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#Write2earn #Bitcoin Market Analysis : Bearish Trend Although Ethereum ETF Approval #ETF #BTC #MarketAnalysis $BTC The Securities and Exchange Commission (SEC) greenlit all Spot Ethereum ETFs on Thursday, but the aftermath saw Bitcoin and the overall crypto market facing another downturn. Bitcoin is currently down nearly 2% on Friday. Ethereum ETF Approval Fails to Ignite BTC Price Despite the significant milestone of SEC's unexpected approval of Spot Ethereum ETFs, it failed to spark the anticipated surge in the crypto market. Instead, the following day witnessed Bitcoin struggling to maintain its position above $67,000, with Ethereum experiencing over a 3% decline, and several altcoins faring even worse. A 'Sell The News' Scenario The Ethereum community had likely anticipated a 'sell the news' scenario, considering Ethereum had already surged by over 28% in the last four days. BTC Breaks Out of Mini Bull Flag On the short-term hourly chart, Bitcoin has broken downwards out of a small bull flag, signaling a bearish trend. While there is support below, the price needs to hold steady to avoid dropping to the next support level at $64,000. False Breakout on Large BTC Bull Flag On the higher daily timeframe, a larger bull flag is evident. However, the price has reentered the flag, indicating a false breakout. Nonetheless, there is solid support at this level. If the price continues to decline, it could potentially fall back to $55,000. BTC Shows Positive Signs for the Future Despite these fluctuations, the 4-hour, 8-hour, and 12-hour stochastic RSIs are bottoming out, suggesting that upward momentum may soon resume for Bitcoin. In summary, the bull flag remains relevant, with substantial support levels beneath the current price, including highs from the previous 2021 bull market. Additionally, the weekly stochastic RSI indicates a cross up from the bottom, indicating a potential return of momentum. A shift is underway in the US political landscape concerning crypto, and with elections scheduled for November.

#Write2earn #Bitcoin Market Analysis : Bearish Trend Although Ethereum ETF Approval

#ETF #BTC #MarketAnalysis $BTC

The Securities and Exchange Commission (SEC) greenlit all Spot Ethereum ETFs on Thursday, but the aftermath saw Bitcoin and the overall crypto market facing another downturn. Bitcoin is currently down nearly 2% on Friday.

Ethereum ETF Approval Fails to Ignite BTC Price

Despite the significant milestone of SEC's unexpected approval of Spot Ethereum ETFs, it failed to spark the anticipated surge in the crypto market. Instead, the following day witnessed Bitcoin struggling to maintain its position above $67,000, with Ethereum experiencing over a 3% decline, and several altcoins faring even worse.

A 'Sell The News' Scenario

The Ethereum community had likely anticipated a 'sell the news' scenario, considering Ethereum had already surged by over 28% in the last four days.

BTC Breaks Out of Mini Bull Flag

On the short-term hourly chart, Bitcoin has broken downwards out of a small bull flag, signaling a bearish trend. While there is support below, the price needs to hold steady to avoid dropping to the next support level at $64,000.

False Breakout on Large BTC Bull Flag

On the higher daily timeframe, a larger bull flag is evident. However, the price has reentered the flag, indicating a false breakout. Nonetheless, there is solid support at this level. If the price continues to decline, it could potentially fall back to $55,000.

BTC Shows Positive Signs for the Future

Despite these fluctuations, the 4-hour, 8-hour, and 12-hour stochastic RSIs are bottoming out, suggesting that upward momentum may soon resume for Bitcoin.

In summary, the bull flag remains relevant, with substantial support levels beneath the current price, including highs from the previous 2021 bull market. Additionally, the weekly stochastic RSI indicates a cross up from the bottom, indicating a potential return of momentum.

A shift is underway in the US political landscape concerning crypto, and with elections scheduled for November.

Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
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#Write2earn SOLANA’S POPULARITY SOARS: PHANTOM WALLET DOWNLOADS HIT 770,000 IN APRIL #solana #Phantom #solanaWallet #Phantomwallet $SOL Retail investors are flocking to Solana, driven by the excitement of memecoin mania. The fourth-largest Layer 1 network by total value locked (TVL) is attracting traders with its fast and affordable transactions. Phantom, a leading wallet app for accessing Solana’s web3 ecosystem, saw an estimated 770,000 downloads in April, according to appfigures. Impressively, the app has surpassed Facebook in the U.S. Google Play Store rankings. Transaction Fees and Network Activity Despite recent spikes in transaction fees due to network congestion, Solana remains significantly cheaper for transactions compared to Bitcoin or Ethereum. However, it is more expensive than Layer 2 networks like Arbitrum, Optimism, and Base. Data from The Block indicates that Solana traders are paying higher priority fees to ensure their transactions are processed promptly. SOL's Market Performance Since the crypto market's low on May 1, Solana (SOL) has rebounded sharply, rallying nearly 50%. Although it has dipped 1.3% in the past 24 hours, it remains the fifth most valuable digital asset. Conclusion Solana's appeal to retail investors is evident from the surge in Phantom wallet downloads. As traders continue to seek out fast and cost-effective transaction options, Solana's popularity is poised to grow even further.
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#Write2earn RWA Tokens Surge After Ethereum ETF Approval: Ondo and Chainlink Lead the Way #RWA #ONDO‬⁩ #ChainLink #realworldassets $ondo $LINK Real-world asset (RWA) tokens, including Ondo and Chainlink, have experienced significant gains following the approval of spot Ethereum ETFs on May 23. Surge in RWA Tokens The approval of the spot Ethereum ETF has propelled RWA-related tokens to new heights. Ondo Finance, an RWA protocol boasting nearly $450 million in total value locked (TVL), saw a 13% increase in value, while Chainlink, a leading oracle provider, rose over 6%. What Are RWAs? RWAs are tokenized versions of traditional financial assets, such as bonds, real estate, and treasury bills. Tokenization enables fractional ownership, lowers barriers to entry for investors, and adds transparent, trustless verification to the legacy financial system. Traditional Finance Giants Embrace Tokenization Major financial institutions like Blackrock and JP Morgan are exploring the RWA sector through partnerships with Ondo and Chainlink. The Depository Trust and Clearing Corporation (DTCC) recently completed an RWA pilot program with Chainlink and 10 industry partners, including JP Morgan, Invesco, and Franklin Templeton. Blackrock CEO Larry Fink highlighted the firm's interest in tokenization, stating on Bloomberg Television in January, “We believe the next step going forward will be the tokenization of financial assets.” Blackrock is backing this vision, with its on-chain fund transferring over $5 million to Ondo Finance in the past month, according to Arkham Intelligence. Conclusion The recent approval of the spot Ethereum ETF has had a positive impact on RWA tokens like Ondo and Chainlink. As traditional finance giants continue to explore and invest in tokenization, the RWA sector is poised for significant growth, potentially transforming the financial landscape.
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