, none of them is specifically mentioned in this [Harris] plan,” said CFRB senior vice president Marc Goldwein on the matter.
Per President Joe Biden’s 2025 budget proposal
, the plan recommends a “minimum tax of 25 percent on total income, generally inclusive of unrealized capital gains.”
Plans for this tax were echoed in the Democratic Party’s 2024 platform
, which promised an income tax rate of 25 percent on billionaires, and to “end the preferential treatment for capital gains for millionaires, so they pay the same rate on investment income as on wages.” The proposal was constructed before Biden dropped out of the Presidential race, and so doesn’t necessarily reflect Harris’s exact platform.
Notably, the unrealized gains tax would only apply to the wealthiest Americans with total income or wealth exceeding $100 million. That didn’t stop crypto influencers online from panicking
, warning that Harris wants a 25% tax on unrealized capital gains, and a 45% tax on long-term capital gains.
“They did not comment on introducing new taxes like the unrealized gains tax (which would be dumb),” wrote Cinneamhain Ventures partner Adam Cochran to Twitter. “So no, she did not endorse an ‘unrealized gain tax’ and even if she did, you don’t earn enough for it to impact you.”
A Dangerous Precedent
Even with the nuance, many commenters believe an unrealized gains tax of any kind can bring irreparable harm to the nation’s economy.
“When the majority of the stock market decides to sell all their shares because the US has insane tax laws around unrealized gains the little guys like you and me get absolutely fucked,” tweeted
YouTuber Farzad Mesbahi.
Casa co-founder Jameson Lopp also criticized the defense that such taxes will only ever apply to the ultra-wealthy. “How do you think income tax started off?” he tweeted
, referencing the introduction of the 1% income tax in 1913 that first only impacted the highest three percent of earners.
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2024-08-22 | Bitcoin Price Surpasses $60,000 as Fed Minutes Indicate Economic Relief
2024-08-22
You can also read this news on COINTURK NEWS: Bitcoin Price Surpasses $60,000 as Fed Minutes Indicate Economic Relief
Bitcoin
price
surpassed $60,000, and Fed minutes suggest the macroeconomic nightmare is nearing its end. Inflation exceeding 9% led the Fed to increase interest rates historically. Today, the details from the January 2022 minutes show the opposite, indicating a potential turning point.
Fed Minutes Breaking News
In January 2022, the
Fed
indicated the need to raise interest rates, sending a message to the markets. Now, for the first time, we see such dovish details. If the last inflation data
before the September meeting also shows a decline, a parabolic rally in cryptocurrencies should commence. Key highlights from the minutes include:
Many participants said recent inflation developments and rising unemployment in July justified or supported a 25 basis point rate cut.
Most participants noted increased risks to the employment target, while many said risks to the inflation target had decreased.
Participants believed incoming data increased their confidence that inflation was progressing towards the 2% target.
The Fed team’s economic growth outlook for the second half of 2024 was downgraded due to weaker-than-expected labor market conditions
.
Some participants warned that reducing policy restrictions too early or too much could reverse inflation progress.
Many participants noted that easing policy too late or too little could unnecessarily weaken economic activity or employment.
DXY
is about to drop below 101. SP500 jumped to 5622, and bond yields fell to 3.765.
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Bitcoin Price Surpasses $60,000 as Fed Minutes Indicate Economic Relief
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2024-08-22 | Bitcoin ETF Dominates Global ETF Market With $17.5B Influx, Bitwise CIO Says
2024-08-22
Bitcoin ETFs are emerging as the fastest-growing ETFs, attracting significant attention from institutional investors.
Since launching in January 2024, these ETFs have pulled in a remarkable $17.5 billion in net flows, outpacing the previous record held by the Nasdaq-100 QQQs, which gathered approximately $5 billion in their first year.
Bitcoin ETF Dominates Global ETF Market With $17.5B Influx
Bitcoin ETFs have seen a record-setting pace in adoption, especially among institutional investors. Matt Hougan, CIO of Bitwise, highlighted in a recent X thread that they have drawn the fastest-growing inflows of all time. The $17.5 billion influx since their launch marks a significant milestone, surpassing the previous record held by the Nasdaq-100 QQQs by a wide margin.
This rapid growth is particularly noteworthy given the ongoing skepticism from some market participants who claim that institutional adoption is minimal.
1/ Bitcoin ETFs are being adopted by institutional investors faster than any other ETF in history. Don't believe the "it's just retail" story. The data prove otherwise.
A thread.
— Matt Hougan (@Matt_Hougan) August 21, 2024
One of the main arguments against the success of these ETFs has been the perception that they are primarily driven by retail investors, with minimal institutional participation. Critics point to 13F filings, which show that as of Q2 2024, institutions hold only 21% of the current BTC ETF assets under management (AUM), while retail investors account for the remaining 79%.
However, Hougan’s analysis challenges this narrative by comparing them to the 10 fastest-growing new ETFs in history. His findings reveal that the former are leading in institutional adoption, whether measured by the number of institutions or the total AUM.
Nasdaq-100 QQQs Institutional Adoption
Hougan also compared the institutional adoption of BTC ETFs to that of the Nasdaq-100 QQQs, the previous record-holder for ETF inflows. While direct comparisons are challenging due to differences in the time periods and availability of historical data, Hougan notes Bitcoin ETFs have attracted three times the number of institutional holders within the first two quarters compared to the QQQs during a similar timeframe.
This suggests that institutional interest in them is not only present but is also growing at an unprecedented rate.
Global ETF flows are at $911b YTD, a near lock to break their ann record of $1.2T thanks to more contrib from non-US countries who are adding close to 40% of total vs 25% in 2021. Also, there's been 1,121 ETFs launched globally this year, which is also record pace. pic.twitter.com/3BIVaHd1Kx
— Eric Balchunas (@EricBalchunas) August 21, 2024
Concurrently, the growth of BTC ETFs is part of a broader trend in the global ETF market, which has seen record-breaking inflows in 2024. Eric Balchunas, a Bloomberg ETF analyst, pointed out that global ETF flows have reached $911 billion year-to-date, with these ETFs being a significant contributor to this surge.
Notably, BlackRock’s IBIT secured the third spot among global issuers in terms of year-to-date influx.
Bitcoin Price Outlook
Subsequently, the rise of Bitcoin ETFs has also coincided with broader trends in the cryptocurrency market. Analysts have noted a potential “short squeeze” in Bitcoin derivatives
, which could lead to a sharp rally in BTC prices.
The recovery in the Fear and Greed Index and continued inflows into these ETFs suggest a positive market sentiment, despite ongoing macroeconomic and political uncertainties in the United States.
Meanwhile, at press time, Bitcoin price
had recovered and was trading at $60,012, a 1.80% surge from the intra-day low.
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2024-08-22 | Understanding the Effect of Bitcoin’s 56% Dominance on Your Crypto Investments
2024-08-22
Key Points
Bitcoin’s market dominance has risen from 38% in 2022 to 56%, largely due to accumulation by long-term holders.
Short-term holders are experiencing unrealized losses, which could lead to further market dips.
Bitcoin’s Growing Market Dominance
Bitcoin [BTC] continues to hold the majority share in the global cryptocurrency market, accounting for over half of the $2.1 trillion total. Since the market’s cycle low in November 2022, Bitcoin’s dominance has increased from 38% to 56%, as reported by on-chain analytics platform Glassnode. In contrast, Ethereum’s [ETH] market dominance has remained relatively stable, while altcoins have lost 6.5% of their market share.
Long-Term Holders Boost Bitcoin’s Position
The increase in Bitcoin’s market dominance is attributed to long-term holders, who have significantly increased their Bitcoin supply. Many of these traders became long-term holders after purchasing Bitcoin near the March all-time highs. These holders are currently profiting around $138 million per day, increasing the risk on the sell-side. However, profit-taking activities have decreased. This is supported by data from CryptoQuant, which shows a drop in the Exchange Whale Ratio following intense profit-taking activities in May and July.
Short-term holders, who are more reactive to price changes, are currently sitting on unrealized losses. This has led to Bitcoin’s drop below $50,000 earlier this month. If these investors remain in losses below $59,000 for extended periods, it could potentially trigger a market panic and a severe bearish momentum. On the other hand, leveraged trading data shows a gradual increase in long positions since 18th August, indicating a slight shift towards bullish sentiment. |
2024-08-22 | Bitcoin is Exploding and Once Again Dominating the Crypto Market!
2024-08-22
Bitcoin (BTC) continues to strengthen its dominant position in the cryptocurrency market, reaching significant levels of market capitalization. This dominance is a key indicator of investor confidence and the relative stability of BTC compared to other cryptos.
The growing dominance of Bitcoin in the crypto market!
Bitcoin’s dominance refers to BTC’s market share relative to the entire crypto market. Currently, Bitcoin has risen from 38.7% in November 2022 to 56.2% in August 2024. This increase shows that investors prefer BTC as a safe haven, especially in times of uncertainty.
Despite this dominant position, Bitcoin has recently experienced a decline in its dominance, dropping to around 55%
. This decline is significant because it opens the door to a possible altcoin season. Altcoins, or alternative cryptocurrencies, can take advantage of this decline to attract more investments and gain value.
Several factors can explain this fluctuation in Bitcoin’s dominance. Variations in BTC price
, altcoin performances, and the introduction of new cryptocurrencies all influence Bitcoin’s market share. For example, a drop in Bitcoin’s price may prompt investors to turn to promising altcoins, thus increasing their market share.
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Future perspectives
The rise in Bitcoin’s dominance could reinforce its position as a safe haven in the crypto market. Investors, seeking to minimize risks, might favor Bitcoin at the expense of altcoins. This trend could reduce capital flows to alternative cryptocurrencies, thereby increasing market volatility.
Bitcoin’s dominance in the crypto market is a crucial indicator of market health and trends. However, a decline in this dominance could prompt investors to turn to more stable assets like gold and silver
. Investors must remain vigilant and informed to navigate an ever-evolving market and take advantage of opportunities as they arise. |
2024-08-22 | Bitcoin Dominance Hits 56% As BTC Continues Post-Halving Bull Run
2024-08-22
On-chain data shows that the dominance of Bitcoin (BTC) is on the rise and has now inched toward a 40-month high. This current outlook probably resulted from the attention that institutional investors are receiving from the flagship cryptocurrency. Per recent 13-F filings, many Wall Street firms are plunging their funds into BTC ETF products.
Ethereum Fails to Match up With Bitcoin
Analytics platform Glassnode identified that BTC dominance has moved from 38% in November 2022 to 56% today. Similarly, blockchain analytics platform CryptoQuant shared a chart showing BTC’s dominance expansion in relation to Ethereum’s market cap.
It was noted that BTC had hit a 40-month peak, dominating at 78.5%. This outlook suggests that ETH’s appeal is yet to match up to the top coin’s despite Ethereum supply skyrocketing
. The numbers are clear indication of stronger demand for BTC among investors.
Ethereum’s dominance declined by 1.5% and so did that of some other altcoins. Stablecoin dominance went from 17.3% to 7.4%, while that of altcoins dropped to 21.3% from 27.2%.
The premier coin began this consistent journey of dominance towards the end of 2022, right after the broader crypto market faced a harsh market implosion. The anticipation and speculations around a potential spot ETF contributed to the rising dominance. The United States Securities and Exchange Commission (SEC) finally approved the offering at the beginning of 2024. Almost immediately, it began to record massive inflows with BlackRock’s IBIT leading the pack
and this further increased the Bitcoin dominance.
The Commission also approved Ethereum ETFs a few month ago but it still has not altered the trend. This is disappointing to many experts who had earlier predicted that Ether ETF would capture about 50% of BTC share
it hits the market. Till now, the ETH ETF has limited demand, evident in the low figures recorded.
Future Catalysts For BTC Growth
Just a few weeks before the last halving event, which took place on April 20, 2024, Bitcoin hit a new All-Time high (ATH) of over $73,000.
Four months have passed since the event and the flagship cryptocurrency has barely reached that level again not to talk of hitting a new ATH. In Peter Brandt’s opinion, the current BTC bull market cycle is on its way to becoming the longest post halving in history for a new ATH.
However, BTC outlook could change in the coming months, fueled by some catalysts. The US elections with tightening poll between Donald Trump and Kamala Harris
might change the game for the industry.
Read More: Bitcoin Price Nears Major “Short Squeeze”, Peter Brandt Signals BTC Rally
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2024-08-22 | Investors Monitor Bitcoin and Ethereum Trends
2024-08-22
You can also read this news on COINTURK NEWS: Investors Monitor Bitcoin and Ethereum Trends
As notable developments continue in the cryptocurrency market
, investors’ expectations for a bullish trend are diminishing. The upward journey that started with
Bitcoin
continues under selling pressure, causing significant losses in the altcoin market. What can we expect for Bitcoin and Ethereum in the coming days? Let’s examine together.
Bitcoin Chart Analysis
The descending channel formation remains prominent on the daily
Bitcoin
chart. Bitcoin touched the support line amid recent selling pressure and gained upward momentum again, but the EMA 200 (red line) acting as resistance led to a consolidation phase on the chart.
The most crucial support level for investors to watch on the Bitcoin chart is $58,347. A daily close below this level could cause Bitcoin’s price to lose momentum and bring the $53,000 level back into focus.
The most critical resistance level on the daily Bitcoin chart is the EMA 200 average at $69,940. The recent resistance at this level highlights its strength. If Bitcoin’s price closes above this level, the $66,000 level could come into play.
Ethereum Chart Analysis
Ethereum
broke out of the rising channel formation on the daily chart with ETF news
but has been trading within the formation again after nearly five months. Recently, the EMA 9 (blue line) and EMA 21 (green line) acting as resistance have increased short-term pressure.
The most important support level to watch on the Ethereum chart is $2,554. A daily close below this level could target the support line at $1,900.
The most critical resistance level on the daily Ethereum chart is the EMA 21 average at $2,717. A daily close above this level could pave the way for a touch at the resistance line at $3,000. For more detailed technical analysis
charts, you can check out the latest video on our CoinTurk YouTube channel:
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Investors Monitor Bitcoin and Ethereum Trends
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2024-08-22 | Dirty Coin Documentary Exposes the Truth: Bitcoin Mining is Saving the Planet, Not Destroying It
2024-08-22
The documentary "Dirty Coin" is poised to reshape the narrative around Bitcoin mining. Directed by Alana Mediavilla, the film offers a well-researched, balanced perspective on an industry often vilified for its environmental impact. The documentary meticulously debunks widespread myths, painting Bitcoin mining as a catalyst for renewable energy development and economic empowerment.
For years, Bitcoin mining has been labeled an environmental menace by mainstream media and influential figures like Senator Elizabeth Warren and New York Governor Kathy Hochul. Critics argue that mining operations are energy-intensive and detrimental to climate goals. However, "Dirty Coin" offers a different story. The film reveals how Bitcoin mining can drive the creation of renewable energy projects, particularly in regions where energy resources are underutilized. For instance, in Malawi, a small community uses surplus hydroelectric power to mine Bitcoin, generating a stable income that supports local development.
The documentary doesn’t shy away from controversy. It delves into the ongoing battle between New York-based miner Greenidge
Generation and environmental activists. The film argues that much of the opposition to Bitcoin mining is rooted in misinformation, which has been perpetuated by media and political agendas. "Dirty Coin" also highlights the hypocrisy within the financial industry, pointing out how traditional banks criticize Bitcoin while serving clients with questionable ethics.
In addition to its environmental benefits, the documentary showcases the socio-economic impact of Bitcoin mining. By providing financial opportunities in underprivileged areas, mining operations help secure financial futures and stimulate local economies. This aspect of Bitcoin mining is often overlooked by critics, who focus solely on the industry’s energy consumption.
Ultimately, "Dirty Coin" challenges viewers to reconsider their assumptions about Bitcoin mining. The documentary suggests that with continued innovation, Bitcoin mining could play a pivotal role in achieving energy abundance and economic growth, particularly in developing regions. Whether you're a seasoned Bitcoin enthusiast or a skeptic, "Dirty Coin" offers valuable insights into an industry that is far more complex and beneficial than its critics suggest. |
2024-08-22 | Ethereum and Bitcoin Prices Fall, Resulting in Altcoin Pullback
2024-08-22
Over this week, traders anticipating a cryptocurrency price rise closed their positions hastily as Bitcoin, the largest cryptocurrency, declined.
Within the last 24 hours, the crypto market saw a loss surge. Ethereum and Bitcoin both went down by 3% and 2% respectively. Following BTC and ETH price movements, many other altcoins saw a pullback.
ETH and BTC Price
Data from Gate.io reveals that Ethereum dropped nearly 3% on the last day, now trading at $2568 ETH/USDT
. Similarly, Bitcoin has also fallen below $60,000, experiencing a 2.5% decline over the same period, and is currently trading around $58,420 BTC/USDT
.
Experts have linked Bitcoin’s performance to tech stocks and other factors, including political shifts in Washington, D.C., and optimistic bets on U.S. spot Ethereum exchange-traded funds.
Despite the unexpected short-term losses, some analysts maintain a positive outlook for the remainder of the year.
Singapore-based crypto trading firm expressed optimism in a note on Tuesday, just before Bitcoin’s decline. They noted that Bitcoin’s all-time high, achieved two months after the launch of an ETF, sets a strong precedent. They further anticipated continued institutional interest, suggesting that Ethereum’s price could gradually align with its previous all-time high.
The tech sector selloff was reportedly driven by earnings reports from major companies, including Google parent Alphabet Inc., which revealed higher-than-expected capital expenditures.
During the pullback period, Alphabet’s stock dropped over 5%, its worst performance since January. Tesla also experienced a significant decline of over 12%, and AI frontrunner Nvidia saw its shares fall by 6.8%.
Although Nvidia’s market cap had surged past $3 trillion due to high interest in artificial intelligence, it has since dropped to $2.81 trillion as investor enthusiasm diminished amid a market correction.
Crypto liquidations Explained
In the cryptocurrency market, long and short positions can be liquidated when traders are forced to close their positions due to significant price movements that go against their bets. A long position is taken when a trader buys an asset, anticipating its price will increase.
Conversely, a short position is taken when a trader borrows an asset to sell it, hoping to repurchase it later at a lower price to make a profit. Liquidation occurs when the market moves contrary to these expectations, causing the trader’s account balance to fall below the required maintenance margin.
For long positions, liquidation happens if the cryptocurrency price falls significantly. When the asset’s value decreases, the trader’s equity in the position also diminishes.
Suppose the asset’s price drops to a level where the trader no longer meets the minimum margin requirement set by the exchange. In that case, the position is automatically closed to prevent further losses. This automatic closure ensures the trader does not owe more than their initial investment or deposit.
Short positions are liquidated similarly but in the opposite market condition. If the cryptocurrency price rises instead of falling, the trader’s losses accumulate as they have to buy back the asset at a higher price than the selling price.
If the price increases to a point where the trader’s account balance is insufficient to cover the potential loss, the position is liquidated. The exchange will automatically buy back the asset at the prevailing market price to close the position, thus preventing the trader from incurring a loss greater than their initial deposit.
Both long and short liquidations are critical risk management mechanisms employed by exchanges to maintain market stability and protect traders from excessive losses. They ensure that traders cannot lose more money than they have in their accounts, which is particularly important in the highly volatile cryptocurrency market.
These liquidations can have a cascading effect, where the forced selling or buying of assets further drives price movements, potentially triggering additional liquidations and contributing to significant market volatility.
What does ETF mean to ETH?
Since Ethereum (ETH) began trading as an exchange-traded fund (ETF), the price of ETH is expected to experience increased stability and potentially significant growth. The introduction of an ETF provides institutional investors with a regulated and accessible way to invest in Ethereum, likely leading to a substantial influx of capital.
This increased institutional participation can enhance market liquidity and reduce volatility as larger, more stable investors enter the market. Additionally, the legitimacy and visibility conferred by an ETF can attract a broader range of investors, further driving demand and potentially pushing the price of ETH higher over time. Analysts anticipate that these factors, combined with ongoing developments and adoption within the Ethereum network, will contribute to a positive long-term price trajectory for ETH.
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2024-08-22 | Bitcoin Infinity Day Gains Momentum, Impact Reflected
2024-08-22
Bitcoin Infinity Day, observed on August 21 has gained importance in the cryptocurrency community. It highlights the supply of Bitcoin set at 21 million coins and has led to conversations, about how this digital currency influences the industry.
A few years ago, the concept of Bitcoin Infinity Day first surfaced, and in 2021 it attracted significant attention. The date 8/21 symbolizes the 21 million Bitcoin that will ever exist, as well as the infinite sign (∞).
The community has made more and more use of this day to draw attention to the special qualities of Bitcoin and its place in the broader financial system.
Imagine everything, divided by 21 million.pic.twitter.com/5qqoQfa61L
— Michael Saylor⚡️ (@saylor) August 21, 2024
A unique project by artist FractalEncrypt, the Infinity Day Keys, is also closely linked to the occasion.
Notable players of the Bitcoin community, such as Knut Svanhold, a well-known author, and Michael Saylor, a well-known supporter, received these unique private keys. The distribution of these keys has given the day an air of exclusivity and intrigue.
The community has responded enthusiastically to Bitcoin Infinity Day. Many see it as a chance to consider the features of Bitcoin that set it apart from other currencies, mainly its limited supply and decentralized structure.
In observance of this day, some enthusiasts buy Satoshis, the smallest unit of Bitcoin, as a token of their commitment to these principles.
The market has also been significantly impacted by Bitcoin Infinity Day. Although the day is mostly symbolic, the heightened market activity has resulted in a slight boost in Bitcoin purchases.
This pattern shows how the community is beginning to understand the significance of this day—not just as a way to celebrate but also as a reminder of how Bitcoin has the power to completely change the financial industry.
According to market analysts, there is an improved awareness of Bitcoin’s scarcity as a result of the conversations and events around Bitcoin Infinity Day. This knowledge in turn strengthens the idea that Bitcoin is a store of value, which is increasingly important given the state of the economy.
It is anticipated that the influence of Bitcoin Infinity Day on the community and economy will increase as it gains more traction. The day serves as a reminder of the principles of Bitcoin, emphasizing its capacity to upend established financial structures and establish its position in the world of money going forward.
Also Read:
Analyst Doubts Bitcoin Will Reach 70% Dominance Again |
2024-08-22 | Bitcoin Surges Past $60K Then Drops
2024-08-22
You can also read this news on BH NEWS: Bitcoin Surges Past $60K Then Drops
Bitcoin
(BTC) experienced a swift rise above $60,000 due to the delayed release of US payroll data
but subsequently fell. Currently, stock markets show positivity, the US Dollar Index (DXY) appears weak, and gold prices are robust. Despite these favorable market conditions
, BTC remains under pressure. Traders who shorted BTC at higher levels saw profits once again, raising questions about the sustainability of these easy gains.
What Triggered Bitcoin’s Volatility?
The downward revision in US employment growth estimates, as anticipated, caused an initial drop in BTC prices. The Federal Reserve’s dual mandate focuses on price stability and maintaining employment levels. In light of the highest inflation rates in four decades, the Fed has prioritized price stability. Fed Chair Jerome Powell and his team have warned that lowering interest rates prematurely could exacerbate inflation.
In March, the Non-Farm Payroll estimate was revised downward by 818,000, or 0.5%. Despite this, BTC’s drop is difficult to fully rationalize. Market expectations are now set for a cumulative rate cut of 100 basis points this year, with a 50bp reduction anticipated at the November meeting, followed by two 25bp cuts.
How Did Analysts Interpret the Market?
QCP analysts discussed the rumors of downward payroll revisions and shared their market evaluation prior to the data release. Their analysis indicated that payroll growth might be revised down by at least 600,000, suggesting that the US employment market was weaker than previously perceived. They also speculated on whether the Fed is lagging in its response, having delayed rate cuts because of unexpectedly strong employment figures and overall economic health.
According to these analysts, banks have already started reducing Fixed Deposit rates, anticipating a forthcoming rate cut cycle. This offers a compelling context, especially if the Fed opts for an aggressive rate-cutting approach.
Practical Takeaways for Investors
Investors can draw useful insights from these market movements and analysts’ evaluations:
Monitor upcoming Fed meetings closely as rate cut decisions can significantly impact BTC prices.
Evaluate the potential of short positions in BTC during periods of economic uncertainty.
Consider diversifying investments to include assets like gold, which has shown resilience.
Stay informed about broader economic indicators such as payroll data revisions and inflation rates.
These insights can help investors make more informed decisions in a volatile market environment.
In conclusion, the recent fluctuations in Bitcoin prices highlight the intricate interplay between economic data releases and market reactions. While the delayed US payroll data initially boosted BTC, its subsequent fall underscores the need for cautious optimism and strategic planning among investors.
The post first appeared on BH NEWS:
Bitcoin Surges Past $60K Then Drops |
2024-08-22 | Bitfarms expands power capacity with $125M acquisition of Stronghold Digital Mining
2024-08-22
Bitcoin mining company Bitfarms Ltd. has announced its acquisition of Stronghold Digital Mining, valued at approximately $125 million. The transaction includes assumed debt of about $50 million.
Ben Gagnon, CEO of Bitfarms, stated that the acquisition
will add power capacity by up to 307 megawatts, positioning the mining firm to expand its energy portfolio to over 950 megawatts by the end of 2025.
Stronghold shareholders to benefit from premium valuation and stock swap
As part of the deal, Stronghold shareholders will receive 2.52 Bitfarms shares for each share held, the companies said in a statement Wednesday. That’s a premium of around 70 percent of Stronghold’s 90-day volume-weighted average price on Nasdaq as of Aug. 16.
After the news on the acquisition came out Stronghold’s shares
surged
approximately 55%
in pre-market trading on Nasdaq, reaching $4.55. This reaction underscores investor optimism about the acquisition and its potential impact on shareholder value.
Bitfarms’ acquisition comes at a time when Bitcoin mining firms face challenges due to reduced mining rewards following the Bitcoin halving. Increased debt burdens and management concerns have also been prominent issues within the industry.
Stronghold revenues have grown by 27% in the first quarter of 2024
Stronghold Digital Mining, which had been exploring sale options for some time, had recently filed a registration statement in April to sell up to $250 million
in securities. This move was intended to address its debt through share dilution.
For the first quarter of 2024, Stronghold reported revenues of $27.5 million, marking a 27% increase from the previous quarter and a 59% rise year-over-year. The revenue breakdown included $26.7 million from cryptocurrency operations, $700,000 from energy sales, and $100,000 from other activities. |
2024-08-22 | Bitcoin Rises and Falls Due to Delayed US Payroll Data
2024-08-22
You can also read this news on COINTURK NEWS: Bitcoin Rises and Falls Due to Delayed US Payroll Data
Bitcoin
(
BTC
) quickly surpassed $60,000 due to delayed US payroll data
but then fell back. As of writing, stock markets are positive, DXY is weak, and gold is strong. However, BTC remains weak. Those who opened short positions at higher levels profited again. So, when will this easy profit end?
Why Bitcoin Rose and Fell
There was a meaningless drop because the rumors were justified, and US officials revised employment growth downward as expected. The
Fed
has two main tasks: price stability and maintaining employment at a certain level. The Fed must balance both tasks. However, due to the highest inflation in 40 years, the price stability task has become a priority.
Powell
and his team continued to pressure the employment market, saying that lowering interest rates
could cause inflation to rise again. Today’s result was a downward revision of the Non-Farm Payroll estimate announced for March. Employment was revised down by 818,000 (or 0.5%) as of March 2024.
Despite this move, which means the Fed is pressured to cut interest rates, the BTC price drop is hard to fully explain. The market expects a 100bp rate cut this year. A 50bp cut is priced in for the November meeting. There are also expectations for two 25bp cuts.
QCP Analysts’ Market Commentary
Analysts also mentioned the rumors about the downward revision of payroll estimates and published their market evaluation before the data arrived. You can check the graph and the predictions below to see the success of the evaluation.
“Wall Street is abuzz with rumors that payroll growth will be revised down by at least 600,000. This would show that the US employment market was not as strong as the market expected last year.
The real question now is whether the Fed is behind the curve. The Fed delayed rate cuts due to a stronger-than-expected employment market and a robust economy.
We expect Powell to address this during the annual Jackson Hole event. However, since there is another month until the Fed’s September meeting, we believe Powell will not make a decision.
Banks have already started lowering Fixed Deposit rates based on expectations of a rate cut cycle. 12-month USD Fixed Deposits pay an annual interest of 3.5% – 4.0%. For the same term, you can lock in 9.5% annually in crypto cash and carry. This looks particularly attractive, especially if the Fed decides to enter a much more aggressive cut cycle.”
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Bitcoin Rises and Falls Due to Delayed US Payroll Data
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2024-08-22 | Bitcoin ‘parabolic’ rally may start in Q4, according to historical price data
2024-08-22
Bitcoin (BTC
) had a good start to 2024, rising over 40% year-to-date. This was fueled by a number of positive fundamental factors, including the launch of spot Bitcoin exchange-traded funds in the United States and the halving event, which reduced the amount of BTC awarded to miners by 50%.
Unlike previous cycles, Bitcoin price hit new all-time highs
before the halving, leading many analysts to predict a supercycle
within the current halving year.
More than 123 days have passed since the Bitcoin halving
, and BTC’s price is yet to surpass its pre-halving all-time high. Bitcoin is down 13% over the last month and 14% over the last 30 days. This has left market analysts debating whether Bitcoin will launch a rally during the fourth quarter of 2024.
Veteran trader and analyst Peter Brandt said
that the current market cycle could soon be the longest in post-halving history, adding that it could either indicate that a new all-time high will take longer to come or it’s “not in the cards.”
Source:
Peter Brandt
Data from CoinGlass reveals that Bitcoin has always had positive returns in Q4 during halving years, posting 58% and 168% gains in 2016 and 2020, respectively. Moreover, BTC’s price has posted positive returns in eight out of the 11 years between 2013 and 2023, with average gains of 88%.
Bitcoin quarterly returns (%). Source: CoinGlass
If history is any guide, there is a 73% chance that Bitcoin will rally in the fourth quarter of 2024.
CryptoQuant founder and CEO Ki Young Ju analyzed
Bitcoin’s price action during the 2020 halving and found that the rally began in Q4.
“In the last Bitcoin halving cycle, the bull rally began in Q4. Whales won’t let Q4 be boring with a flat YoY performance.”
Bitcoin: Cumulative return index on halving years (start of year = 1). Source: CryptoQuant
According to Ju, Bitcoin’s price is in an accumulation phase, suggesting that it could possibly initiate a parabolic uptrend once it enters the last quarter of 2024.
The 200-day EMA poses stiff resistance for Bitcoin’s price
Data from Cointelegraph Markets Pro
and TradingView
shows Bitcoin’s price action has formed a series of higher lows on the daily chart but has remained below the 200-day exponential moving average (EMA) over the last seven days.
BTC/USD daily chart. Source: TradingView
The In/Out of the Money Around Price (IOMAP) model by IntoTheBlock reveals that Bitcoin
faces relatively stiff resistance in its recovery path, compared to the support it enjoys on the downside.
The 200-day EMA at $59,423 is found close to the $59,500–$61,300 price range, where approximately 817,770 BTC was previously bought by about 1.51 million addresses.
Bitcoin IOMAP chart. Source: IntoTheBlock
This suggests that high demand-side liquidity is required to push BTC’s price past the 200-day EMA and later above resistance provided by the 50- and 100-day EMAs at $61,383 and $62,323, respectively, breaking it out of the current consolidation.
If this doesn’t happen, analyst Mark Cullen said
Bitcoin’s price could drop toward $57,500 or even lower to revisit the $54,500 level.
Source:
Mark Cullen
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. |
2024-08-22 | Everyone Buying The Dip in August📉 September Rally?🚀
2024-08-22
The cryptocurrency market appears to be at an important juncture, with several factors coalescing that could significantly impact the prices of Bitcoin and Ethereum in the coming months. Inflows into U.S. stocks have jumped to their highest levels in the past 12 months, suggesting a continued "risk-on" sentiment among investors. This could potentially spill over into the crypto and gold markets as well, especially if the Federal Reserve cuts interest rates and the outcome of the upcoming U.S. elections is favorable for risk assets.
One key indicator is the Bitcoin put-call skew, which has been favoring put options as the election approaches. This suggests growing concerns among investors about potential market volatility. Analysts have also noted that the typical post-halving slump in Bitcoin's price could be coming to an end, making the current price levels of $50,000-$60,000 a potential last chance to acquire the cryptocurrency at these levels before a potential breakout.
The gold market has also been on a tear, with the value of a 400-ounce gold bar surging by 32% over the past year. Spot gold prices have now breached the $2,500 per ounce mark, reaching an all-time high. This flight to safe-haven assets like gold could continue if the macroeconomic and political landscape remains uncertain.
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However, Bitcoin has not been keeping pace with gold's performance, with the cryptocurrency experiencing a series of lower highs and lower lows over the past few months. Analysts attribute this to the unwinding of various carry trades, as well as selling pressure from entities like the German government, the U.S. government, and creditors of bankrupt companies like Mt. Gox and Genesis.
The upcoming U.S. presidential election could also have a significant impact on the crypto industry. With young, crypto-savvy voters making up 40% of the electorate, and 25% of 18-34-year-olds already owning cryptocurrency, the candidates' stances on crypto regulation could sway a substantial portion of the vote. This could be a make-or-break moment for the industry's future in the United States.
Despite the current headwinds, there are signs of optimism on the horizon. The Ethereum network's exchange balance has hit a record low, potentially signaling an upcoming price surge. Additionally, major financial institutions like State Street are now offering crypto custody and tokenization services for institutional investors, further integrating digital assets into the traditional financial system.
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2024-08-22 | Good news means bad news? Bitcoin shrugs off weakest US dollar of 2024
2024-08-22
Bitcoin (BTC
) refused to budge at the Aug. 21 Wall Street open while a “massive” United States employment revision boosted bullish risk-asset bets.
BTC/USD 1-hour chart. Source: TradingView
US employment drawdown puts focus on Fed
Data from Cointelegraph Markets Pro
and TradingView
showed flat BTC price action continuing despite a bombshell drawdown in US nonfarm payroll figures.
According to data
from the US Bureau of Labor Statistics (BLS), these were revised down by 818,000 on the day. The period from April 2023 through March 2024 thus overstated payrolls by an average of 68,000 per month.
“Eyes on $DXY, Bond Yields and the indexes to see how the market (and Crypto) like this,” popular trader Daan Crypto Trades wrote
in part of a reaction on X.
Preliminary Benchmark Revisions (screenshot). Source: BLS
The implication of the changes is that the US jobs market performed worse than originally stated, with weakness feeding the need for the Federal Reserve to ease policy faster and sooner.
As Cointelegraph reported
, Aug. 23 will see Fed Chair Jerome Powell likely address the topic during his speech at the annual Jackson Hole symposium.
The US dollar provided an early taste of the repercussions, meanwhile, dropping to its lowest levels of 2024 yet in what should be a boon for crypto and risk assets.
“The last time the Dollar Index was trading this low was Dec. 2023. But the Dollar Index is actually still relatively high,” Peter Schiff, chief economist and global strategist at Europac, noted
in part of a recent X post.
US dollar index (DXY) 1-day chart. Source: TradingView
The US dollar Index (DXY) to which Schiff referred stood at 101.18 at the time of writing, down 0.2% on the day and 3% in August so far.
Traditionally, DXY is inversely correlated with BTC/USD, making the current market setup all the more frustrating for Bitcoin bulls.
“Against this weak dollar backdrop BTC has fallen from 70k to 59k currently. The USD cycle peak was in Q3 2023, its down 12% since,” X account Tom Capital summarized
to followers, adding that the drop in DXY echoed the Global Financial Crisis of 2008.
Bitcoin remains the sick man of risk assets
Rangebound BTC/USD meanwhile offered traders little to go on.
Related: Bitcoin macro top due in 2025 despite 'confusing' March all-time high
Stuck below $60,000 on daily timeframes, Bitcoin struggled on the day, with gold and equities
still outperforming.
Analyzing Bitcoin’s ratio to gold, popular trader Peter Brandt underscored just how much more strength was needed to flip the status quo in bulls’ favor.
“The ratio is presently at 23.4. BTC remains below the 2021 high,” part of accompanying commentary on an X post explained
.
“Ratio has room to decline to sub 20. An advance above 32.5 is needed to declare BTC/GC in bull trend.”
BTC/XAU ratio chart. Source: Peter Brandt/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. |
2024-08-22 | Is It Altcoin Time? Solana and Toncoin Set to Skyrocket as Bitcoin Falters!
2024-08-22
TON records a 335.57% increase from January to June, with Open Interest rising sharply, indicating strong investor interest.
Solana’s price surged from $12 to $210 in seven months, a 1542% increase, now showing signs of consolidation.
Solana (SOL)
and
Toncoin (TON)
are emerging as leaders in what may soon be an altcoin season.
Source: Coinmarketcap
This phase, where altcoins typically experience significant appreciation, is often triggered by a reduction in Bitcoin’s market dominance, which has recently
dropped by
0.26%
.
Source: Coinmarketcap
Currently, the total crypto market capitalization stands at $2.11 trillion, reflecting a 1.56% decrease over the past 24 hours.
Analysts like Moustache are pointing
to specific technical indicators that suggest TON and SOL are well-positioned for the next rally.
#Altcoins
Crypto is a Ghost Town and Altcoins are on the verge of breaking out of a falling wedge that has been in the making for 9 months.
Can you also see the other huge triangle?
I think a lot has been demanded of us in recent months.
Time for a U-turn. pic.twitter.com/WergTUpKBK
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖
(@el_crypto_prof) August 20, 2024
For instance, TON has recorded
impressive gains
this year, with a
335.57% rise
from January 1 to June 10, and despite a subsequent correction, it maintains a robust market valuation of $16 billion.
Source: tradingview
The significant increase in Open Interest for TON—from $912.34K to $20.17 million in less than a month—signals a growing bullish sentiment among investors.
Source: Coinglass
On the other hand,
Solana’s trajectory
has been marked by a sharp increase from $12 to $210 between June 2023 and January 2024, translating to a
1542% rise
.
Although SOL has been consolidating since January, the pattern of accumulation noted among substantial traders suggests preparation for another substantial price movement.
Source: Tradingview
Tools like the Accumulation and Distribution indicator have shown consistent higher highs in Solana’s
trading activities
, underlining a strong accumulation phase.
The backdrop of decreasing Bitcoin dominance is critical as it often precedes a flourishing altcoin season. This environment allows for increased liquidity and investor interest in altcoins, which can lead to dramatic increases in their valuations.
As the market stands, both
TON and SOL
are not just surviving but seemingly preparing for substantial upward movements.
Source: Coinmarketcap
Investors and market participants are closely watching these developments, as breaking certain technical patterns could herald the start of an aggressive bull run for these altcoins.
Should the support levels currently being tested hold firm, the crypto market may witness a significant rally, with TON and SOL potentially setting new all-time highs.
The post Is It Altcoin Time? Solana and Toncoin Set to Skyrocket as Bitcoin Falters!
appeared first on ETHNews
. |
2024-08-22 | Altcoins Poised to Lead as Bitcoin Dominance Peaks: Solana (SOL), Rollblock (RBLK) and Toncoin (TON)
2024-08-22
Bitcoin dominance stands at 56%, which is high for the OG crypto. When bitcoin peaks, then altcoin season begins. History has shown that bitcoin dictates the direction but not the pace. The
top altcoins
always outpace Bitcoin, and history is full of altcoins that did better than Bitcoin ever could.
Solana
is just one of them, and
Toncoin
is making history with phenomenal growth.
They are undoubtedly some of the
best altcoins to buy now
but don’t forget about smaller tokens. Presale tokens like the one offered by
Rollblock
can outpace even the fastest-growing cryptos.
Solana (SOL): Top altcoin a giant profit driver
Make hay while the sun shines, and this is what
Solana
did.
Solana
was released in April 2020 at $0.22. At the time of writing,
Solana
was trading at $146.00. This incredible growth has seen
Solana
return over 660x over its lifetime. When
Solana
launched, Bitcoin was priced at less than $6,500, and Bitcoin returned a not insubstantial 10x in that time.
But why settle for 10x when you can have a 600x?
Solana
has made its name as one of the
top altcoins
. It is just one of many tokens proving that the
top altcoins
outpace Bitcoin by quite a large margin, and it is still one of the
best altcoins to buy now.
Toncoin (TON): Telegram delivers profits.
Toncoin
’s story follows a similar trajectory, albeit at a lower altitude.
Toncoin
started trading almost exactly three years ago when Telegram released it as the governance token on their platform.
Toncoin
entered the market at $0.41.
Toncoin
has since returned 17X, outperforming Bitcoin, which did not even manage a 2x in the same period.
The crypto market can easily return 17x ROI like
Toncoin
did, and even more. The trick is to find the
best altcoins to buy now
, as these
top altcoins,
like
Solana
and
Toncoin,
can make incredible profits.
Rollblock (RBLK): Presale token takes ROI lead
While the
top altcoins
can return several times Bitcoin’s growth, the market-defining tokens are found in presales. A great presale token will escalate 100x, and often more, once the presale ends, and they hit the markets. The
top altcoins
almost all started life in presale, which is why
Rollblock
is one of the
best altcoins to buy now
.
As a new online gambling dApp,
Rollblock
offers gamblers the first ever Ethereum-built no-KYC play-to-earn gambling dApp. With over 150 games to choose from, there is something for everyone on
Rollblock
. With every play entered onto the Ethereum chain, everyone can rest easy knowing there’s no funny business happening behind the scenes.
But it’s on the investment side where
Rollblock
is turning heads.
Rollblock
tokens are hard capped at a billion tokens, making them deflationary: the price can only increase.
Rollblock
can also be staked for incredible APY rewards, but the cherry on the cake is the revenue-sharing model. Every week,
Rollblock
pays a dividend from the income generated on the online casino, making
Rollblock
an income-bearing asset!
Almost 10,000 subscribers have invested over $2.2 million into
Rollblock
’s presale so far. Anyone can partake in the presale where
Rollblock
tokens are available at $0.021 directly from their website.
Discover the exciting opportunities of the Rollblock (RBLK) presale today!
Website
:
https://presale.rollblock.io/
Socials
:
https://linktr.ee/rollblockcasino |
2024-08-21 | Why Ethereum Is Better Than Bitcoin
2024-08-21
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The rise of cryptocurrencies is reaching the status of a revolution in the financial world since they are able to provide an alternative to the establishment of new currencies and financial systems. The most famous among those are Bitcoin and Ethereum. Due to its unique features, Ethereum has struggled against Bitcoin with full zeal to become the most strong cryptocurrency in the market. The article shall focus on why Ethereum is considered better than Bitcoin and how it relates to the optimization of staking crypto plans on CryptoHeap, the leading crypto service provider. The very first cryptocurrency to appear on the market was Bitcoin, launched in 2009 by its founder, the still-unknown Satoshi Nakamoto. Earlier, it was used as a method of payment and a store of value. With a little help from miners who can solve complicated mathematical problems, Bitcoin can run a basic yet very effective proof-of-work consensus mechanism. However, Ethereum was founded by a developing team—led by Vitalik Buterin—in 2015 with the aim of being much more than just another form of cryptocurrency. It is a decentralized platform on which developers build dApps and make smart contracts live. Similarly, every transaction gets recorded and self-executable agreements are included. Ethereum is an open-source network with a live set of developers, researchers, and people who are willing to constantly work with the project. The London Hard Fork is a fork that the Ethereum network offers and it eventually merged to become Ethereum 2.0.
The users of CryptoHeap could gain the benefit from Ethereum with the latest innovations from the Ethereum ecosystem and be involved with the staking activities and advanced products in the DeFi section. Because of that, the use of Ethereum in CryptoHeap provides users with tools that have truly bleeding-edge technology. CryptoHeap is considered as an important player in maximizing the use of Ethereum with the latest technologies. This platform provides a safe environment for investors for staking, trading, and management of assets in Ethereum. The simple interface and user-friendly appearance of CryptoHeap enables Ethereum staking and DeFi activities.
Ethereum can be considered a world computer because it supports decentralized apps and smart contracts. Also, Ethereum is the basis of CryptoHeap and offers more functions and options for staking and using different DeFi services on this network.
Sign up: CryptoHeap provides an easy registration process and the interesting factor is you will get a sign-up bonus of $100. Choose a Staking Plan: CryptoHeap has many staking plans from which to choose. Select "Ethereum Staking Plan" and Click the "STAKE NOW" option. Deposit Your Crypto: Send your crypto to the wallet. Lock Your Assets: Lock your assets in the staking pool for a set time. Get Rewarded: Get paid out regularly based on how much crypto you staked and observe your crypto growth!
Staking is the most commonly used method of earning a passive income in the crypto world and in the world of CryptoHeap, this is well enhanced with the PoS mechanism. Simply, when users are staking with Ethereum in CryptoHeap, they lock their ETH in smart contracts on the platform, and then they secure their transactions. In return, they get rewards depending on the staking pool they choose. In this way, transition can be done easily when compared to traditional PoW mining. DeFi activities in CryptoHeap provide yield farming, liquidity provision, and decentralized lending powered by Ethereum smart contracts. This implies that the users may associated with yield farming which is associated with the various pools on the site. Based on various liquidity-providing parameters, the smart contracts automatically distribute APH tokens to liquidity providers. The security and transparency is another advantage of using Ethereum in CryptoHeap. Smart contracts are recorded on the blockchain which ensures the Ethereum transactions are recorded on the blockchain and can be reviewed by players. In this way, the conference is assured among the users when using the CryptoHeap. Although Ethereum is considered as a strong platform, sometimes it causes destructions for its users. But CryptoHeap always offers a user-friendly approach for users and removes technical barriers associated with staking and other economic activities and asset management. One drawback in using Ethereum is the gas fee reduction by the network which makes a part of its all transactions cost a reduced amount and smart contract. This fee will have an impact on staking and doing DeFi activities to gain a profit through staking. CryptoHeap adopted all the additions in Ethereum especially towards Ethereum 2.0. It is used to boost the staking services provided by the platform considering both size and security. Additionally, CryptoHeap is actively searching for additional DeFi options in the future. These will ensure that Ethereum’s dynamic features and that consumers always receive the greatest financial solutions. While Bitcoin is the leader in the crypto market, Ethereum could really pose strong competition because of its flexible and creative features. Other very useful features being offered by Ethereum currently include built-in support for smart contracts, transition on proof of stake, and a flourishing development company and user community. Now, it is a better platform for the users, developers, and companies. This is the environment of flexibility with a touch of ingenuity for which Ethereum will be looked at as the leader among blockchain platforms, and CryptoHeap has a role to play in it.
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Risk Disclosure: Guides, news, articles and analyzes on Bitcoinsistemi.com do not constitute investment advice. Keeping in mind that Bitcoin and cryptocurrencies are high-risk products, you should do your own research for each investment decision. Otherwise, you may come to the point of losing your entire investment. In this context, you should know that you are responsible for the losses that may arise from all your transfers and transactions.Bitcoinsistemi.com is a news site, does not provide investment advice and does not recommend investing in any projects or digital assets. In this context, the content and content authors on Bitcoinsistemi.com cannot be held responsible for the investment decisions you make. Bitcoinsistemi'nin Türkçe sürümüne gitmek ister misiniz? |
2024-08-21 | Bitfarms to Acquire Stronghold Digital for $175M in Stock and Debt
2024-08-21
Bitcoin mining company Bitfarms and its competitor Stronghold Digital Mining have finalized a merger agreement recently. Bitfarms
announced
its agreement to purchase Stronghold Digitals in a stock-for-stock merger deal.
This type of deal enables companies to merge without requiring significant cash outlays. Also, shareholders of both companies receive shares in the combined entity, aligning their interests and avoiding immediate tax consequences.
Partnership based on Mutual Benefits
The acquisition cost is about $125 million in stock, equivalent to 2.52 Bitfarms shares for each Stronghold share. This deal represents a 71% premium to Stronghold’s 90-day volume-weighted average price. Also, Bitfarms will take on Stronghold’s debt valued at $50 million.
In a statement, Bitfarms CEO Ben Gagnon said the merger deal will significantly increase the company’s presence in the United States. The company aims to expand its energy portfolio to over 950 megawatts (MW) by the end of 2025. On the other hand, Stronghold has a power capacity of 165 MW. The company hopes to boost its power capacity to 307 MW through this merger.
Notably, both companies anticipate the merger will create $10 million in yearly cost synergies. Upon the merger announcement, Stronghold Digital’s stock in premarket trading boosted to almost 60%. Unfortunately, Bitfarms stock took a hit, falling nearly 8% in pre-market trading.
Significance of the Merger Deal to Stronghold
This deal comes as a relief for the Pennsylvania-based Bitcoin miner, considering its enormous debts. Regardless of its computational speed for solving equations on the Bitcoin blockchain, it still has many debts to repay.
The company, which
filed for an Initial Public Offering (IPO) in 2021
, had to send back more than
26,000 mining tools to New York Digital Investment Group (NYDIG) to
significantly reduce its debt.
Now that Bitfarm has somewhat alleviated its financial burden by taking over 50 million worth of debt, Stronghold can focus on its growth and development.
Riot Platform Continues to Crackdown on Bitfarms
Bitfarms is still defending itself against Riot Platforms’ (RIOT) acquisition attempt. The Canadian-based Bitcoin miner was using a “poison pill” defense strategy against RIOT, which
was put to an end by a Canadian Tribunal
in July. This comes after RIOT withdrew its bid to purchase the company.
In the same month,
Bitfarms boosted its Bitcoin production
, leaving its treasury at 905 Bitcoins, worth over $57 million. Unexpectedly, RIOT changed its strategy to focus on changing Bitfarms’ board members. Riot even increased its ownership in the company before trying to acquire it again. Presently, RIOT holds nearly 19% of Bitfarms.
The post Bitfarms to Acquire Stronghold Digital for $175M in Stock and Debt
appeared first on TheCoinrise.com
. |
2024-08-21 | Fed Announces Minutes and Jackson Hole Symposium Begins Tomorrow
2024-08-21
You can also read this news on COINTURK NEWS: Fed Announces Minutes and Jackson Hole Symposium Begins Tomorrow
This evening, Fed minutes will be announced, and the Jackson Hole Symposium starts tomorrow. Powell will speak on Friday. It is a busy week on the macroeconomic front, and the messages to be delivered are extremely important. Some significant developments have occurred in the last few hours. Now, let’s take a look at the current situation in light of the latest developments.
Today’s Important Developments
The El Salvador National Bitcoin
Office (ONBTC) will provide Bitcoin certification training for 80,000 employees. The 160-hour virtual training will cover Bitcoin and its use as a legal tender. Concepts, laws, skills, management, and others. There are a total of 7 modules.
ONBTC director Stacy Herbert said the following on this matter;
“These training projects are very low time-preference commitments for the long-term success of El Salvador and Bitcoin (and technology) policy.”
Mt. Gox Continues Refunds
The 10-year saga is finally coming to an end. For the first time since the end of July, the first major transaction took place. 12,000 BTC were moved, and officials confirmed that this was related to customer refunds. The trustee still holds $2 billion worth of BTC, and it can be said that the massive supply burden is almost zeroed out. If Silkroad assets do not head for simultaneous sales, we might not see a major shock even if MTGOX sends all remaining assets for sale.
Moreover, it is known that most refunds have been made during this process. The size of assets for users who have not received refunds or completed the necessary processes is unknown. The remaining balance will be attributed to this possibility.
Trump and Elon Musk
While Trump makes great promises with the dream of becoming the president of crypto investors
, Elon Musk
is no longer very interested in crypto. The fact that the duo did not mention crypto in their latest Spaces broadcast was also demoralizing for investors. However, Trump said that if he is elected, he could include Elon Musk in his cabinet.
Last week’s Space broadcast was delayed by 30 minutes due to a major DDOS attack, and Elon Musk said, “As this major attack shows, there is a lot of opposition to people hearing what President Trump has to say.” So, he strongly supports Trump.
Bitcoin price fell back to $59,000 while US markets opened positively as this article was being prepared.
The post first appeared on COINTURK NEWS:
Fed Announces Minutes and Jackson Hole Symposium Begins Tomorrow
The post Fed Announces Minutes and Jackson Hole Symposium Begins Tomorrow
appeared first on COINTURK NEWS
. |
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