Bitcoin and the broader crypto market took a hit over the last day, leading to bitcoin falling below $20,000 for the first time in two months. This decline was followed by a tremendous plunge in investor sentiment. The sharp decline saw sentiment drop to negative levels not seen since January.

Crypto Fear & Greed Index Sitting In Fear

For the last two months, the market was able to recover to as high as $25,000 at one point, leading to a recovery in investor sentiment. As a result, the Crypto Fear & Greed Index moved into the greed territory briefly but all of this has come to an end with the most recent plunge.

The index saw a 10-point drop in a single day, one of the sharpest declines recorded in the last year. Sitting at a score of 34, it shows that investors have once again turned very bearish. The result of this is panic sell-offs as participants in the space try to avoid further losses.

It is a long way from last month’s greedy market which peaked at 62 on the index. The last time the market saw such a sharp decline was in May 2022 following the Terra (LUNA) network collapse. 

Is The Bitcoin Bear Market Back?

Looking at historical data, it is possible to deduce that the bear trend will continue from here. As mentioned above, the last time the Crypto Fear & Greed Index saw such a sharp decline was when LUNA collapse, triggering a decline in the price of bitcoin from above $30,000 to below $20,000.

If this happens to be a repeat of the previous trend, then bitcoin could continue declining. It is even possible to see another decline below its current cycle low of $15,500. If this happens, the market bottom may be farther away than expected.

Interestingly, net flows for the past day have come out to be almost neutral for the top digital assets in the space. According to a Glassnode report, bitcoin exchange inflows came out to $782.9 million versus $796.6 million in outflows leading to negative $13.7 million in net flows. Ethereum recorded the same trend with net flows coming out to negative $29.6 million after all was said and done.

Historically, it has always been more favorable to enter the market when the majority are scared to do so. This could mean that the current downtrend poses a buying opportunity for investors who are looking to get in at low prices.

At the time of writing, Bitcoin is still trending below $20,000. It is changing hands at just above $19,900, down 8.21% in the last day and seeing losses of 11.16% on the weekly chart.

#bitcoin #Binance #buildtogether #koinmilyoner #crypto2023

SHIB and BONE suffered a decline after news emerged about Shibarium chain ID.

SHIB has, however, recovered while BONE continues to struggle after plans of new Beta redeployment came to light.

After initial worries were voiced regarding the chain, the Shiba Inu Shibarium testnet, also known as the Puppy net, caught up without a hitch. With what appeared to be a clarification, the tokens also looked to be on the road to recovery from the FUD surrounding them.

There was some disagreement in the Shiba Inu community earlier in the week after the debut of the Shibarium. One of the community members noticed that the Layer 2 network (L2) was using the chain ID for an unrelated project. Due to the lack of prompt action, these worries had a detrimental effect on the price movement of SHIB and BONE.

Addressing the Shiba Inu FUD

One of the main Shiba Inu developers addressed the confusion with the chain ID when the worries were raised, and the accompanying Fear, Uncertainty, and Doubt (FUD) set in.

Kaal Dhairya said in a tweet that the chains chosen for the Alpha network rollout were randomly chosen. According to him, the chains were not reviewed before final deployment but were not registered to any projects when they were selected.

He continued by announcing the intended deployment of a new version of the Beta network with a new chain ID.

The state of the Shiba Inu Shibarium and SHIB active address

A scan of the L2 testnet with puppyscan showed that activities had ramped up. With an average block time of 5.0 seconds as of this writing, it had generated over 400,000. Also, it had already performed more than 2,500 transactions and had more than 2,500 wallets registered on the network. 

A rise in Shiba Inu (SHIB) addresses was also visible in the lead-up to the release of Shibarium, as measured by Santiment’s active address statistic.

As of this writing, there were approximately 31,000 active SHIB addresses, which showed that it had maintained its previous level of success.

#SHIB #shibainu #bone #koinmilyoner #GPT-4

A key altcoin in the Shiba Inu (SHIB) ecosystem is coming to a crypto exchange backed by Tron (TRX) founder Justin Sun.

In a new release, crypto exchange Poloniex says it’s listing Shiba BoneSwap (BONE), the digital asset that will be used to pay for the gas fees of Shibarium, Shiba Inu’s highly anticipated upcoming Ethereum-based (ETH) layer-2 scaling solution.

“BONE wallets will open on March 9, 2023 at 10:00 UTC and full trading will be enabled on March 9, 2023 at 11:00 UTC…

BONE is a governance token of Shibaswap ecosystem which will allow the Shib Army to vote on upcoming proposals. The more BONE the user holds, the more weight their vote carries in these future endeavors. BONE has 250,000,000 tokens, and is designed to fit perfectly between the previous two tokens in regards to circulation supply.”

BONE is also the virtual asset used to operate ShibaSwap, the decentralized exchange (DEX) of the Shiba Inu ecosystem.

Previously, crypto exchange platforms Gate.io and Bitget announced they would be listing BONE while the Shiba Inu community launched a petition to get Binance, the world’s largest digital asset exchange by volume, to support the crypto asset as well.

Though Binance has not responded to the request, it staked four trillion SHIB tokens last month, worth about $35 million at the time, after BONE was announced as Shibarium’s utility asset.

BONE is trading for $1.75 at time of writing, a 27% increase from its seven-day low of $1.37, vastly outperforming Bitcoin (BTC) and ETH, which are currently moving for $21,612 and $1,533 respectively, both sharp declines from their weekly and monthly highs.

#SHIB #Ethereum #bitcoin #buildtogether #koinmilyoner

On-chain data shows that Bitcoin miners have transferred many coins to exchanges today, which may be a sign of selling.

Bitcoin Miner To Exchange Flow Has Observed A Huge Spike Today

As pointed out by an analyst in a CryptoQuant post, a total of 1,637 BTC was deposited to exchanges by the miners today. There are a couple of relevant indicators here. The first is the “miner reserve,” which measures the total amount of Bitcoin currently sitting inside all miners’ wallets.

The other metric of interest is the “miner to exchange flow,” which tells us about the total number of coins miners (all or belonging to a specific mining pool) transfer to an exchange or a group of exchanges.

When this metric’s value spikes, miners deposit many coins to the exchange. This trend may have bearish consequences for the price as miners usually transfer their coins from their reserves and into exchanges for selling purposes.

Now, here is a chart that shows the trend in the Bitcoin miner-to-exchange flow, for all miners and all exchanges

The above graph shows that the Bitcoin miner-to-exchange flow has observed a huge spike in the past day. With this large movement, miners have deposited 1,637 BTC (roughly $44.2 million at the current price) to exchanges.

The quant has also found out that the Binance mining pool, in particular, was responsible for this exchange inflow. The destination of these coins was also to a single exchange: Binance. The below chart shows this movement.

Usually, deposits like these are a sign of increased selling pressure from the miners and, thus, can lead to a decline in the price of the asset, at least in the short term.

In the present case, if these inflows were indeed made with selling in mind, then it would mean that miners possibly think that the rally is winding off for now as the asset’s price has taken a hit during the past day, so they are striking while the profit-taking opportunity is partially still there.

Data of the Bitcoin miner reserve, however, shows an interesting picture.

The chart shows that the Bitcoin miner reserve saw a sharp upwards spike just before the plunge due to today’s transfer to Binance. Curiously, this increase in the reserve was just enough to cancel the movement to the exchange.

This means that even though a large withdrawal from the reserve may have occurred today, the miner reserve has only moved sideways since the miners only took out what was freshly deposited into their wallets.

BTC Price

At the time of writing, Bitcoin is trading around $26,900, up 4% in the last week.

#BTC #BNB #dyor #crypto2023 #koinmilyoner

An NFT collection based on a funding model designed by Vitalik Buterin and others is gaining popularity on OpenSea. The collection is called Quadratic Funding.

An NFT collection seemingly associated with Ethereum co-founder Vitalik Buterin has begun skyrocketing in value on OpenSea. The Quadratic Funding Open Edition is a collection that celebrates the quadratic funding proposal that Buterin, Harvard economist Zoë Hitzig, and RadicalxChange founder Glen Weyl published in 2018.

The collection contains various on-chain records of the proposal. This includes a new digital copy of the whitepaper signed by the three authors and two essays by Gitcoin’s co-founders celebrating its impact.

One notable aspect of the collection is that Buterin, Hitzig, Weyl, Kevin Owocki, and Scott Moore are listed as creators. Buterin has not made a public statement on this collection, so it’s unclear to what extent he is associated with it.

70% of the funds from the sales will go toward Gitcoin, 20% to the Plurality Institute, and 10% to Metalabel. The collection description notes that Gitcoin and Metalabel are the ones releasing the Quadratic Collection “to commemorate and preserve this original work and to raise funds for public goods.”

The Quadratic Funding Signature Edition is reciting several bids at the moment. Most bids for the NFTs in the collection are under 0.5 ETH. But there are some selling as high as 17 ETH.

What Is Vitalik Buterin’s Quadratic Funding?

Quadratic Funding is a specific model used in the matching process for crowdfunding campaigns. It is estimated that this model has had an impact of over $21 million so far. The essence of this model is that it is more decentralized.

Buterin has previously talked about Gitcoin and quadratic funding in the past in blog posts. In 2019, he offered an introduction to quadratic funding. More recently, in May 2022, he asked the crypto community if there was any interest in the model.

Quadratic Funding Collection Raises Millions in Short Time

Despite dropping largely unannounced, the collection has already raked in millions. Since releasing on March 1, the collection has crossed $10 million in volume in terms of ETH. In the past 24 hours, it has managed over $7 million in volume.

While there is no official word from Buterin yet, a representative from Metalabel told Decrypt that Buterin had “agreed to reissue the whitepaper he co-authored.” He also reportedly informed the outlet that he had signed 12 physical copies of the whitepaper in the signature editions.

#vitalik #Ethereum #opensea #buildtogether #koinmilyoner

The crypto analyst who nailed the current Bitcoin (BTC) bottom believes that the king crypto and Ethereum (ETH) are likely poised for more bursts to the upside.

Pseudonymous analyst DonAlt tells his 466,800 Twitter followers that the strong recovery of both Bitcoin and Ethereum to close the previous week is likely a signal that the leading crypto assets are gearing up for big rallies.

According to DonAlt, BTC and ETH “look ready to absolutely giga moon.”

Looking closer at Bitcoin, the crypto trader believes that BTC is primed to take out resistance at $24,300.

“Selling into the third test of $24,000? Nah thanks, I’d rather chance it.” 

Based on DonAlt’s chart, Bitcoin’s next resistance is at $32,200 should it break above the supply area of $24,300.

The widely followed analyst also highlights that the current Bitcoin rally is a sign that BTC is serving its one true purpose.

“Bitcoin was born out of anger at the banking system I’d love to see it thrive during uncertain times like this, proof that it’s capable of showing teeth. Inflation hedge, recession hedge are all memes. When banks steal your money, that’s when BTC is supposed to shine.” 

Bitcoin was created in 2008 following the collapse of the housing market and the US banking system which forced the government to bail out institutions that are “too big to fail.”

In the past week, the US financial system witnessed the collapse of several banking institutions including Silicon Valley Bank and Silvergate Bank. Bitcoin responded by rallying from last week’s low of $19,736 to its current value of $24,130, an eye-popping 22% rally.

As for Ethereum, the crypto trader believes the leading smart contract looks bullish after rallying from last week’s low of $1,379 to recover support at $1,600.

#crypto2023 #bitcoin #koinmilyoner #BTC #dyor

Messari founder and CEO Ryan Selkis says Bitcoin (BTC) is poised to go on a massive rally as US banks fall like dominoes.

The head of the crypto intelligence firm tells his 307,400 Twitter followers that Bitcoin is likely to hit six figures within the next 12 months.

He names five main reasons for his forecasted price of Bitcoin at $100,000, a more than 270% increase from its current value of $26,606.

Selkis predicts there will be additional bank failures and the Federal Reserve will not only stop raising interest rates to reduce inflation but start cutting them.

He also says more investors will find Bitcoin an attractive “outside money” asset and that institutions will adopt the king crypto quicker than any potential move by the US to restrict or ban it.

“My rough prediction for the next twelve months:

1. More bank failures in the next couple of weeks.

2. Fed cuts / QE (Quantitative easing) is back!

3. BTC climbs, sustained moderate inflation.

4. ‘Outside Money’ / ‘Sound Money’ – $100,000 / BTC.

5. Institutions buy faster than Feds can shut down.

Game.”

Selkis says that the banking crisis is rattling investors’ confidence and they will put their wealth in assets like crypto and gold.

“Fractional banking is good (credit), but requires prudence and confidence to work. When confidence disappears, people logically move to full reserve banks. (Crypto and gold)

Crypto didn’t change accounting rules to favor Treasuries, then cover up bank insolvency.

The Feds did.”

He says decentralized finance (DeFi) is the direction the world is heading, claiming it is a more trustworthy system than the traditional financial markets.

“Crypto is a life raft and an optimistic bet on a future of open financial services + open tech. It is also a protest vote and an ‘exit’ tool. You want exposure if you can’t trust your institutions. And the message the past week has been ‘do not trust your banks or governments.’”

Selkis also warns how fractional banking, when banks only have to hold a portion of the money deposited in their reserves, is a risky practice that can harm crypto. The banking crisis can pose a challenge for the crypto sector since, as it stands currently, traditional financial institutions are needed for customers to move their hard currency on-and-off crypto platforms.

“The Fed and Big Banks must better coordinate on how to protect crypto from the systemic risks of the US banking system. Fractional banking is risky. Don’t invest more than you can afford to lose. It has potential, but only if it’s built safely with consumer protection in mind.”

#bitcoin #BTC #Binance #koinmilyoner #BullRun

Widely followed crypto analyst Benjamin Cowen is identifying a worst-case scenario for the crypto markets as prices spiral downward.

In a new strategy session, Cowen tells his 784,000 YouTube subscribers that the crypto markets could give up hundreds of billions of dollars in a correction similar to the dot-com collapse.

“There are a lot of similarities between the tech stock collapse back in the dot-com era and the crypto collapse that we’re seeing today.”

Cowen looks at the performance of the Nasdaq during the dot-com era and draws parallels to today’s crypto markets. He uses the market rally and decline percentages from the dot-com era to indicate where the total market cap for Bitcoin and other cryptos could be heading.

According to the analyst, the total market cap of all crypto assets may be in a position where it witnesses one more capitulation phase, similar to what happened to the Nasdaq in 2022 when it crashed by about 30% before bottoming out.

“Where would it put [the total crypto market cap] if we went 30% lower below the prior low? It would put the total market cap at around $500 billion, which represents a sizable correction from the current levels. That’s 30% below the prior low. From the current levels, that would represent another 40% to 50% correction. And again, we know that these percentages are subject to slight changes like it’s not going to be exact. So maybe it could be 40% down from here if it’s going to follow it. Or maybe it could be 50% down and get you closer to $400 billion…

I think the worst-case scenario for crypto would be somewhere around a $400 billion to $500 billion market cap for the entire asset class.”

A decline to a $500 billion market cap would evaporate more than $460 billion in cryptocurrencies. The total market cap at time of writing is $966 billion.

Cowen also says that the dot-com crash from its peak occurred over a two-and-a-half-year period when the Nasdaq dropped by a total of 83%. He says a similar fall from the peak of the crypto markets would also bring the total market cap down to the $400 billion to $500 billion range.

The crypto analyst notes that he is identifying a worst-case scenario, and it’s still possible the bottom is already in.

“There’s always a chance that the bottom is in, and that it doesn’t have to play out in the worst-case scenario.”

#bitcoin #crypto2023 #koinmilyoner #buildtogether

Shiba Inu is among the tokens that use a burning mechanism. It has continually burnt millions of SHIBs to balance its demand and supply, sometimes pushing the price slightly. The network removed 490 million SHIBs in one day in this latest burn.

One of the ways of improving token value is by reducing its supply. The crypto industry uses the burning mechanism to execute the process. This mechanism enables tokens with uncapped supply to reduce the circulating amount in the market, thereby preventing over-saturation and price crashes. 

490 Million Shiba Inu Tokens Removed From The Market 

In the latest report by Shibburn.com, Shib developers removed 489,895,235 permanently from circulation. The SHIB burn tracker disclosed that the burning occurred in 24 hours through eight separate transactions. 

Among the eight transactions, a “Shib Inu: Deployer2” wallet burnt the highest number by sending 485,682,280 SHIB to the Shiba Inu burn address in a single transaction.  

Notably, the total Shiba Inu burn rate decreased by 71.28% from the previous day’s burn. According to the burn tracker, the previous day’s transactions involved 58 transfers to the burn wallet, destroying 2,204,313,475 SHIB tokens. 

Due to the address that burned the massive number of tokens, the community has linked it to the upcoming Shibarium Public Beta. Notably, the address is a SHIB contract deployer.

But while the burn continues, some notable SHIB token purchases confirm the interest in the Shibarium release. Top whales, including “BlueWhale0073” and others, have accumulated almost 215 billion tokens in 10 days. The report disclosed that these Ethereum investors consider SHIB’s price at $0.00001034 the best time to accumulate the tokens.

BlueWhale0073 alone purchased a whopping 215,815,570 539 SHIBs worth $2,209,951 from an unidentified address that paid $33.46 in nominal fees. 

Shibarium And The Latest Updates

The Shibarium launch has created an unending buzz in the crypto community. Shiba Inu community anticipates several benefits from the new project. The project aims to become a decentralized hub for SHIB holders to trade the tokens and earn rewards without centralized exchanges. 

Moreover, the platform promises fast, low-cost transactions on SHIB and other tokens. It also aims to correct the issues such as high fees and slow transaction speeds that permeate other DEXs, thereby ensuring a seamless trading experience.

Most importantly, the new project should increase the SHIB token value as it will create new use cases. Notably, the demand will spike as its utility increases, potentially boosting the price. The team has announced that the public beta will go live this week, and the community gladly awaits D-Day. 

The project is already increasing Shiba Inu adoption as many firms are integrating it for payments. Xeni, a travel booking platform, and BitPay have partnered and will use SHIB and other cryptos as payment. Also, NOWNodes, a blockchain node infrastructure provider, announced its plans to integrate Shibarium. 

#SHIB #shibarium #koinmilyoner #crypto2023 #buildtogether

Bitcoin price broke the key $22,000 support zone. BTC is showing bearish signs and might decline further towards $20,500 or even $20,000 in the near term.

Bitcoin is gaining bearish momentum below the $22,000 support zone.

The price is trading below $22,000 and the 100 hourly simple moving average.

There is a major bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down towards the $21,200 support or even $20,500.

Bitcoin Price Extends Drop

Bitcoin price failed to start a recovery wave above the $22,250 resistance zone. BTC bears remained in action and pushed the price further lower below the $22,000 support zone.

It opened the doors for more losses and the price dropped below $21,800. A new monthly low was formed near $21,600 and the price is now consolidating losses. Bitcoin price is now trading below $22,000 and the 100 hourly simple moving average.

An immediate resistance is near the $21,840 level. It is near the 23.6% Fib retracement level of the downward move from the $22,600 swing high to $21,600 low.

The next major resistance is near the $22,000 zone. There is also a major bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $22,600 swing high to $21,600 low.

The main resistance is now near the $22,250 zone. A close above the $22,250 resistance might start a decent increase towards the $22,600 resistance zone. The next key resistance is near the $23,000 zone, above which the price might gain bullish momentum.

More Losses in BTC?

If bitcoin price fails to clear the $22,000 resistance and the trend line, it could start another decline. An immediate support on the downside is near the $21,600 zone.

The next major support is near the $21,200 zone, below which the price might drop to $21,000. The next major support is near the $20,500 level. Any more losses might send the price towards the $20,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $21,600, followed by $20,500.

Major Resistance Levels – $22,000, $22,050 and $22,250.

#bitcoin #buildtogether #crypto2023 #koinmilyoner #Binance

The Sandbox price has risen by nearly 30% in the span of eight days to trade at $0.681.

The bullishness observed on the price indicators suggests SAND could be on the way to retesting the resistance level at $0.815.

If the critical support at $0.676 is lost, the altcoin could slip back to March lows of $0.531.

Sandbox price has been following the broader market cues for more than a week now, resulting in the recovery of the losses noted at the beginning of the month. The changing market trend might favor a price rise, provided the bulls support the altcoin going forward.

Sandbox price to continue recovery

Sandbox price, trading at $0.681, has risen by close to 30% in the last eight days. The increase in price enabled the altcoin to regain the support of the 50 and 100-day Exponential Moving Averages (EMAs), which act as a solid base for recovery.

The confluence of these EMAs at $0.676 marked the critical support level for SAND.

Looking at the price indicators, the narrative seems to be bullish at the moment. The Parabolic Stop and Reverse (SAR) indicator is still highlighting an uptrend.

The presence of the blue dots of the indicator below the candlesticks is evidence of the same. The Relative Strength Index (RSI) is also above the neutral line at 50.0. If the indicator bounces off this line, a rise is likely.

Thus, a push from bullish traders would result in the altcoin maintaining $0.676 as critical support, rising to tag the resistance level at $0.718. The level marks the 50.0 Fibonacci retracement of $0.782 to $0.533.

Flipping it into a support floor would enable a rise to the critical resistance level at $0.815, breaching the 200-day EMA and marking a 20% rally.

However, if the trend changes and SAND falls through the critical support, the altcoin would note some decline. Sandbox price could be susceptible to a 22% crash bringing the cryptocurrency down to March lows of $0.531.

#sandbox #Binance #BTC #GameFi #koinmilyoner

USDC, the stablecoin tracing the USD, is under immense pressure as users rush to convert to other assets, including BUSD by Paxos and USDT by Tether Holdings.

As USDC’s market cap rapidly shrinks, primarily because of mass exits, there has been a de-peg. The stablecoin is trading at $0.90 to the USD at the time of writing on March 11. 

However, amidst this fear, USDC won’t likely crash to zero like UST, the algorithmic stablecoin by Terra, did. 

The collapse of UST was attributed to its structure and backing by other digital assets, including Bitcoin and LUNA. 

Since it depended on algorithms to track the value of the USD and always ensure parity, any pressure on any underlying coins, Bitcoin or LUNA, led to intense selling pressure, causing a de-peg. 

The UST de-peg triggered a ripple effect that eventually saw the crypto market drop below $30k, causing massive liquidation and pain for affected holders.

What’s on the table currently is USDC by Circle. Although USDC is at $0.90, further weighing negatively on cryptocurrency prices, it is improbable that the USDC will drop to $0. 

As an illustration, the token has a circulating supply of $40.9 billion as of March 11. Each USDC token, it should be noted, is backed 1:1 with cash, and redemption means every backing cash or cash equivalent from Circle must be sold and disbursed to the client.

Expecting Normalcy To Resume On Monday?

Circle has said it has enough reserves despite $3.3 billion out of the total $40 billion held at Silicon Valley Bank (SVB). 

Because SVB was FDIC insured, there will be a 94% payout, meaning even if there is a loss of approximately $198 million, it won’t be a big dent for Circle to warrant fears and conversions to other stablecoins. The loss will likely be covered by interest payments from treasuries, where most of Circle’s assets are held in.

Several other factors worsen the current stablecoin’s preview, even contributing to the de-peg. The decision by Coinbase to pause USDC to fiat conversions over the weekend until Monday is stoking fear.

Related Reading: Binance To Raise USDT, USDC, and TUSD Transaction Fees On Tron By 160%

We are temporarily pausing USDC: USD conversions over the weekend while banks are closed. During periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to re-commence conversions.

From next week Monday, the peg will likely be restored as arbitrageurs flow back in.

#Binance #Binance #koinmilyoner #crypto2023 #buildtogether

A crypto strategist who correctly called Bitcoin’s (BTC) 2022 price floor thinks the king crypto may be one resistance level away from all-time high.

In a new strategy session, pseudonymous trader DonAlt tells his 48,900 YouTube subscribers that Bitcoin looks really, really good on the monthly timeframe after taking out resistance at $24,000.

According to the popular trader, the breakout is Bitcoin’s first real sign of bullis since November 2021, when BTC hit its all-time high of $69,000.

“[Bitcoin] hasn’t looked this good in a long, long time. Let’s be real right. When we look at the chart, we haven’t had any since the all-time high on the monthly. It’s been a complete sh*tshow. Every resistance did its job. There was really no bounce whatsoever. And technically speaking, if this monthly closes above resistance [around $24,000], that’s actually the confirmation of the breakout, the first bullish signal. I think that could run for a little bit.

Usually, monthly signals run for longer than a candle or two, but they just keep on going… I’m just going to say $35,000 resistance and then if that breaks, I don’t think you want to sell before a new all-time high.”   

Looking at the weekly timeframe, DonAlt says that he sees a scenario where Bitcoin could rally close to $33,000 before correcting to $27,000 to set the stage for an attempt to take out resistance at $35,000.

“Stuff like that happens all the time. When you get a rejection just before a big level on a high timeframe and then you have a weak pullback or two weeks into just another push into that monthly resistance, and then it actually shows whether it wants to go up or not.”

#bitcoin #BTC #koinmilyoner #GPT-4

Bitcoin price has historically breached the macro downtrend between 365 to 397 days before a halving.

The next Bitcoin halving is scheduled for April 2023, which stands to be within the expected range of the breakout.

On the micro-scale, BTC is performing exceptionally, reinforcing Bitcoin season.

Bitcoin is still the flagbearer of the crypto industry, and a lot is expected out of the biggest cryptocurrency in the world. While BTC has not been able to deliver per the expectation for a while now, things might be changing soon if this setup plays out.

Bitcoin in the macro timeframe

Bitcoin price dropped from its all-time high of $67,500 in 2022 to trade at $27,000 at the time of writing. Many analyses tried to pin this drawdown on macroeconomic events as well as internal crypto company failures. However, per crypto analyst and trader Rekt Capital, these events actually structured the repeat of a pattern.

Since the halving of 2016, Bitcoin price has been following this pattern which has played out successfully twice in a row now. According to Rekt Capital, BTC moved to form lows per a macro downtrend which the biggest cryptocurrency in the world broke out of close to a year before the halving.

In 2015 this happened 366 days before the halving, and a similar occurrence took place in 2019 395 days before the halving. Should this setup play out again, Bitcoin would successfully repeat this pattern for the third time as the next halving of April 2023 stands only 397 days away.

If the monthly candlestick close of Bitcoin is above the downtrend line, the macro downtrend would be invalidated. Breaking out of the same would potentially support a price rise in the long run. This is because the breakout before the previous halving noted BTC increasing by more than 183%. Although a similar rise cannot be expected this time around, the crypto asset would at least keep above $25,000.

Bitcoin season once again

Bitcoin price on the micro-scale has been performing pretty well, considering the nearly 35% rise observed by the cryptocurrency in the last seven days. Trading at $27,700, BTC rose from almost falling below $19,000.

But the rise in Bitcoin price was not met with similar enthusiasm in the case of altcoins, as only some of them managed to mark significant rises. Most of the top 50 altcoins over the last 90 days had lesser increases than BTC. 

Consequently, the market regressed to the Bitcoin season. For the altcoin season to arrive again, 75% of the top 50 altcoins must perform better than Bitcoin, which seems far away for now.

#bitcoin #Altcoin #BullRun #koinmilyoner #BNB

A pseudonymous crypto trader warns that Bitcoin (BTC) may not have bottomed out yet despite an over 30% rally in a matter of days.

Altcoin Sherpa tells his 10,800 YouTube subscribers in a new video that Bitcoin could hit a new 2023 high of over $30,000 before tumbling by more than 50% to up to around $15,000.

“I think that price is going to trade lower, possibly in the $20,000s, possibly in the $15,000, $17,000s again. That was kind of my overall opinion.

I do believe that bottoms take a long time to form. Wouldn’t surprise me at all to see something like you know we go back up $30,000, $31,000, $35,000 I have no idea where it stalls out at. And then you know we start to trade down again and maybe we form some sort of like double bottom…”

According to the analyst, Bitcoin could alternatively retrace slightly before embarking on a rally if the macro conditions allow it.

“If macro is okay overall and inflation is dying down, like the Fed [Federal Reserve Bank] wants a soft landing, and we see like this overall just kind of soft landing, then I don’t think we dip this far maybe we just dip a little bit…

And then like just start printing out a bullish market structure. Higher highs, higher lows at that point and everything is just dandy.”

#BTC #Binance #BNB #koinmilyoner #BullRun

Bitcoin price started a downside correction from the $28,500 resistance zone. BTC found support near $26,600 and is currently attempting a fresh increase.

Bitcoin is moving higher above the $27,000 resistance.

The price is trading below $27,800 and the 100 hourly simple moving average.

There was a break below a key bullish trend line with support near $27,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could rally again if there is a clear move above the $28,000 resistance zone.

Bitcoin Price Eyes Fresh Increase

Bitcoin price failed to clear the $28,500 resistance zone and reacted to the downside. The fed increased rates from 4.75% to 5%, which resulted in a bearish reaction. BTC declined below the $27,500 support zone.

Besides, there was a break below a key bullish trend line with support near $27,900 on the hourly chart of the BTC/USD pair. The pair even traded below the $27,000 level. A low is formed near $26,623 and the price is now correcting losses.

Bitcoin price climbed above the 23.6% Fib retracement level of the downward move from the $28,879 swing high to $26,623 low. It is still trading below $27,800 and the 100 hourly simple moving average.

On the upside, an immediate resistance is near the $27,750 level and trading below $27,800 and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the downward move from the $28,879 swing high to $26,623 low.

The next major resistance is near the $28,000 zone. A close above the $28,000 resistance might start another major increase. In the stated case, the price could rise towards the $28,500 level. Any more gains might send the price towards the $28,850 resistance zone.

Dips Supported in BTC?

If bitcoin price fails to clear the $28,000 resistance, it could start anther decline. An immediate support on the downside is near the $27,000 zone.

The next major support is near the $26,600 zone. Any more losses might send the price towards the $26,000 support zone. The next major support is near the $25,200 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $27,000, followed by $26,600.

Major Resistance Levels – $27,750, $28,000 and $28,500.

#BTC #BullRun #koinmilyoner #Fed #bitcoin

XRP’s social dominance increased sharply, but a few XRPL metrics were declining. 

XRP’s on-chain metrics looked bullish, suggesting a further price uptick.

Santiment’s latest tweet revealed that Ripple’s [XRP] social dominance has skyrocketed, reflecting its popularity in the crypto space. The credit for this surge can be given to XRP’s price action, as it registered nearly 30% growth over the last week. As per CoinMarketCap, XRP was trading at $0.484 at press time, with a market capitalization of over $25 billion. 

State of XRP Ledger 

While XRP enjoyed a comfortable bull rally, XRPL’s network statistics seem to have declined. The total number of transactions executed on the network went down after on 19 March. 

 The number of transactions per ledger also followed a similar trend of decline over the last few days. As XRP continues to pump, will XRPL benefit from it? It is possible that XRP’s popularity can help attract new users to XRPL.

Moreover, the daily amount of XRPL trust lines created has gone up lately, suggesting more usage. To make things clear, the XRP Ledger uses structures called trust lines to store tokens. The XRP Ledger’s prohibition on forcing someone else to hold a token they don’t want is enforced through trust lines. 

Will prices pump further? 

A higher bounce in XRP’s price will also be beneficial for XRPL. A look at XRP’s on-chain metrics suggested that it was likely to happen. For instance, XRP accumulation has increased considerably, indicating whales’ confidence in the token.

Messari’s data complemented historical data. A few days ago, the whale transaction count on the Ripple network hit several highs since 18 March. Weighted sentiments also drifted towards the positive side, which showed investors’ trust in XRP.

As per Santiment’s chart, XRP’s MVRV Ratio went up considerably as well, suggesting a further hike in its price over the coming days. XRP’s velocity registered an uptick, which indicated a higher movement of the token. In addition to that, XRP’s demand in the derivatives market also increased, as was evident from its Binance funding rate. 

#xrp #ripple #koinmilyoner #BTC #dyor

Veteran analyst Peter Brandt says that Bitcoin (BTC) is not going to take very long to reach new all-time highs (ATHs).

Brandt, whose crypto reputation was made by calling Bitcoin’s 2017 collapse, is shooting down a prediction by pseudonymous crypto analyst Cheds that Bitcoin is unlikely to hit $50,000 within 90 days.

“In case you are wondering: BTC highly unlikely to come even close to $50,000 in the next 90 days, let alone $1 million.”

In response to Cheds’ Tweet, Brandt says,

“Some smoke too much wacky.”

Brandt says he is predicting Bitcoin will reach new all-time highs within 12 months.

“All predictions are just guesses. My guess is that Bitcoin is 12 months away from new ATHs.”

He points to the historical performance of Bitcoin, saying his forecast is in line with the duration of prior market cycles.

“Dangerous to have opinions that are without fact. New ATHs in April-June 2024 would be very much in line with past cycles. The amount of disinformation in crypto is amazing to me.”

Brandt says he is not basing his prediction on next year’s halving event for Bitcoin when the new supply of BTC is reduced by half, which he says is not as important as some suggest.

“Halving is waaaaaaaaaay overrated and a non-event.”

Bitcoin is worth $28,086 at time of writing.

#Binance #BTC #BNB #GPT-4 #koinmilyoner

The top executive of the world’s largest asset manager says that developed markets are not catching up in terms of financial innovation.

In his annual letter to investors, BlackRock chairman and CEO Laurence Fink says that interesting things are happening in the crypto space even after the collapse of FTX and other firms in the industry.

“In many emerging markets – like India, Brazil and parts of Africa – we are witnessing dramatic advances in digital payments, bringing down costs and advancing financial inclusion.”

But despite the progress seen in emerging nations, Fink says developed markets including the US continue to face high payment costs due to failure to keep up with advances in digital payment.

“By contrast, many developed markets, including the US, are lagging behind in innovation, leaving the cost of payments much higher.”

Fink says crypto needs regulation given the elevated risks involved with the nascent asset class, but he says digital asset technology has the potential to transform financial markets.

“For the asset management industry, we believe the operational potential of some of the underlying technologies in the digital assets space could have exciting applications. In particular, the tokenization of asset classes offers the prospect of driving efficiencies in capital markets, shortening value chains, and improving cost and access for investors.”

#BTC #blockchain #BullRun #koinmilyoner #crypto2023

Shiba Inu price is down over 1% this Wednesday as risk-off sets the tone.

SHIB sees bulls dropping the ball on trying to keep the rally going as bears enter.

With several risk-off elements going on in the background, altcoins are on the cusp of breaking their own rally.

Shiba Inu (SHIB) price action is tanking over 1% this Wednesday after a very volatile and lucrative session for the bulls on Tuesday. Unfortunately, bulls did not see the bears coming and got rear-ended, smashing price action into the safety barriers. With SHIB price action already down over 6% from top to current level, another 12% could be lost if the support levels get broken.

Shiba Inu bulls got rear-ended by bears at the worst possible time

Shiba Inu price is down for the trading day this Wednesday after bulls did not get some follow-through on the steep rally from Tuesday. Instead of hitting $0.00001250 on the topside with the 55-day Simple Moving Average (SMA) as the key level to get a hold off, bears came in hard and ran price action into the ground. SHIB bulls lost their footing here and are on the brink of crashing off the road. With plenty of market turmoil and volatility in the markets, this time big brother Bitcoin is not stepping up as it did on Tuesday to provide a tailwind.

SHIB could come crashing down like a house of cards now that a favorable tailwind from Bitcoin is not present. Bulls are getting pushed against the green ascending trend line and could be seen taking once bears push through the defenses. The 200-day SMA could still be there for support, but seeing the recent volatility that could be no match.

Should volatility start to ease down a bit in the coming days and bring some calm and sense to altcoins. Expect the green ascending trendline to be used again as support for the rally with this time a nice grind higher towards $0.00001250. As the 55-day SMA gets turned into support that would be ideal for a jump higher toward $0.00001300 by the end of this week.

#SHIB #shibainu #shibarium #koinmilyoner #BTC