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Japan’s Central Bank has announced that by 2025
every bank in the country will adopt XRP for transactions. This move aims to revolutionize payments by integrating XRP with a new rewards system involving CryptoTradingFund (CTF) tokens. Customers using XRP will earn CTF tokens, which can be redeemed for products or converted to fiat currency.
SBI Holdings is crucial in this transition, launching the SBI VCTrade platform to facilitate XRP transactions in Japanese Yen. The platform, set to debut in March, will enhance XRP’s adoption and liquidity, particularly for cross-border transactions.
This initiative positions Japan as a leader in digital currency, potentially boosting international trade and setting new standards for global digital currency integration.
$XRP
#CryptoMarketMoves
every bank in the country will adopt XRP for transactions. This move aims to revolutionize payments by integrating XRP with a new rewards system involving CryptoTradingFund (CTF) tokens. Customers using XRP will earn CTF tokens, which can be redeemed for products or converted to fiat currency.
SBI Holdings is crucial in this transition, launching the SBI VCTrade platform to facilitate XRP transactions in Japanese Yen. The platform, set to debut in March, will enhance XRP’s adoption and liquidity, particularly for cross-border transactions.
This initiative positions Japan as a leader in digital currency, potentially boosting international trade and setting new standards for global digital currency integration.
$XRP
#CryptoMarketMoves
**Summary: ASIC's Major Crackdown on Crypto Scams**
The Australian Securities and Investments Commission (ASIC) has successfully shut down 7,300 fraudulent cryptocurrency websites in its first year of operations. This initiative, part of a broader anti-scam program launched in July 2023, targeted fake trading sites, malware attempts, and scam crypto platforms.
Despite an 18.5% rise in reported scams, financial losses from these frauds have decreased by 13%, thanks to daily efforts to remove around 20 scam websites in collaboration with Netcraft.
The National Anti-Scam Centre reported that Australians lost $2.77 billion to scams in 2023.
Recent data shows a decline in crypto-related scams following the Bitcoin halving event in April, though the amount of stolen crypto funds has doubled.
The crackdown has led to improved security for investors and a reduction in illicit blockchain activities.
#PowellAtJacksonHole
The Australian Securities and Investments Commission (ASIC) has successfully shut down 7,300 fraudulent cryptocurrency websites in its first year of operations. This initiative, part of a broader anti-scam program launched in July 2023, targeted fake trading sites, malware attempts, and scam crypto platforms.
Despite an 18.5% rise in reported scams, financial losses from these frauds have decreased by 13%, thanks to daily efforts to remove around 20 scam websites in collaboration with Netcraft.
The National Anti-Scam Centre reported that Australians lost $2.77 billion to scams in 2023.
Recent data shows a decline in crypto-related scams following the Bitcoin halving event in April, though the amount of stolen crypto funds has doubled.
The crackdown has led to improved security for investors and a reduction in illicit blockchain activities.
#PowellAtJacksonHole
Bitcoin Wallet Movement
Event: A Bitcoin wallet, inactive since 2014, has recently moved 174.88 BTC, valued at over $10.2 million.
Details:
Date of Transaction: August 16, 2024.
Initial Receipt Date: January 8, 2014.
Transaction Fee: 67,500 satoshis (approximately $39.43), which was notably higher than needed for confirmation.
Historical Value: In 2014, the BTC held was worth about $142,000.
Current Status:
The wallet's balance is now minimal, standing at 0.00004226 BTC (approximately $2.50).
Broader Context
Dormant Wallet Trends:
Recent months have seen a rise in dormant Bitcoin wallets becoming active, including significant transfers of BTC from long-sleeping wallets.
Notable past transactions include a $6.9 million transfer in July and a $3 million transfer in June, both from wallets that had been inactive for over a decade.
Market Impact:
The activity of dormant wallets is often watched closely by investors as it might indicate potential market shifts or price volatility due to increased BTC supply.
Current Dormant Holdings:
Approximately 18.3 million BTC are currently in dormant wallets, up from 7.4 million earlier this year.
The activation of these old wallets and the movement of large amounts of BTC can influence market sentiment and price dynamics significantly.
$BTC
Event: A Bitcoin wallet, inactive since 2014, has recently moved 174.88 BTC, valued at over $10.2 million.
Details:
Date of Transaction: August 16, 2024.
Initial Receipt Date: January 8, 2014.
Transaction Fee: 67,500 satoshis (approximately $39.43), which was notably higher than needed for confirmation.
Historical Value: In 2014, the BTC held was worth about $142,000.
Current Status:
The wallet's balance is now minimal, standing at 0.00004226 BTC (approximately $2.50).
Broader Context
Dormant Wallet Trends:
Recent months have seen a rise in dormant Bitcoin wallets becoming active, including significant transfers of BTC from long-sleeping wallets.
Notable past transactions include a $6.9 million transfer in July and a $3 million transfer in June, both from wallets that had been inactive for over a decade.
Market Impact:
The activity of dormant wallets is often watched closely by investors as it might indicate potential market shifts or price volatility due to increased BTC supply.
Current Dormant Holdings:
Approximately 18.3 million BTC are currently in dormant wallets, up from 7.4 million earlier this year.
The activation of these old wallets and the movement of large amounts of BTC can influence market sentiment and price dynamics significantly.
$BTC
#LowestCPI2021
Norway’s Growing Bitcoin Exposure Through MicroStrategy
Here are the key takeaways:
1. Indirect Bitcoin Exposure: Norway's sovereign wealth fund, managed by Norges Bank Investment Management, has invested in MicroStrategy, a company with significant Bitcoin holdings. This gives Norwegians indirect exposure to Bitcoin, approximately $27 per person.
2. Investment Focus: Norges Bank’s investment strategy is focused on diversifying its portfolio through companies like
MicroStrategy, not directly endorsing Bitcoin. The fund's interest in MicroStrategy is part of a broader diversification approach.
3. Ownership and Influence: As of June 30, 2024, the fund holds a 0.89% stake in MicroStrategy, with $217 million invested. Despite this, Norges Bank has minimal voting power compared to MicroStrategy’s founder, Michael Saylor, who retains 52.9% of the voting rights.
4. Increased Bitcoin Exposure: Norges Bank’s indirect Bitcoin exposure has risen significantly, with the fund now owning 2,446 BTC—an increase from 1,508 BTC at the end of 2023. This rise is attributed to strategic investments in crypto-related companies rather than a direct bet on Bitcoin.
5. Crypto Mining Controversy: While Norway benefits from Bitcoin through its investment in MicroStrategy, it has been critical of Bitcoin mining due to environmental concerns. The government is considering measures to limit the energy used by mining operations, reflecting a cautious stance on cryptocurrency adoption.
Overall, Norway's approach balances leveraging Bitcoin's potential benefits through strategic investments while managing environmental and risk concerns associated with direct cryptocurrency involvement.
$BTC
Norway’s Growing Bitcoin Exposure Through MicroStrategy
Here are the key takeaways:
1. Indirect Bitcoin Exposure: Norway's sovereign wealth fund, managed by Norges Bank Investment Management, has invested in MicroStrategy, a company with significant Bitcoin holdings. This gives Norwegians indirect exposure to Bitcoin, approximately $27 per person.
2. Investment Focus: Norges Bank’s investment strategy is focused on diversifying its portfolio through companies like
MicroStrategy, not directly endorsing Bitcoin. The fund's interest in MicroStrategy is part of a broader diversification approach.
3. Ownership and Influence: As of June 30, 2024, the fund holds a 0.89% stake in MicroStrategy, with $217 million invested. Despite this, Norges Bank has minimal voting power compared to MicroStrategy’s founder, Michael Saylor, who retains 52.9% of the voting rights.
4. Increased Bitcoin Exposure: Norges Bank’s indirect Bitcoin exposure has risen significantly, with the fund now owning 2,446 BTC—an increase from 1,508 BTC at the end of 2023. This rise is attributed to strategic investments in crypto-related companies rather than a direct bet on Bitcoin.
5. Crypto Mining Controversy: While Norway benefits from Bitcoin through its investment in MicroStrategy, it has been critical of Bitcoin mining due to environmental concerns. The government is considering measures to limit the energy used by mining operations, reflecting a cautious stance on cryptocurrency adoption.
Overall, Norway's approach balances leveraging Bitcoin's potential benefits through strategic investments while managing environmental and risk concerns associated with direct cryptocurrency involvement.
$BTC
Bitcoin Slips Below $59K as Crypto Market Faces $132M in Liquidations.
On Sunday, Bitcoin fell below $59,000, touching an intraday low of $58,315 after reaching $61,868 earlier. This drop contributed to a broader 3.18% decline in the overall crypto market, reducing its total value to $2.06 trillion. Bitcoin's own value dropped 3.8% in 24 hours, marking a 13.9% loss over the past two weeks.
Ethereum also faced a downturn, falling from $2,720 to a low of $2,540, and was trading at $2,568 later in the day. Among major cryptocurrencies, toncoin, XRP, and Solana experienced significant losses, with toncoin dropping 7.5%, XRP 6.5%, and Solana 5.73%.
The market saw $132.49 million in liquidations, heavily affecting long positions. Bitcoin long positions alone accounted for $25.95 million in liquidations, while Ethereum and Solana long positions saw losses of $22.84 million and $8.37 million, respectively. The largest single liquidation occurred on Okx, where an ETH trade resulted in a $2.17 million loss.
Overall, the crypto market experienced notable volatility and significant financial losses for many traders on Sunday.
On Sunday, Bitcoin fell below $59,000, touching an intraday low of $58,315 after reaching $61,868 earlier. This drop contributed to a broader 3.18% decline in the overall crypto market, reducing its total value to $2.06 trillion. Bitcoin's own value dropped 3.8% in 24 hours, marking a 13.9% loss over the past two weeks.
Ethereum also faced a downturn, falling from $2,720 to a low of $2,540, and was trading at $2,568 later in the day. Among major cryptocurrencies, toncoin, XRP, and Solana experienced significant losses, with toncoin dropping 7.5%, XRP 6.5%, and Solana 5.73%.
The market saw $132.49 million in liquidations, heavily affecting long positions. Bitcoin long positions alone accounted for $25.95 million in liquidations, while Ethereum and Solana long positions saw losses of $22.84 million and $8.37 million, respectively. The largest single liquidation occurred on Okx, where an ETH trade resulted in a $2.17 million loss.
Overall, the crypto market experienced notable volatility and significant financial losses for many traders on Sunday.
#LowestCPI2021
A new downturn in the crypto market
Market Overview:
The cryptocurrency market dropped 2.9% in the last 24 hours, falling from $2.15 trillion to $2.08 trillion.
Bitcoin fell to $58,000, a 4.5% decrease, exacerbated by a 'death cross' on its moving averages, historically leading to a month-long recovery period.
Ethereum also declined to $2,620, with potential for an additional $500 pullback.
News Highlights:
Solana (SOL): Analysts suggest Solana's price target of $190 is more realistic than the higher $300-$1000 range due to competition and decreasing hype around meme coins.
TON Ventures: Former TON Foundation employees launched a new venture capital firm with a $40 million investment to support startups on The Open Network (TON), which saw its cryptocurrency hit new highs above $7.
Stablecoins: An increase in stablecoin issuance, including nearly $2.8 billion last week by Tether and Circle, could support Bitcoin's future growth.
Institutional Investments: Goldman Sachs and DRW Holdings hold significant investments in crypto ETFs, valued at $418.7 million and $238.6 million, respectively.
Layer 2 Solutions: Ethereum-based Layer 2 solutions hit a record 12.5 million daily transactions, though active addresses have declined since mid-July. Coinbase-backed Base blockchain has driven much of this growth.
BlackRock: The investment giant is preparing to launch its blockchain, similar to Coinbase’s Layer 2 network.
The overall sentiment suggests a cautious outlook, with recent price declines and shifts in market dynamics influencing investor behavior.
$BTC
A new downturn in the crypto market
Market Overview:
The cryptocurrency market dropped 2.9% in the last 24 hours, falling from $2.15 trillion to $2.08 trillion.
Bitcoin fell to $58,000, a 4.5% decrease, exacerbated by a 'death cross' on its moving averages, historically leading to a month-long recovery period.
Ethereum also declined to $2,620, with potential for an additional $500 pullback.
News Highlights:
Solana (SOL): Analysts suggest Solana's price target of $190 is more realistic than the higher $300-$1000 range due to competition and decreasing hype around meme coins.
TON Ventures: Former TON Foundation employees launched a new venture capital firm with a $40 million investment to support startups on The Open Network (TON), which saw its cryptocurrency hit new highs above $7.
Stablecoins: An increase in stablecoin issuance, including nearly $2.8 billion last week by Tether and Circle, could support Bitcoin's future growth.
Institutional Investments: Goldman Sachs and DRW Holdings hold significant investments in crypto ETFs, valued at $418.7 million and $238.6 million, respectively.
Layer 2 Solutions: Ethereum-based Layer 2 solutions hit a record 12.5 million daily transactions, though active addresses have declined since mid-July. Coinbase-backed Base blockchain has driven much of this growth.
BlackRock: The investment giant is preparing to launch its blockchain, similar to Coinbase’s Layer 2 network.
The overall sentiment suggests a cautious outlook, with recent price declines and shifts in market dynamics influencing investor behavior.
$BTC
#LowestCPI2021
JUST IN: #SEC approves the first leverage long #MicroStrategy ETF.
Now you can long the second-best performing stock compared to those in the S&P 500!
JUST IN: #SEC approves the first leverage long #MicroStrategy ETF.
Now you can long the second-best performing stock compared to those in the S&P 500!
Key Bitcoin bull signal flashes for first time in nearly 2 years, hinting at 2x price surge
**Can Bitcoin Price Double to Around $120,000?**
- Bitcoin's price might potentially double to around $120,000 if certain conditions are met. A key bullish signal, not seen since November 2023, suggests a significant price surge could be possible. However, this depends on factors like the performance of the US Dollar Index (DXY) and global liquidity levels.
**Growing M2 Money Supply Could Bolster Bitcoin Price**
- The expanding global M2 money supply may support a Bitcoin price increase. Recent expansions in global credit, driven by central banks like the Bank of Japan and the People's Bank of China, have contributed to a growing money base. This expansion aligns with the fractional reserve system's need for increasing money supply to support outstanding debt.
**A Key Bitcoin Bull Signal Flashed for the First Time in Nearly a Year**
- Jamie Coutts of Real Vision noted a bullish global liquidity signal for Bitcoin, the first since November 2023. Historically, similar signals preceded significant Bitcoin rallies. If this signal plays out, Bitcoin could see substantial gains, provided global liquidity conditions remain favorable.
**Short-Term Challenges for Bitcoin**
- Bitcoin may face short-term difficulties, particularly with over $1.4 billion in Bitcoin options expiring soon. A price recovery above $60,000 is necessary to avoid potential negative impacts from these expirations.
**Expanding Global M2 Money Supply and Bitcoin**
- The continuous increase in the global M2 money supply, driven by recent central bank actions, might help Bitcoin break past $60,000. This trend reflects the fractional reserve system's need for ongoing money supply growth to sustain debt levels.
**Current ETF Trends and Their Impact**
- Recent trends show negative inflows from US spot Bitcoin ETFs, following a brief period of positive inflows. This could impact Bitcoin's price and market sentiment, as ETF inflows are crucial for Bitcoin's price movements.
$BTC
**Can Bitcoin Price Double to Around $120,000?**
- Bitcoin's price might potentially double to around $120,000 if certain conditions are met. A key bullish signal, not seen since November 2023, suggests a significant price surge could be possible. However, this depends on factors like the performance of the US Dollar Index (DXY) and global liquidity levels.
**Growing M2 Money Supply Could Bolster Bitcoin Price**
- The expanding global M2 money supply may support a Bitcoin price increase. Recent expansions in global credit, driven by central banks like the Bank of Japan and the People's Bank of China, have contributed to a growing money base. This expansion aligns with the fractional reserve system's need for increasing money supply to support outstanding debt.
**A Key Bitcoin Bull Signal Flashed for the First Time in Nearly a Year**
- Jamie Coutts of Real Vision noted a bullish global liquidity signal for Bitcoin, the first since November 2023. Historically, similar signals preceded significant Bitcoin rallies. If this signal plays out, Bitcoin could see substantial gains, provided global liquidity conditions remain favorable.
**Short-Term Challenges for Bitcoin**
- Bitcoin may face short-term difficulties, particularly with over $1.4 billion in Bitcoin options expiring soon. A price recovery above $60,000 is necessary to avoid potential negative impacts from these expirations.
**Expanding Global M2 Money Supply and Bitcoin**
- The continuous increase in the global M2 money supply, driven by recent central bank actions, might help Bitcoin break past $60,000. This trend reflects the fractional reserve system's need for ongoing money supply growth to sustain debt levels.
**Current ETF Trends and Their Impact**
- Recent trends show negative inflows from US spot Bitcoin ETFs, following a brief period of positive inflows. This could impact Bitcoin's price and market sentiment, as ETF inflows are crucial for Bitcoin's price movements.
$BTC
Binance Will Delist CVP, EPX, FOR, LOOM, REEF, VGX on 2024-08-26
2024-08-12 12:00
2024-08-12 12:00
"Bitcoin Drops 4% Amid $155 Million in Crypto Market Liquidations"
Bitcoin, the largest cryptocurrency by market cap, fell by 4% in the last 24 hours, dipping below $60,000 and hitting an intraday low of $58,269. This decline is part of a broader 4.32% drop in the overall crypto market, which now stands at $2.05 trillion.
Despite a 52% increase in global trading volume, trading activity remains lower than the previous week, leading to a 9.7% weekly loss for Bitcoin.
Ethereum also saw a decrease, trading at $2,553 after peaking earlier at $2,711. Among the top ten cryptocurrencies, Toncoin,
Solana, and Dogecoin experienced notable losses. The market has been volatile, with $155.25 million in total liquidations reported, primarily affecting long positions. Bitcoin and
Ethereum led these liquidations, contributing to a 3.12% drop in total crypto open interest, which now stands at approximately $27.5 billion.
Analysts from Grayscale Research suggest potential recovery if the U.S. economy avoids a recession, with Bitcoin possibly nearing its all-time high later in the year. $BTC
Bitcoin, the largest cryptocurrency by market cap, fell by 4% in the last 24 hours, dipping below $60,000 and hitting an intraday low of $58,269. This decline is part of a broader 4.32% drop in the overall crypto market, which now stands at $2.05 trillion.
Despite a 52% increase in global trading volume, trading activity remains lower than the previous week, leading to a 9.7% weekly loss for Bitcoin.
Ethereum also saw a decrease, trading at $2,553 after peaking earlier at $2,711. Among the top ten cryptocurrencies, Toncoin,
Solana, and Dogecoin experienced notable losses. The market has been volatile, with $155.25 million in total liquidations reported, primarily affecting long positions. Bitcoin and
Ethereum led these liquidations, contributing to a 3.12% drop in total crypto open interest, which now stands at approximately $27.5 billion.
Analysts from Grayscale Research suggest potential recovery if the U.S. economy avoids a recession, with Bitcoin possibly nearing its all-time high later in the year. $BTC
"Nigerian Lawsuit Challenges Crypto Ban, Seeks to Redefine Bitcoin as Commodity"
A recent lawsuit in Nigeria is challenging the government's ban on cryptocurrencies, led by Bitcoin advocate James Utudor.
Filed against key Nigerian authorities, including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), the lawsuit argues that the ban infringes on financial freedoms and seeks to redefine Bitcoin as a commodity rather than subject it to strict regulations.
The ban, enacted in early 2024, aimed to curb illegal activities and stabilize the naira but has faced criticism for stifling financial freedom and access to crucial financial tools amid inflation and currency devaluation. Utudor's legal action highlights the importance of digital assets in protecting savings and facilitating international transactions.
The lawsuit could have significant implications for Nigeria’s financial sector, potentially leading to a more favorable regulatory environment for cryptocurrencies and attracting international investment.
However, the Nigerian government remains firm in its stance against digital assets, citing concerns over financial stability and exploitation.
As the case progresses, it could shape the future of cryptocurrency regulations in Nigeria and set a precedent for other countries with similar issues.
A recent lawsuit in Nigeria is challenging the government's ban on cryptocurrencies, led by Bitcoin advocate James Utudor.
Filed against key Nigerian authorities, including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), the lawsuit argues that the ban infringes on financial freedoms and seeks to redefine Bitcoin as a commodity rather than subject it to strict regulations.
The ban, enacted in early 2024, aimed to curb illegal activities and stabilize the naira but has faced criticism for stifling financial freedom and access to crucial financial tools amid inflation and currency devaluation. Utudor's legal action highlights the importance of digital assets in protecting savings and facilitating international transactions.
The lawsuit could have significant implications for Nigeria’s financial sector, potentially leading to a more favorable regulatory environment for cryptocurrencies and attracting international investment.
However, the Nigerian government remains firm in its stance against digital assets, citing concerns over financial stability and exploitation.
As the case progresses, it could shape the future of cryptocurrency regulations in Nigeria and set a precedent for other countries with similar issues.
Top Altcoins to Invest In Following the Recent Crypto Market Crash
Table of Contents
Altcoins to Watch: Preparing for the Rebound
Solana (SOL)Fetch.ai (FET)Aave (AAVE)REN (Ren)GMXSingularityNET (AGIX)
Is it the end of the Bear Market?
The post Top Altcoins to Invest In Following the Recent Crypto Market Crash appeared first on Coinpedia Fintech News
In a recent video, popular crypto analyst Michaël Van de Poppe shared insights into the recent market crash, attributing it largely to the Japanese Yen Carry Trade and a significant sell-off by Jump Trading, which liquidated a $500 million Ethereum (ETH) position, which led to a Nikkei crash and a 30% drop in Bitcoin. He explained that Ethereum’s heavy correction was due to its lower supply and higher staking rate than Bitcoin, making it more volatile.
Despite the sell-off, there’s optimism as the Ethereum ETF saw over $100 million in inflows last week, indicating a bullish outlook. Despite Ethereum’s issues, the Van de Poppe believes this correction is a normal part of the cycle and suggests the market might be nearing a bottom, with potential signs of an upcoming bull phase.
Altcoins to Watch: Preparing for the Rebound
In terms of altcoins, Van de Poppe offers a focused strategy for positioning in the coming weeks. He suggests monitoring sectors likely to bounce back the strongest, particularly AI, DeFi, and meme coins. Within these sectors, he identifies several key picks:
Fetch.ai (FET)
Fetch.ai has shown a strong recovery in the AI sector, with a 70% bounce from recent lows. Van de Poppe sees this as a prime candidate for further growth, potentially offering 5-10x returns from its current levels.
Aave (AAVE)
Next on his list is Aave, particularly within the DeFi ecosystem. He notes that Aave’s total value locked (TVL) versus its market cap indicates it is heavily undervalued, suggesting significant upside potential.
REN (Ren)
Although more risky, REN is another DeFi token Van de Poppe believes is undervalued relative to its TVL. He advises cautious investment but sees potential for growth as the market recovers.
GMX
GMX, with its decentralized exchange platform, is another altcoin to watch, especially as activity in decentralized finance (DeFi) increases.
SingularityNET (AGIX)
As another AI-focused project, SingularityNET has strong performance and promise. Like FET, Van de Poppe thinks AGIX will profit from crypto’s AI integration. He thinks the recent downturn is a good time to buy AGIX before the market recovers.
Solana (SOL)
Solana’s strong performance in the DeFi space is a key reason for his bullish outlook on SOL. He points out that Solana has bounced back strongly from the recent correction and demonstrated its resilience in a challenging market environment. He sees Solana as a major contender for future growth, particularly as the market recovers.
Is it the end of the Bear Market?
Van de Poppe highlights several key indicators for those looking to understand the market’s next move. Bitcoin dominance is at 54%, which is nearing its peak, and has historically signaled the end of bear markets for altcoins and the start of bullish trends. He also advises monitoring ETH’s performance against Bitcoin and USD Tether (USDT) for further insights into the market’s direction.
By positioning himself in these altcoins, particularly those in the AI and DeFi sectors, Van de Poppe is confident they might lead the charge in the next bull run.
Altcoins to Watch: Preparing for the Rebound
Solana (SOL)Fetch.ai (FET)Aave (AAVE)REN (Ren)GMXSingularityNET (AGIX)
Is it the end of the Bear Market?
The post Top Altcoins to Invest In Following the Recent Crypto Market Crash appeared first on Coinpedia Fintech News
In a recent video, popular crypto analyst Michaël Van de Poppe shared insights into the recent market crash, attributing it largely to the Japanese Yen Carry Trade and a significant sell-off by Jump Trading, which liquidated a $500 million Ethereum (ETH) position, which led to a Nikkei crash and a 30% drop in Bitcoin. He explained that Ethereum’s heavy correction was due to its lower supply and higher staking rate than Bitcoin, making it more volatile.
Despite the sell-off, there’s optimism as the Ethereum ETF saw over $100 million in inflows last week, indicating a bullish outlook. Despite Ethereum’s issues, the Van de Poppe believes this correction is a normal part of the cycle and suggests the market might be nearing a bottom, with potential signs of an upcoming bull phase.
Altcoins to Watch: Preparing for the Rebound
In terms of altcoins, Van de Poppe offers a focused strategy for positioning in the coming weeks. He suggests monitoring sectors likely to bounce back the strongest, particularly AI, DeFi, and meme coins. Within these sectors, he identifies several key picks:
Fetch.ai (FET)
Fetch.ai has shown a strong recovery in the AI sector, with a 70% bounce from recent lows. Van de Poppe sees this as a prime candidate for further growth, potentially offering 5-10x returns from its current levels.
Aave (AAVE)
Next on his list is Aave, particularly within the DeFi ecosystem. He notes that Aave’s total value locked (TVL) versus its market cap indicates it is heavily undervalued, suggesting significant upside potential.
REN (Ren)
Although more risky, REN is another DeFi token Van de Poppe believes is undervalued relative to its TVL. He advises cautious investment but sees potential for growth as the market recovers.
GMX
GMX, with its decentralized exchange platform, is another altcoin to watch, especially as activity in decentralized finance (DeFi) increases.
SingularityNET (AGIX)
As another AI-focused project, SingularityNET has strong performance and promise. Like FET, Van de Poppe thinks AGIX will profit from crypto’s AI integration. He thinks the recent downturn is a good time to buy AGIX before the market recovers.
Solana (SOL)
Solana’s strong performance in the DeFi space is a key reason for his bullish outlook on SOL. He points out that Solana has bounced back strongly from the recent correction and demonstrated its resilience in a challenging market environment. He sees Solana as a major contender for future growth, particularly as the market recovers.
Is it the end of the Bear Market?
Van de Poppe highlights several key indicators for those looking to understand the market’s next move. Bitcoin dominance is at 54%, which is nearing its peak, and has historically signaled the end of bear markets for altcoins and the start of bullish trends. He also advises monitoring ETH’s performance against Bitcoin and USD Tether (USDT) for further insights into the market’s direction.
By positioning himself in these altcoins, particularly those in the AI and DeFi sectors, Van de Poppe is confident they might lead the charge in the next bull run.
#MarketSentimentToday
▶️50 MA is trending down while the 200 MA is moving up—signs of a bearish trend.
▶️Liquidity around $54.4k could trigger a downside move.
▶️Anticipating a dip to $54k before a positive weekly close.
$BTC
▶️50 MA is trending down while the 200 MA is moving up—signs of a bearish trend.
▶️Liquidity around $54.4k could trigger a downside move.
▶️Anticipating a dip to $54k before a positive weekly close.
$BTC
Bitfarms shares up 22% following Q2 results report
#MarketSentimentToday
Table of Contents
Bitfarms dodges takeover attempt, for now
Canadian Bitcoin mining firm Bitfarms revealed in its Q2 financial results, featuring it is still on track to achieve guidance of 21 EH/s in 2024.
Bitcoin mining firm Bitfarms saw its shares surge over 20% late Aug. 8, following the release of its Q2 financial results, which showed a narrower net loss and stronger revenue than analysts had predicted.
In the report, the Toronto-headquartered firm said that its revenue in Q2 was $42 million, marking a 17% increase year-over-year, though it fell 16% from the previous quarter. Bitfarms attributed the quarter decline to the decrease in block rewards following the Bitcoin halving event that occurred earlier in April.
The firm’s net loss turned out to be $27 million, or $0.07 per basic and diluted share, which is better by 36.3% than what analysts earlier projected. Bitfarms’ BITF shares responded positively to the news, climbing 22% to $2.30, per Google Finance data, pushing the firm’s market capitalization to $983.8 million.
You might also like: Bitcoin mining analyst on Bitfarms: ‘CEO overhang now lifted’
Bitfarms dodges takeover attempt, for now
During Q2, Bitfarms sold 515 (BTC) at an average price of $65,500. At the same time, the Canadian crypto miner added 111 BTC to its treasury, bringing its total reserves to 1,016 BTC held as of late July.
Bitfarms also reiterated that its Special Committee “unanimously determined that continuing to execute Bitfarms’ strategic plan as an independent public company,” though it added that the board and management team “remain open to reviewing any and all opportunities that may deliver value to shareholders.”
Earlier in April, Riot Platforms proposed acquiring Bitfarms for $950 million. However, Riot subsequently withdrew its proposal, citing an inability to engage with Bitfarms’ current board on a potential merger.
Ben Gagnon, Bitfarms’ newly appointed CEO, highlighted the company’s progress, stating that the firm has made “significant strides” to position itself for “accelerated growth and efficiency gains in the second half of the year and into 2025.” He emphasized that Bitfarms is on track to achieve its 2024 guidance of 21 EH/s, bolstered by new site agreements.
You might also like: Bitfarms adopts new ‘poison pill’ after Canadian regulator terminates previous one
$BTC
Table of Contents
Bitfarms dodges takeover attempt, for now
Canadian Bitcoin mining firm Bitfarms revealed in its Q2 financial results, featuring it is still on track to achieve guidance of 21 EH/s in 2024.
Bitcoin mining firm Bitfarms saw its shares surge over 20% late Aug. 8, following the release of its Q2 financial results, which showed a narrower net loss and stronger revenue than analysts had predicted.
In the report, the Toronto-headquartered firm said that its revenue in Q2 was $42 million, marking a 17% increase year-over-year, though it fell 16% from the previous quarter. Bitfarms attributed the quarter decline to the decrease in block rewards following the Bitcoin halving event that occurred earlier in April.
The firm’s net loss turned out to be $27 million, or $0.07 per basic and diluted share, which is better by 36.3% than what analysts earlier projected. Bitfarms’ BITF shares responded positively to the news, climbing 22% to $2.30, per Google Finance data, pushing the firm’s market capitalization to $983.8 million.
You might also like: Bitcoin mining analyst on Bitfarms: ‘CEO overhang now lifted’
Bitfarms dodges takeover attempt, for now
During Q2, Bitfarms sold 515 (BTC) at an average price of $65,500. At the same time, the Canadian crypto miner added 111 BTC to its treasury, bringing its total reserves to 1,016 BTC held as of late July.
Bitfarms also reiterated that its Special Committee “unanimously determined that continuing to execute Bitfarms’ strategic plan as an independent public company,” though it added that the board and management team “remain open to reviewing any and all opportunities that may deliver value to shareholders.”
Earlier in April, Riot Platforms proposed acquiring Bitfarms for $950 million. However, Riot subsequently withdrew its proposal, citing an inability to engage with Bitfarms’ current board on a potential merger.
Ben Gagnon, Bitfarms’ newly appointed CEO, highlighted the company’s progress, stating that the firm has made “significant strides” to position itself for “accelerated growth and efficiency gains in the second half of the year and into 2025.” He emphasized that Bitfarms is on track to achieve its 2024 guidance of 21 EH/s, bolstered by new site agreements.
You might also like: Bitfarms adopts new ‘poison pill’ after Canadian regulator terminates previous one
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LIVE#RoninBridgeAlert
Ronin Network Pauses Bridge Amid MEV Exploit Probe
This step ensures the safety of over $850 million in assets on the bridge.
MEV exploits are a known vulnerability in blockchain networks. Let’s discover more about this important news for Ronin Network.
Understanding MEV Exploits
They allow attackers to manipulate transaction orderings within blocks to maximize their profit, often at the expense of other users. This can result in significant financial losses and undermine the integrity of the network. By pausing the bridge, the Ronin Network team aims to investigate the report thoroughly and prevent any malicious activity that could exploit this vulnerability.
The Co-Founder of the Ronin Network has assured the community that they are actively investigating the report and will provide more information as soon as possible. This transparency is crucial in maintaining user trust and confidence during such incidents. The co-founder emphasized that the assets secured by the bridge remain safe during this investigation.
Source: X
The Ronin Network bridge plays a critical role in the ecosystem, facilitating seamless transactions between different blockchains. Given its importance, any potential exploit poses a significant risk, not only to the users but also to the broader blockchain community that relies on Ronin’s infrastructure.
More About the Ronin Network
The Ronin network announced that the approximately $10 million worth of ETH has been returned, and they anticipate the return of the USDC later today. The network expressed gratitude to the white hats for their vigilance and integrity, announcing a reward of $500,000 through their Bug Bounty Program.
Ronin Network Pauses Bridge Amid MEV Exploit Probe
This step ensures the safety of over $850 million in assets on the bridge.
MEV exploits are a known vulnerability in blockchain networks. Let’s discover more about this important news for Ronin Network.
Understanding MEV Exploits
They allow attackers to manipulate transaction orderings within blocks to maximize their profit, often at the expense of other users. This can result in significant financial losses and undermine the integrity of the network. By pausing the bridge, the Ronin Network team aims to investigate the report thoroughly and prevent any malicious activity that could exploit this vulnerability.
The Co-Founder of the Ronin Network has assured the community that they are actively investigating the report and will provide more information as soon as possible. This transparency is crucial in maintaining user trust and confidence during such incidents. The co-founder emphasized that the assets secured by the bridge remain safe during this investigation.
Source: X
The Ronin Network bridge plays a critical role in the ecosystem, facilitating seamless transactions between different blockchains. Given its importance, any potential exploit poses a significant risk, not only to the users but also to the broader blockchain community that relies on Ronin’s infrastructure.
More About the Ronin Network
The Ronin network announced that the approximately $10 million worth of ETH has been returned, and they anticipate the return of the USDC later today. The network expressed gratitude to the white hats for their vigilance and integrity, announcing a reward of $500,000 through their Bug Bounty Program.
#BlackRockETHOptions
BlackRock, Nasdaq submit filing to introduce options for spot Ethereum ETFs.
BlackRock and Nasdaq made a move today to add options to the asset manager’s spot Ethereum (ETH) exchange-traded fund (ETF) iShares Ethereum Trust (ETHA), according to a filing with the US Securities and Exchange Commission (SEC).
According to the filing:
“In particular, the Exchange believes that the proposal to list and trade options on the Trust will remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, protect investors because offering options on the Trust will provide investors with a greater opportunity to realize the benefits of utilizing options on an ETF based on spot ether, including cost efficiencies and increased hedging strategies.”
Additionally, Nasdaq mentioned that it already listed options on other commodity ETFs structured as trusts, mentioning BlackRock products as examples, such as the iShares COMEX Gold Trust and the iShares Silver Trust.
Bloomberg ETF analyst James Seyffart shared on X (formerly Twitter) that the SEC has 21 days to provide comments on the matter. Nevertheless, he said the final deadline for a regulator decision is “likely to be around” April 9, 2025.
Notably, the SEC is not the only regulator that needs to approve this joint move by Nasdaq and BlackRock. As Seyffart highlighted, the Office of the Comptroller of the Currency (OCC) and the Commodity Futures Trading Commission (CFTC) also need to approve the requirement.
ETHA’s rising dominance
BlackRock’s Ethereum ETF has been on a crescent movement in inflows. Since the launch of the spot Ethereum ETFs in the US on July 23, ETHA dominance has tripled from 3% to 9%. According to DefiLlama, ETHA’s assets under management (AUM) sit at over $521 million.
Nevertheless, the same movement happened after the launch of the spot Bitcoin ETFs in the US, ending up with BlackRock’s IBIT gradually growing and taking the lead from Grayscale’s GBTC.
$ETH $BTC
#MarketDownturn #Megadrop
BlackRock, Nasdaq submit filing to introduce options for spot Ethereum ETFs.
BlackRock and Nasdaq made a move today to add options to the asset manager’s spot Ethereum (ETH) exchange-traded fund (ETF) iShares Ethereum Trust (ETHA), according to a filing with the US Securities and Exchange Commission (SEC).
According to the filing:
“In particular, the Exchange believes that the proposal to list and trade options on the Trust will remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, protect investors because offering options on the Trust will provide investors with a greater opportunity to realize the benefits of utilizing options on an ETF based on spot ether, including cost efficiencies and increased hedging strategies.”
Additionally, Nasdaq mentioned that it already listed options on other commodity ETFs structured as trusts, mentioning BlackRock products as examples, such as the iShares COMEX Gold Trust and the iShares Silver Trust.
Bloomberg ETF analyst James Seyffart shared on X (formerly Twitter) that the SEC has 21 days to provide comments on the matter. Nevertheless, he said the final deadline for a regulator decision is “likely to be around” April 9, 2025.
Notably, the SEC is not the only regulator that needs to approve this joint move by Nasdaq and BlackRock. As Seyffart highlighted, the Office of the Comptroller of the Currency (OCC) and the Commodity Futures Trading Commission (CFTC) also need to approve the requirement.
ETHA’s rising dominance
BlackRock’s Ethereum ETF has been on a crescent movement in inflows. Since the launch of the spot Ethereum ETFs in the US on July 23, ETHA dominance has tripled from 3% to 9%. According to DefiLlama, ETHA’s assets under management (AUM) sit at over $521 million.
Nevertheless, the same movement happened after the launch of the spot Bitcoin ETFs in the US, ending up with BlackRock’s IBIT gradually growing and taking the lead from Grayscale’s GBTC.
$ETH $BTC
#MarketDownturn #Megadrop
#MarketSentimentToday
#WIFUSDT
DogWifhat (WIF) Price Prediction For August 2024
According to notable crypto analytics platform CoinCodex, WIF may surge by a whopping to hit the $6 price mark by the end of Aug-2024 by August 30, 2024.
#WIFUSDT
DogWifhat (WIF) Price Prediction For August 2024
According to notable crypto analytics platform CoinCodex, WIF may surge by a whopping to hit the $6 price mark by the end of Aug-2024 by August 30, 2024.
Trump Says Government Shouldn't Be Selling Bitcoin: 'Crypto Is Like AI, If We Don't Build It, China Will'
$BTC
#BTCMarketPanic #MarketDownturn #RecessionOrDip?
$BTC
#BTCMarketPanic #MarketDownturn #RecessionOrDip?
LIVEHasan_Bin_Naeem
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Ανατιμητική
Dogwifhat (WIF) Shows Strength: Analysts Predict Breakout to $3.3 Resistance.
Dogwifhat (WIF) is demonstrating strong potential for a substantial upward trend, even as it maintains a robust level of support. Despite experiencing a decline of nearly 8% over the past week, WIF has impressively surged by 22% over the last 30 days. Analysts are optimistic about WIF’s future price trajectory, predicting substantial gains ahead.
At the time of writing, Dogwifhat is priced at $2.54, with a 24-hour trading volume of $969.52 million. Its market capitalization stands at $2.54 billion, representing a market dominance of 0.10%. In the last 24 hours alone, WIF’s price has increased by 2.45%.
Dogwifhat (WIF) $3.3 Resistance Breakout Could Lead to New Highs.
Crypto analyst Crypto Scient shared an optimistic perspective on $WIF, suggesting a promising setup for a bullish swing. The price is currently adjusting towards a crucial daily support zone, which could present a prime opportunity for a long position with a target set at $3.3. For those looking to enter, the recommended bids are between $2.37 and $2.26, with a stop loss placed at $2.159.
Dogwifhat (WIF) is demonstrating strong potential for a substantial upward trend, even as it maintains a robust level of support. Despite experiencing a decline of nearly 8% over the past week, WIF has impressively surged by 22% over the last 30 days. Analysts are optimistic about WIF’s future price trajectory, predicting substantial gains ahead.
At the time of writing, Dogwifhat is priced at $2.54, with a 24-hour trading volume of $969.52 million. Its market capitalization stands at $2.54 billion, representing a market dominance of 0.10%. In the last 24 hours alone, WIF’s price has increased by 2.45%.
Dogwifhat (WIF) $3.3 Resistance Breakout Could Lead to New Highs.
Crypto analyst Crypto Scient shared an optimistic perspective on $WIF, suggesting a promising setup for a bullish swing. The price is currently adjusting towards a crucial daily support zone, which could present a prime opportunity for a long position with a target set at $3.3. For those looking to enter, the recommended bids are between $2.37 and $2.26, with a stop loss placed at $2.159.
