Cardano has seen a strong 26% surge following the Federal Reserve’s interest rate cuts announcement two weeks ago, boosting optimism across the crypto market. 

Analysts and investors are questioning the sustainability of the recent surge. Despite the initial rally, Cardano’s price failed to close above a key resistance level, signaling potential weakness in the uptrend.

On-chain data from Santiment reveals a decline in demand for ADA, adding to investor caution. Decreased network activity and buying pressure raise doubts about the sustainability of the current rally. 

As the market awaits further developments, investors are closely watching for signs of a reversal or continuation of the uptrend, understanding that ADA’s next move could set the tone for its performance in the weeks ahead.

Cardano Indicator Shows Concerning Data

Cardano faces a significant risk of a 30% drop to its yearly low of around $0.27, as on-chain data from Santiment reveals rising selling pressure and diminishing demand. 

The warning signs for ADA’s price have become clearer, with its daily active-address (DAA) divergence showing a negative reading of -43.3% at the time of writing. This metric, which tracks the correlation between an asset’s price movements and changes in its daily active addresses, has remained negative since September 7, indicating a troubling trend for Cardano.

The negative DAA divergence suggests that much of ADA’s rally this month, following the Federal Reserve’s interest rate cuts, has been fueled more by broader market sentiment than by any specific demand for ADA itself. This lack of organic demand increases the likelihood of a steep correction shortly.

Without sustained buying pressure, Cardano’s price could drop sharply as traders begin to lock in profits, further driving prices downward.

If ADA fails to break above its current resistance level of around $0.41, analysts expect a deeper correction, potentially pushing the price back to the yearly low of $0.27. With weakening demand and increasing selling pressure, Cardano’s near-term outlook looks uncertain, and traders are bracing for further downside risk.

ADA Price Action: Testing A Crucial Supply Level

ADA trades at $0.38, following a 10% dip from its daily 200 exponential moving average (EMA) at $0.41. This level has become a crucial resistance area, as the price formed a new local high around this zone.

ADA must reclaim the $0.41 level and push above the next key resistance at $0.45 to confirm a bullish trend for the coming weeks. Successfully breaking past these levels would signal renewed strength, giving the bulls control and potentially leading to higher prices.

However, if ADA fails to push above these critical levels, the altcoin could face further downside pressure. A failure to reclaim $0.41 and surpass $0.45 would likely result in increased selling, triggering a potential 30% drop. In such a scenario, ADA would be at risk of revisiting its yearly low of around $0.27. 

Given the current market uncertainty and declining demand, traders are carefully watching ADA’s price movements, as the next few days could be pivotal for determining whether a bullish breakout or a deeper correction is on the horizon.

Featured image from Dall-E, chart from TradingView

Source: NewsBTC.com

The post Cardano (ADA) Faces Risk Of 30% Drop – On-Chain Metrics Confirm A Slow Demand appeared first on Crypto Breaking News.

With the start of the highly anticipated Uptober here, market experts have been super bullish on the Bitcoin future outlook. In line with this, a crypto analyst has identified a major catalyst that could propel Bitcoin to new all-time highs (ATHs) in the Fourth Quarter (Q4) of 2024. 

Bitcoin Sets Sights On New ATH In Q4

Bitcoin has been on a roll these past few days, with its price skyrocketing towards the end of September after experiencing a decline earlier. The cryptocurrency has been confirming analyst’s predictions of a bullish Q4 with its recent price movements. 

According to CoinMarketCap’s data, Bitcoin rose by about 1.03% in the past seven days, ending September on a bullish note. Given the cryptocurrency’s positive momentum in September, crypto analyst, Eric Crown has predicted on X (formerly Twitter) that Bitcoin could rise to new all-time highs in Q4. 

Crown has based his predictions on the historical performance of Bitcoin, particularly focusing on the months following September. He disclosed that historically, whenever Bitcoin closed a green September, it followed up with a bullish trend in Q4 every single time. 

Following this trend, Crown has surmised that Bitcoin closing September in the green was a major catalyst for a bullish surge. As a result, he predicts that the average return for Bitcoin in this current Q4 would be close to 170.42%.

If a few major “outliers” are removed, a modest return of 50% would be a more realistic expectation of potential gains. Calculating Bitcoin’s projected price using these percentage returns would see the cryptocurrency rising to $173,344 with a 170.42% return and $96,153 with a 50% return. 

While he remains generally bullish on Bitcoin’s price outlook, Crown has also disclosed in a more recent X post that the month of October has generally seen low momentum in Bitcoin during the first 10 days. This analysis is also evident in Bitcoin’s current price which has declined today by 0.69% and is trading at $63,976, as of writing. 

Considering this trend, Crown has projected that Bitcoin is likely to witness a price low at the beginning of the month, before starting its projected bullish rally to new highs.  

Analysts Confirm Green Q4 For BTC

According to crypto analyst Kaizen, Bitcoin’s price performance in October from 2013 to 2023 was 80% in the green. The analyst also disclosed that during every United States (US) election year, the months of Q4 were 100% green. Moreover, each year after Bitcoin closed positively in September, it always had a green October. 

Following this recurring historical trend, Kaizen notes that this Q4 could be extremely bullish for Bitcoin. He highlighted that not only is 2024 an election year, but Bitcoin has recently closed the month of September on a positive trend, as a result the cryptocurrency could be gearing up for a major rally. 

Source: NewsBTC.com

The post Major Catalyst That Could Drive Bitcoin To New ATH In Q4 Emerges appeared first on Crypto Breaking News.

What We’re Reading: HODL15Capital

Follow Nikolaus On X Here

For the past few weeks I have been keeping up with HODL15Capital on X, who has done a tremendous job at posting some of the quickest incoming market data regarding the U.S. spot Bitcoin ETFs. Recently, there have been two charts in particular he has posted that have caught my eye.

Nine months ago, the SEC approved spot Bitcoin ETFs for trading, and since then, the ETFs have seen huge inflows during eight out of those nine months. Since their inception, these ETFs have seen inflows of 312,488 BTC while miners have only created 169,942 new bitcoin.

Number of Bitcoin purchased by #Bitcoin ETFs each month$IBIT $FBTC $GBTC $ARKB $BITB $HODL $BRRR $EZBC $BTCW pic.twitter.com/mpeurOCUcR

— HODL15Capital (@HODL15Capital) October 1, 2024

These ETFs have been the fastest growing ETFs in history, like BlackRock CEO Larry Fink stated, with no real signs of slowing down, especially as we head into a period of time that has been historically bullish for Bitcoin. 

These ETFs are gobbling up all the available BTC leaving many thinking: Who could possibly be selling right now? And according to HODL15Capital, it appears to be smaller BTC holders, selling directly into the hands of the ETFs and institutions.

Small Bitcoin holders continue to sell to ETFs and $MSTR pic.twitter.com/hV42fDVlps

— HODL15Capital (@HODL15Capital) September 26, 2024

We’re seeing state pension funds, large institutions, wealthy investors and other major players buy and hold shares of these ETFs. Even ETF issuers like BlackRock are buying shares of its own Bitcoin ETF for their other funds. Long story short, I’m seeing smart money pouring into this asset class and, while that is great for the price of BTC, it pains me to watch smaller holders sell their bitcoin directly to the institutions.

Holding Bitcoin over the long term has been proven to be one of the best ways to build wealth. This is a real chance for those interested in investing for their future, who may not currently have proper savings, to start building up wealth in a sovereign way by accumulating BTC and holding the keys to their coins. Instead, these coins are being mostly “locked up” in these ETFs, where those who buy them can only redeem their shares for US dollars and don’t experience the benefits of the attributes that make bitcoin so unique (e.g, freedom to transact globally without permission from a third party).

Based on this data, I fear many of these smaller bitcoin holders are letting a great opportunity to build wealth via holding BTC slip through their fingers. Also, buy not buying bitcoin directly and holding it in self-custody, as opposed to purchasing shares of the ETFs, investors are missing out on what it truly means to own censorship resistant sovereign money. Such a feeling often has the effect of making investors hold bitcoin for the long-term as opposed selling in the short-term based on fear.

The smart money knows exactly what opportunity is here, and they don’t care too much about the freedom aspects of Bitcoin. They’re just filling their BTC bags in a vehicle that suits them better. 

Cheap BTC does not last forever. Major players will continue scooping up huge swaths of shares of the ETFs as we hit a new all time highs and beyond. If there’s one thing I leave you with today: Don’t sell your BTC to the corporations, and hold the keys to your coins.

Source: Bitcoin Magazine

The post NIKOLAUS: Retail Keeps Selling Bitcoin to ETFs, Don’t Sell Your BTC To Whales appeared first on Crypto Breaking News.

XRP is back in the limelight once again, catching a rising tide of bullish vibes in the cryptocurrency marketplace. The token went steadily up last week but managed to make an even bigger leap over the weekend.

This resulted in an increase in its value by a whopping 13%. The price jumped from $0.5889 to $0.6622 and reached a six-month high. Quite a lot of buzz has been seen in the crypto world, and the community feels this rally might just be the beginning for Ripple’s native currency.

While the rest of the crypto market has cooled down a bit, XRP continued in its movement and was greatly noticed by investors and traders. Despite having pulled back a bit, the token still remains strong and is trading at $0.6518 at the time of writing.

According to CoinCodex, a cryptocurrency analysis tool, XRP will continue its bullish path and gain by around 19.60% in the coming quarter. On the basis of this optimistic outlook, which reflects growing market confidence in the token, the price may reach $0.743019 by the 31st of October in the year 2024.

Big Things Coming For XRP

Well-known trader Anup Dhungana recently hyped up the excitement with his statement that XRP may be set to see some major price actions in the coming months. On X (formerly Twitter), he said he believes that XRP is placed for a proper breakout.

Big things could be happening for $XRP soon!#XRPHolders https://t.co/XHAaVRwXwB pic.twitter.com/QM7ChskTNv

— Anup Dhungana (@CryptoAnup) September 29, 2024

According to Dhungana’s research, the coin might reach the $3 mark in the midterm—a price level XRP has not seen in almost seven years.

Other experts shared Dhungana’s enthusiasm and projected XRP would reach $3 before Christmas. The token would have to skyrocket 360% from its present value if such is to occur. More analysis, however, holds the belief that the $3 mark will not be a top but a new floor to continue the move upwards into 2025.

Price Forecast Points To Growth

Technical study supports XRP’s forecast. CoinCodex predicts a 20% growth by October, boosting hope on this platform. XRP has had 16 of 30 green days in a month, demonstrating momentum.

Given a Fear & Greed Index of 50, which denotes a neutral market attitude, there is possibility for more consistent development as the market negotiates its present state.

In addition, the price volatility for XRP has been pretty low in the last 30 days at 4.80% and thus traders have chances to gain from slight fluctuations in prices. Such moderate volatility paired with increasing market confidence highlights the perspective on long-term developments.

Featured image from Moneycontrol, chart from TradingView

Source: NewsBTC.com

The post Could XRP See A 360% Surge By Christmas? Experts Think So appeared first on Crypto Breaking News.

XRP tests a crucial supply level after days of choppy price action, showing signs of strength as it prepares for a potential breakout. The price has surged approximately 13% since Friday, putting it within striking distance of the key psychological level at $0.65. Reclaiming this level would signal the start of a new bullish cycle and renewed market optimism.

Analysts and investors closely watch this price movement, hoping XRP will break above $0.65 in the coming days. With the broader crypto market pushing for higher prices, there is a growing sentiment that XRP will follow suit and continue its upward trend.

If momentum continues, surpassing this level could set the stage for a more significant rally, with expectations of new highs. 

However, failure to break through could lead to further consolidation or even a retracement. The next few days will be pivotal for XRP as it attempts to solidify its bullish trajectory.

XRP Testing A Crucial Resistance 

XRP is at a critical turning point as it nears the crucial $0.65 mark, a level it hasn’t consistently closed above since March, aside from a brief breakout. Investors and analysts closely monitor the price action, speculating about potential outcomes as the market remains uncertain. The inability to close above this resistance level has kept XRP in a consolidation phase for months, leaving traders anxious for a clear direction.

Prominent crypto analyst Crypto Tony has weighed in on the situation, sharing a detailed technical analysis on X, highlighting this price level’s significance. According to Tony, reclaiming $0.65 would signal that bulls are back in control, setting the stage for a potential rally. 

In his analysis, Tony suggests that if XRP breaks through this resistance, it could push the price to a new target of $0.92—a significant 40% surge from current levels.

The $0.65 level holds substantial psychological and technical importance, and a successful breakout would likely shift market sentiment in favor of a sustained uptrend. However, until this level is decisively reclaimed, uncertainty remains. 

All eyes are on XRP to see if bulls can drive the price to new highs in the coming weeks.

Price Action: Key Levels To Watch 

XRP is trading at $0.63 after months of volatile price action marked by aggressive pumps and discouraging dumps. The $0.65 level has acted as a daily resistance since early 2023 and was previously a key demand level, offering support from April 2021 to May 2022. However, this level has flipped into a challenging resistance zone for XRP.

If bulls want to regain control and push higher, XRP must break past $0.65 and confirm it as support. A successful breakout would signal strength and potentially set the stage for a larger rally. 

However, failure to break through this level would lead to a correction toward the daily 200 moving average (MA) at $0.54, representing a 12% drop. This scenario could also result in further sideways consolidation for XRP, extending the uncertain price action for the coming months.

With the market pushing higher, XRP’s next moves will determine whether it can keep up the bullish momentum or consolidate. For now, the $0.65 mark remains the key level to watch.

Featured image from Dall-E, chart from TradingView

Source: NewsBTC.com

The post XRP Price Bullish Potential Grows – A Surge Above $0.65 Will Triger Buyers appeared first on Crypto Breaking News.

The Bitcoin mid-September rally has slowed down leading up to the end of the month. Although it ended September at a green monthly candle close, the cryptocurrency has fallen below the psychological $65,000 price mark again, with the fear and greed index returning from greed to neutral sentiment. This seems to have caused some second-guessing among Bitcoin investors. However, CryptoQuant CEO Ki Young Ju is not entertaining any such thought.

According to Ki Young Ju, Bitcoin is still in the middle of a bull cycle. This is positive news for Bitcoin investors, as the crypto industry is now transitioning into a historically bullish fourth quarter of the year. 

Bitcoin Bull Market Not Over

CryptoQuant CEO Ki Young Ju is part of fervent Bitcoin investors who remain unfazed by the recent price fluctuations. However, his stance isn’t just based on speculations but is backed by technical price data and analysis. Ki Young Ju draws his bullish outlook on the Bitcoin growth rate difference, which presents an interesting outlook on the cryptocurrency. Essentially, the Bitcoin growth rate difference compares the market cap of Bitcoin to its realized cap in order to gauge its bullish or bearish strength.

The market cap of a cryptocurrency is the total value of all coins in circulation, calculated by multiplying the current price by the total supply. In contrast, the realized cap takes into account the actual value paid for each BTC in circulation based on the price at which each coin last moved. A higher market cap growth rate suggests the spot price of the average coin has increased compared to the last it was moved.

According to a Bitcoin technical chart he shared on social media platform X, Ki Young Ju noted that Bitcoin’s market cap is still growing faster than its realized cap, which continues to point to a bull cycle. Notably, the analyst has mentioned in an earlier analysis of the growth rate difference that this trend, which started in late 2023, typically lasts for an average of two years. 

What Does This Mean For BTC?

Going by past bull cycle trends, which Ki Young Ju noted typically lasts for about two years, Bitcoin is expected to continue in a bull cycle for at least more than a year going forward. Furthermore, current fundamentals point to steady growth for Bitcoin as inflows continue to pour in from institutional investors.

Speaking of institutional investors, Spot Bitcoin ETFs, which ended last week with the largest inflow ($494.27 million) since July 22, have begun the new week on a positive note. Particularly, they registered $61.3 million in net inflows yesterday, which is a sign of good things to come. Institutional involvement, especially through vehicles like Spot Bitcoin ETFs, is a crucial factor in BTC’s sustained price growth.

At the time of writing, Bitcoin is trading at $64,080.

Source: NewsBTC.com

The post Bitcoin Bull Market Not Over: CryptoQuant CEO Reveals Where We Are This Cycle appeared first on Crypto Breaking News.

Company Name: Bitrefill

Founders: Sergej Kotliar + others

Date Founded: 2014

Location of Headquarters: Stockholm, Sweden

Amount of Bitcoin Held in Treasury: Undisclosed

Number of Employees: 76

Website: https://www.bitrefill.com/

Public or Private? Private

Since 2014, Bitrefill has been helping users spend their bitcoin and other cryptocurrencies on everything from gift cards to mobile phone top ups to eSims.

One might think that, after a decade, the company’s leadership has uncovered the secret to growing Bitrefill with relative ease. However, one of Bitrefill’s co-founders and its CEO, Sergej Kotliar, says that the company still faces a number of challenges in broadening its user base.

“The main difficulty continuously in our company is finding customers,” Kotliar told Bitcoin Magazine.

“It’s difficult because it’s still a niche. Especially people who use some kind of internet money in a wallet app on a regular basis is some small percentage or even a fractional percentage spread out across the world,” he added, referring to the less than 10% of the world’s population that owns crypto, and even fewer who use it regularly.

“You need to figure out how to reach them.”

While Kotliar and the team at Bitrefill may not yet have reached every potential customer out there, they’ve learned a lot about what to do and what not to do to keep a crypto company alive through multiple bitcoin epochs.

In my conversation with Kotliar, he shared with me some of the lessons he’s learned.

Lesson 1: Don’t Believe The Hype

Kotliar claims that one of the biggest illusions in the bitcoin and broader crypto space is that communities of crypto enthusiasts and users are bigger than they actually are. This becomes particularly dangerous when founders of crypto startups get lured into believing the hype on social media about their company.

“There is definitely a phenomenon where a startup launches, they get cheers on Twitter, they very quickly sort of manage to convey their message and their value proposition to that audience who might be inclined to use their thing and are able to convert them — and then they hit the wall,” explained Kotliar.

“The people that they acquired in that way are also very opinionated, which makes it difficult to go outside of that group. Companies get stuck because they become captured by their initial audience, which, in the best case scenario, are customers, but, in the mid scenario, are just fans — people on Twitter that don’t really need whatever the company is offering,” he added.

For this reason, Kotliar focuses less on what people have to say about Bitrefill on social media and more on providing the best possible customer experience.

This includes constantly adding more items and services people can purchase with bitcoin and crypto via the site as well as developing new products like the Bitrefill Card, which lets users spend their crypto just like a traditional debit card lets users spend fiat.

According to Kotliar, avoiding the crypto echo chamber and focusing on solving real problems for customers has been key to his company’s success.

Lesson 2: Stay Alive — Without Requiring VC Funding

Bitrefill has survived for 10 years because it’s capable of standing on its own two feet financially, without requiring repeated doses of venture capital funding to remain afloat.

“There are companies that are default dead, and there are companies that are default alive,” he explained.

“This means if the current trajectory continues, is it going to be a dead company with no extra funding or is it going to be a live company? When you reach that ‘we’re default alive’ point, it lets you focus more on the things that matter and less on the things that will attract investment,” he added.

Kotliar went on to share that “things that attract investment in our industry often are not necessarily the things that require customers,” alluding to the fact that hype tends to drive investment in the crypto space more than a company meeting certain qualitative standards.

Focusing on the things that matter, like helping customers easily spend their crypto on gift cards for almost anything as well as other services, has been essential in keeping Bitrefill in business for ten years, despite the inherent waves of volatility in the Bitcoin and crypto space.

Lesson 3: Ride The Waves And Learn To Swim

One of the secrets to surviving as a Bitcoin or crypto company is learning how to keep a business afloat during market downturns. It’s easy for crypto companies to keep their doors open and even thrive when the bull market is in full swing, but only the strong survive when the bear market comes around.

“During a bull market, we grow very rapidly, and during the bear market, we manage to stay flat,” Kotliar explained.

“A lot of companies in our industry, in a bear market, will go under and fire people. We’re not like that, but it definitely takes a lot of swimming to remain in the same place,” he added.

The fact that Bitrefill serves customers in over 180 different countries also helps to keep it alive, as new waves of adoption happen in different countries at different times for a variety of different reasons.

Kotliar says Bitrefill often experiences “regional waves” of adoption.

“There’s currently a wave going on in Argentina,” he said. “There is this 30% tax on foreign transactions, and so some Argentinians are using Bitrefill to buy games and stuff like that to avoid the 30% tax.”

Lesson 4: Be Where The People Are (Or Where They Might Be)

Despite the fact that Bitcoin and crypto have become more mainstream in the 10 years that Bitrefill has existed, Kotliar comes back to the point that to be successful as a company you have to aim to serve everyday people versus solely the Bitcoin enthusiast.

“The world doesn’t care,” said Kotliar about Bitcoin ideology.

“In the Bitcoin world, some parts of it care more about which features you don’t offer as opposed to which features you do offer, which is strange. Nobody would go to a store and be like, ‘Hey, you also sell this stuff!’” said Kotliar, referring to the notion that some Bitcoin enthusiasts have taken issue with the fact that Bitrefill accepts other cryptocurrencies.

Kotliar argues that users tend to be indifferent to what other technologies do and don’t offer, so long as they serve the purpose they need them to serve.

“You seem to care about the Riverside [FM],” said Kotliar, referring to the app I used to record my interview with him, “but I don’t know if you would go to a conference about it or get into an argument with someone over a feature that it has or maybe a feature that it should not have.”

He went on to explain that Bitrefill accepts different cryptocurrencies for different reasons, one of which is meeting the consumer where it’s at, a core tenet of Kotliar’s approach. He shared that the core of Bitrefill’s strategy is getting the product in front of people who otherwise wouldn’t seek something like it out. He wants people to stumble upon it, which he claims “doesn’t always happen by itself.”

“The big takeaway is that it’s not enough to be at the Bitcoin conference,” he said. “You need to be in where people are, especially the people that do not particularly care about Bitcoin.”

Lesson 5: Listen, Don’t Speak

Some of Bitrefill’s growth has been fueled by its being receptive to feedback from users.

“We get a lot of feedback, and we have all kinds of channels open,” said Kotliar. “I think that the main function of marketing is actually to listen more than to speak.”

Kotliar also noted that this process requires some discretion.

“We try to listen in every channel, but then also try to figure out — to sift,” he explained, pointing out the company gets its fair share of messages from people pushing certain tokens.

“[We] find out what the real requests are, and if you get enough real requests, you get a sense that this is real,” he added, referring to the suggestions that the company ends up taking seriously.

What’s Next For Bitrefill?

After 10 years, Bitrefill’s mission remains the same: focusing on what best serves customers (and ignoring the noise in the process).

“We have a whole team now that’s working on adding gift cards,” said Kotliar, “and we’re still putting a lot of effort into the Bitrefill Card.”

While Kotliar believes that Bitrefill is “the best in the world at everything Bitcoin payment related,” he and his team are currently looking into adding functionality for stablecoins on Lightning.

Other than that, it’s business as usual at Bitrefill.

“Our aim is to be the, you know, the one stop shop for everything day to day usage of cryptocurrency in the real world,” said Kotliar.

“That’s where we’re putting our attention.”

Source: Bitcoin Magazine

The post Lessons From Running Bitrefill, Premier Bitcoin E-Commerce Platform appeared first on Crypto Breaking News.

The long-anticipated trading of Eigenlayer’s EIGEN token began today, following the lifting of transfer restrictions that had been in place since the token’s launch in May. Major cryptocurrency exchanges including Binance, Kraken, Coinbase, ByBit, and OKX have listed EIGEN, providing liquidity to holders of the token, many of whom received it through airdrops earlier this year.

In a statement released through X, the Eigen Foundation highlighted the importance of this milestone: “We’re thrilled to announce the unlocking of the EIGEN token, a big step for the Eigenlayer ecosystem. This opens up new possibilities for open innovation, shared security, and participation across the network.”

They added that the unlock enables developers to build Actively Validated Services (AVSs) using EIGEN staking, enhancing protocol security and functionality. “The unlock of EIGEN marks the beginning of broader engagement. It acts as a catalyst for economic expansion, governance, and protocol development, driving growth and strengthening the decentralized ecosystem,” the Eigen Foundation added.

Buy Or Sell Eigenlayer (EIGEN)?

Market sentiment has been mixed on the first day of trading. Lookonchain reported significant purchases by whales, indicating strong interest from large-scale investors. One transaction involved an address purchasing 383,672 EIGEN at $4.05, totaling $1.55 million. Another address spent 1.31 million USDC to acquire 318,651 EIGEN at $4.10.

2 whales bought 702,324 $EIGEN($2.86M) in the past 4 hours!

0x2dcd spent 588 $ETH($1.55M) to buy 383,672 $EIGEN at $4.05.https://t.co/QtcgQQJfSR

0xb112 spent 1.31M $USDC to buy 318,651 $EIGEN at $4.1.https://t.co/qy5SoAuuru pic.twitter.com/Dzt65tYwJT

— Lookonchain (@lookonchain) October 1, 2024

Despite these buys, not all activity has been bullish; notable crypto whale GCR was reported to have sold a significant amount of EIGEN shortly after the unlock, depositing over 250,000 EIGEN into Binance. “GCR (@GiganticRebirth) claimed an airdrop of 253,946 EIGEN($1.06M) through 7 wallets and deposited all of it into Binance 40 minutes ago. #GCR“ Lookonchain reports.

Crypto analyst Aylo offered a comparison of EIGEN’s market performance relative to other tokens via X: “EIGEN launched exactly in line with the pre-market price, sitting at $7B FDV. A few coins with bigger FDVs than EIGEN currently include OP ($8B), ONDO ($7.9B), UNI ($7.7B), FIL ($7.6),BCH ($7.2B),” he noted, suggesting that EigenLayer’s role in Ethereum’s ecosystem could be a critical factor in its valuation.

“EigenLayer is the innovation on Ethereum this cycle, and has had more coverage than almost anything else in the EVM in the last year. Really does feel similar to the conditions that TIA launched in. Does the PA play out the same way? No unlocks for a year too…,” Aylo noted.

Daan Crypto Trades, another prominent analyst, remarked on the market dynamics: “EIGEN Launched today. I think many market participants will be watching the price action develop to gauge overall market strength and sentiment. So far, price has held up, and even gone up slightly, even though there’s a lot of airdrop participants selling their tokens.”

He speculated on the potential for EIGEN’s market valuation to rise, indicating that the current conditions might be more favorable than in recent months. “If the market keeps trending from here I’m assuming EIGEN can go much higher than $7B FDV. Earlier this year it was estimated to launch at $20B+ (in better market conditions). Having said that, I don’t own any right now but I’d definitely be a buyer at $2-3 and I think many would. So not sure if it gets there at all if it doesn’t do so in the first few days of airdrop selling,” Daan concluded.

At press time, EIGEN traded at $4.127.

Source: NewsBTC.com

The post Eigenlayer (EIGEN) Starts Trading: Whales And Experts React – Is It A Buy? appeared first on Crypto Breaking News.

The long-anticipated trading of Eigenlayer’s EIGEN token began today, following the lifting of transfer restrictions that had been in place since the token’s launch in May. Major cryptocurrency exchanges including Binance, Kraken, Coinbase, ByBit, and OKX have listed EIGEN, providing liquidity to holders of the token, many of whom received it through airdrops earlier this year.

In a statement released through X, the Eigen Foundation highlighted the importance of this milestone: “We’re thrilled to announce the unlocking of the EIGEN token, a big step for the Eigenlayer ecosystem. This opens up new possibilities for open innovation, shared security, and participation across the network.”

They added that the unlock enables developers to build Actively Validated Services (AVSs) using EIGEN staking, enhancing protocol security and functionality. “The unlock of EIGEN marks the beginning of broader engagement. It acts as a catalyst for economic expansion, governance, and protocol development, driving growth and strengthening the decentralized ecosystem,” the Eigen Foundation added.

Buy Or Sell Eigenlayer (EIGEN)?

Market sentiment has been mixed on the first day of trading. Lookonchain reported significant purchases by whales, indicating strong interest from large-scale investors. One transaction involved an address purchasing 383,672 EIGEN at $4.05, totaling $1.55 million. Another address spent 1.31 million USDC to acquire 318,651 EIGEN at $4.10.

2 whales bought 702,324 $EIGEN($2.86M) in the past 4 hours!

0x2dcd spent 588 $ETH($1.55M) to buy 383,672 $EIGEN at $4.05.https://t.co/QtcgQQJfSR

0xb112 spent 1.31M $USDC to buy 318,651 $EIGEN at $4.1.https://t.co/qy5SoAuuru pic.twitter.com/Dzt65tYwJT

— Lookonchain (@lookonchain) October 1, 2024

Despite these buys, not all activity has been bullish; notable crypto whale GCR was reported to have sold a significant amount of EIGEN shortly after the unlock, depositing over 250,000 EIGEN into Binance. “GCR (@GiganticRebirth) claimed an airdrop of 253,946 EIGEN($1.06M) through 7 wallets and deposited all of it into Binance 40 minutes ago. #GCR“ Lookonchain reports.

Crypto analyst Aylo offered a comparison of EIGEN’s market performance relative to other tokens via X: “EIGEN launched exactly in line with the pre-market price, sitting at $7B FDV. A few coins with bigger FDVs than EIGEN currently include OP ($8B), ONDO ($7.9B), UNI ($7.7B), FIL ($7.6),BCH ($7.2B),” he noted, suggesting that EigenLayer’s role in Ethereum’s ecosystem could be a critical factor in its valuation.

“EigenLayer is the innovation on Ethereum this cycle, and has had more coverage than almost anything else in the EVM in the last year. Really does feel similar to the conditions that TIA launched in. Does the PA play out the same way? No unlocks for a year too…,” Aylo noted.

Daan Crypto Trades, another prominent analyst, remarked on the market dynamics: “EIGEN Launched today. I think many market participants will be watching the price action develop to gauge overall market strength and sentiment. So far, price has held up, and even gone up slightly, even though there’s a lot of airdrop participants selling their tokens.”

He speculated on the potential for EIGEN’s market valuation to rise, indicating that the current conditions might be more favorable than in recent months. “If the market keeps trending from here I’m assuming EIGEN can go much higher than $7B FDV. Earlier this year it was estimated to launch at $20B+ (in better market conditions). Having said that, I don’t own any right now but I’d definitely be a buyer at $2-3 and I think many would. So not sure if it gets there at all if it doesn’t do so in the first few days of airdrop selling,” Daan concluded.

At press time, EIGEN traded at $4.127.

Source: NewsBTC.com

The post Eigenlayer (EIGEN) Starts Trading: Whales And Experts React – Is It A Buy? appeared first on Crypto Breaking News.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, recently celebrated a remarkable September, achieving a two-month high of $66,560 last Friday. 

Although it fell short of its all-time peak of $73,700 in March, the strong performance in September has raised expectations for significant gains as the year draws close. Historical trends suggest that when Bitcoin ends September positively, the following three months often yield even larger returns.

Best September Ever Could Lead To Major Year-End Rally

Crypto expert Ali Martinez highlighted this historical pattern in a social media post, emphasizing the correlation between a bullish September and subsequent price increases. 

As seen in the image below shared by the analyst, Bitcoin has experienced four particularly strong September since 2015, with average gains of over 20% in October, around 10% in November, and over 20% in December. 

In contrast, Bitcoin’s past Septembers that ended in the green showed more modest gains, with the last bullish month yielding an average increase of about 8%. This time, however, Bitcoin’s best September in history may pave the way for even higher gains than those recorded in previous years.

Currently trading at $62,000, Bitcoin’s potential trajectory appears promising. If the cryptocurrency adheres to historical averages following bullish Septembers—projected gains of 20% in October, 10% in November, and another 20% in December—BTC could realistically approach a price of nearly $98,000 by year-end.

Moreover, it’s important to note that the cryptocurrency tends to go on a “parabolic bull run” in October of each Halving year, as Martinez also pointed out, adding to the bullish outlook for what could be one of the best fourth quarters in Bitcoin’s history.

Options Market Suggests Potential Bitcoin Dip Ahead

While Martinez is optimistic about BTC’s potential for significant gains in October, one expert is cautious about the current market dynamics. Analyst InspoCrypto recently noted that the options market presents a more cautious picture. 

Data indicates that many positions are leaning towards a bearish outlook, with some block trades suggesting a potential dip in Bitcoin’s price, specifically targeting ranges between $60,000 and $55,000. 

The current “max pain” point—where the most options would expire worthless—is $62,000. Given that the price is hovering near this level, there is concern that this could contribute to continuing the bearish trend.

Additionally, the analyst pointed out that long positions around the $60,000 mark are vulnerable to liquidation. However, despite these cautious signals for October, the outlook beyond this month appears much more optimistic.

InspoCrypto emphasized that data from the options market shows a strong bullish sentiment for the months following October. Many traders are anticipating Bitcoin prices to exceed $80,000, with some even forecasting a rise to $100,000.

Suppose a dip does occur in mid-October, as some data suggests. In that case, the analyst believes it may represent the last opportunity for investors to enter before Bitcoin embarks on a significant upward trajectory.

Featured image from DALL-E, chart from TradingView.com 

Source: NewsBTC.com

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WIF is showing impressive strength as bullish momentum takes control, with the Relative Strength Index (RSI) pointing to even greater upside potential. The current RSI reading suggests that buying pressure remains strong, fueling optimism for continued gains. While bulls hold their ground, they are increasingly confident that WIF could be poised for a significant breakout toward the $2.8 mark. 

As market sentiment shifts favorably, this article aims to explore the bullish dominance in WIF, with a focus on how the RSI signals promising upside potential. By analyzing key technical indicators and market trends, the objective is to assess whether WIF can maintain its upward momentum and successfully break through upcoming resistance levels.

Bullish Sentiment Strengthens: Will WIF Break $2.6?

On the 4-hour chart, WIF has displayed robust bullish momentum after successfully breaking above the $2.2 mark. This upward surge has pushed the price closer to the $2.8 resistance level, setting the stage for a potential breakout. 

As the bulls continue to assert control, this resistance level becomes a critical hurdle. A decisive move above $2.8 could open the door for further gains, attracting more buying interest and potentially leading to new highs.

An analysis of the 4-hour Relative Strength Index (RSI) indicates a renewed potential for upward movement, with the RSI climbing back to the 68% level after previously dipping to 62%. If the RSI continues to rise, WIF may push higher, possibly breaking through key resistance levels.

Furthermore, WIF has decisively surpassed the 100-day Simple Moving Average (SMA) and the $2.2 level on the daily chart, marking a notable shift in its price momentum. By holding above these key levels, the asset demonstrates its strength and reinforces a bullish outlook. This optimistic trajectory is not simply a temporary fluctuation. Rather, it reflects robust buying interest and heightened market confidence, suggesting that WIF is ready for additional gains soon.

The Relative Strength Index (RSI) on the daily chart is currently at 79%, showing no signs of declining in the near term. An elevated RSI level implies that WIF is in overbought territory, signifying strong buying pressure and heightened market enthusiasm. Although high readings can point to potential exhaustion in upward movement, the absence of immediate signals for a pullback suggests that bullish sentiment is still prevalent.

What To Expect In The Short-Term For The Meme Coin

Presently, WIF is demonstrating strong positive motion, prompting traders and investors to monitor key levels for potential price movements. Maintaining its position above the 100-day Simple Moving Average (SMA) and the $2.2 mark could lead to more gains, with the $2.6 resistance level on the horizon. A successful breakout above $2.6 may unlock additional price growth and enhance traders’ optimism, signaling a more sustained upward trend.

However, with the Relative Strength Index indicating overbought conditions at 79%, a price correction could occur if buying pressure wanes, causing WIF’s price to start dropping toward the $2.2 mark for a retest.

Source: NewsBTC.com

The post WIF Bulls In Control As RSI Signals Strong Upside Potential appeared first on Crypto Breaking News.

The XRP price has struggled for the last three years, staying down even when Bitcoin and other altcoins rallied to possible new all-time highs. However, even through this, the XRP community has remained steadfast in their belief that the altcoin’s price will reach new peaks. Forecasts have ranged from reaching $1 to as high as $1,000. The latter has been hotly debated among crypto investors. However, one crypto researcher believes that the XRP price will be able to touch $1,000 eventually, giving reasons for why this could happen.

Dominating Global Banking Systems

The selling point of the XRP token has always been the fact that it is to be integrated into the world banking systems, allowing for cheaper, faster, and smoother transactions. The expectations for the token’s use in banking were the initial reason behind its meteoric rise, and this has continued to foster belief in its future.

Crypto researcher CryptoTank took to X (formerly Twitter), to reiterate the value proposal of this for the XRP Price, alluding to this utility. The researcher points out that SWIFT is already integrating the RippleNet into its systems, and given SWIFT’s volume, it could mean a lot of inflow for the token.

They point out that SWIFT currently does around $5-$7 trillion in daily volume, even with high fees of $20-$50 per transaction. However, compared to this, using RippleNet would bring fees down to pennies, allowing the payment platform to save hundreds of billions of dollars yearly. Furthermore, the researcher explains that even if Ripple were to only get 10% of SWITF’s trading volume, it would mean a substantial $500 billion at least passing through RippleNet daily.

At this rate, the low XRP price would not be adequate to handle the volume from SWIFT alone. Thus, the researcher believes that the XRP price would rise to be able to compensate for this new volume. “XRP has to be very high to move just 10% of Swifts daily volume,” the researcher said. “When you start adding the other banks in it gets crazy how high XRP will go.”

XRP Price To $1,000 Debate

The recent debate surrounding the XRP price reaching $1,000 began with the Uphold crypto exchange asking the community what they would do if the XRP price were to hit $1,000. This sparked speculations on whether or not the altcoin can actually reach this price, triggering input from various angles.

However, on-chain investigator TruthLabs debunked this possibility, citing how much the market cap would have to grow for it to hit this target. According to the investigator, the XRP market cap would have to reach $100 trillion, whi

ch is 50x the current market cap of the entire crypto market.

Source: NewsBTC.com

The post Crypto Researcher Reveals Why XRP Price Reaching $1,000 Is Not A Pipe Dream appeared first on Crypto Breaking News.

In an analysis shared on X, Kelly Greer, Vice President of Trading at Galaxy Digital, presents a compelling argument for why the Bitcoin price could surge to as high as $118,000 by the end of the year. Greer’s insights are grounded in a combination of historical performance data, current market dynamics, and broader macroeconomic factors, all of which she believes are aligning to create a highly favorable environment for Bitcoin.

Here’s Why Bitcoin Could Skyrocket To $118,000

Greer begins by highlighting Bitcoin’s strong historical performance in the fourth quarter (Q4) of previous years. She pointed out that since 2020, Bitcoin’s average Q4 return to its intra-quarter high watermark has been approximately 85%. This figure includes a best-case scenario where the return reached a staggering 230%, and a worst-case scenario with a 12% decline.

“BTC average Q4 return (to max [intra quarter high watermark, full q return]) since 2020 is +85% (worst -12%, best +230%)—press you to find a stronger asymmetry,” Greer writes. This statistical asymmetry suggests a significant potential upside compared to the downside, making Q4 historically a period of robust growth for Bitcoin.

A merely average Q4 with a price increase of 85% could mean a year-end price of $118,000 for Bitcoin. If the BTC outperforms its record of 230%, the price could even rise well above $200,000.

Notably, Greer believes that the current market is not fully positioned to take advantage of this potential. She attributes this underallocation to a few key factors. Firstly, there is apprehension surrounding the upcoming US presidential election scheduled for November 5. Secondly, other assets such as gold and China’s A-shares are attracting significant attention and capital, potentially diverting investment away from Bitcoin.

“I still don’t think the market is allocated accordingly—2024 is a unique case where some portion of the market is underindexing on the Q4 asymmetry due to a) Nov 5 US election risk and/or b) other assets are screaming (gold, China A-shares etc.),” Greer remarks.

Key Reasons To Be Bullish On BTC

To support her assessment of the market’s current positioning, Greer cites her interactions with risk managers and noted specific market indicators. She mentioned observing “low volatility and contained perp funding,” which suggests that traders are not aggressively betting on significant price movements.

Beyond these market dynamics, Greer identifies several macroeconomic and industry-specific factors that she believes are creating a “broadly very positive” backdrop for Bitcoin. One significant point is the presence of global stimulus measures in major economies such as the United States and China, excluding Japan.

Greer also highlights that BNY Mellon, the world’s largest custodian bank, received a SAB 121 exemption. This exemption allows the bank to offer custody services for Bitcoin without the stringent capital requirements that previously made such services less attractive. Greer describes this development as “massive and underappreciated,” noting that it will “loosen financing in our industry substantially.”

Furthermore, Greer points out that ETF flows have become “very constructive.” Over the past few days, spot BTC inflows have reaccelerated massively. Last Friday, net flows were $494.8 million, making it the highest net inflow day of the quarter and the highest net inflow day since June 4th.

Another positive indicator is that Bitcoin miners are entering agreements with hyperscalers—large-scale cloud service providers. These partnerships can enhance mining efficiency and reduce operational costs.

Greer also mentions that “supply overhangs [are] mostly done,” suggesting that large sell-offs that could suppress the price are unlikely in the near term. Additionally, she anticipates that “demand from FTX cash distros [is] around the corner,” implying that funds distributed from the FTX exchange could find their way into Bitcoin investments, further boosting demand.

However, Greer also acknowledges potential risks that could impact Bitcoin’s trajectory. These include signals from the Federal Reserve regarding monetary policy and the possibility of a pullback in equity markets. Such events could introduce volatility or dampen investor enthusiasm.

However, she believes that the overall sentiment remains positive. “There are risks of course—Fed signaling, equities pullback, what have you—but net net vibes are quite good, and flows are just getting started,” she remarks.

Greer also describes Bitcoin as a “reflexive asset.” She explains, “BTC is the ultimate reflexive asset: price -> flows -> price.” This means that as the price of Bitcoin increases, it attracts more investment flows, which in turn push the price even higher—a self-reinforcing cycle.

Greer notes that Bitcoin is entering Q4 after breaking a key price level at $65,000. If the price were to reclaim the $70,000 mark, she expects that the inflows would accelerate as investors respond to the positive momentum and recall the strong Q4 performances of previous years.

At press time, BTC traded at $63,947.

Source: NewsBTC.com

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WHO WE’RE FOLLOWING: Wicked Bitcoin

It’s 2024 and there’s a new mystery surfacing around Bitcoin’s creator Satoshi Nakamoto.

In this case, discussion of a new enigma first surfaced on X, where everyone’s favorite ch-artist Wicked Bitcoin posted the discovery.

Essentially, the finding boils down to this:

It’s clear that Satoshi Nakamoto was an early Bitcoin miner – after all, he sent bitcoins to early contributors, and since he didn’t set himself up with a sweet “founder’s allocation,” they could have only come from mining.

That said, we don’t really know how many bitcoins Satoshi mined. (He never commented on it publicly, aside from one reported instance where he claimed to “own a lot” of bitcoins.) Most of what’s “common knowledge” is from one study done in 2013, and while it’s become something like lore, there’s a lot of dispute about what it proves.

Essentially, the study suggested Satoshi’s mining activity was visible on the blockchain via what’s been called the “Patoshi pattern.” Long story short, an early, very large miner changed the way they embedded data on the blockchain (via a non-standard iteration of the ExtraNonce), and most believe that this could have only been done by Nakamoto (who knew the most about the software in its infancy).

Jameson Lopp (co-founder of Casa) built on this work in 2022. He added new analysis about this mystery miner, including the finding that they weren’t seeking to maximize their profitability. Some felt this was another strong data point Patoshi was Satoshi.

Now, Wicked is adding to the mystery, one that alludes to earlier “Patoshi” analyses. Essentially, by plotting this miner’s blocks on a date-time axis, he finds that there’s a notable gap in the timestamps of this miner’s blocks in early 2009.

Of course, as to what we can conclude from this data, as Wicked’s comments section shows, that’s up for debate.

Adding to the issue is that here is a dearth of historical information about Bitcoin from 2009. What’s been uncovered amounts to a few public email lists and private correspondences that have been published over the years (some forced by court hearings).

As far back as May-June 2009, there were no Bitcoin forums, and it’s possible there could have been only a dozen people mining the network. Martii Malmi, (Satoshi’s first real righthand developer) would have only just been starting his work.

This means that we don’t really have a concrete timeline or what occurred and why besides what’s visible by looking at the data, and there, there isn’t even that much to discuss – there were many days in 2009 where there weren’t any Bitcoin transactions.

Wicked’s thesis here is that the above gaps show instances where the “Patoshi miner” went offline, and then had to restart operations. At this point, the miner was so powerful that they simply overwrote any blocks found by other miners in their absence.

Wicked draws a few conclusions from this, going so far as to suggest Satoshi may have been testing how well the network held up to “51% attacks.” This would be plausible – after all, the idea that Bitcoin was robust enough to operate as long as a majority of participants were honest was his major contribution to digital cash as a concept.

(Really, you could argue (as I have) that’s the only thing Satoshi brough to Bitcoin that was new, his primary skill taking hardened computer science concepts and stitching them together.)

That said, there’s a bit of a bearish read here. An accidental 51% attack would have still made honest mining moot, and this could be fodder for critics who like to paint Satoshi as the kind of errant experimenter we see on other chains today. 

Still, there’s a lot of conjecture here, and without more analysis (or more corroborating evidence) it’s hard to draw a firm conclusion. 

At any rate, we can marvel at the mystery that nearly 16 years later, Satoshi has succeeded so well in hiding his tracks from history. 

Source: Bitcoin Magazine

The post Looks Like Satoshi Nakamoto Left Us With Another Mystery appeared first on Crypto Breaking News.

Anchorage Digital converted entire ~$38 million loan balance to common shares at a price of $16.395 per share

Strengthens Company’s financial position as it advances pipeline of AI and mining infrastructure opportunities

MIAMI, FL, October 1, 2024 (GLOBE NEWSWIRE) – Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today announced the conversion of the entire ~$38 million outstanding balance of its subsidiary’s outstanding loan with Anchorage Lending CA, LLC, a subsidiary of Anchor Labs, Inc. d/b/a Anchorage Digital (“Anchorage Digital”), into common stock of the Company (the “Conversion”).

“Hut 8 stands out for its conviction to innovation — it’s a key reason that we originally backed them with a loan, and it’s the same reason we’ve now converted that debt to equity,” said Nathan McCauley, Co-Founder and CEO of Anchorage Digital. “In an evolving market, Hut 8 has proven that they can adapt to meet the moment and come out stronger — for the benefit of the company and the digital asset ecosystem at large. We value that kind of resilience on our balance sheet, and our new ownership stake makes that clear.”

“Our relationship with Anchorage Digital has been instrumental to our growth,” said Asher Genoot, CEO of Hut 8. “We are grateful for their continued support as we scale and diversify our business while maintaining an unwavering focus on disciplined and creative capital deployment.”

“With a strengthened balance sheet and decreased leverage, we believe we are even better positioned to advance discussions with prospective counterparties and execute on the development of next-generation mining and AI data centers.”

Key Transaction Terms 

Anchorage Digital has converted the ~$38 million outstanding balance of the loan at a price of $16.395 per share of common stock of Hut 8 pursuant to a Debt Repayment Agreement (the “Debt Repayment Agreement”). The share price represents a 51% premium to the 20-Day VWAP through September 26, 2024, the day prior to the signing of the Debt Repayment Agreement.

Upon completion of the Conversion, the outstanding loan and all other related obligations of the Company and its subsidiaries have been satisfied.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

Additional information, including the Debt Repayment Agreement, is available in the Form 8-K that the Company will file with the Securities and Exchange Commission.

 

Upcoming Conferences & Events

October 7–9, 2024: Yotta 2024

October 15, 2024: USC Marshall Energy Business Summit 2024

November 13–14, 2024: Cantor Fitzgerald Crypto, Digital Assets & AI Infrastructure Conference 2024

November 19, 2024: Craig-Hallum 15th Annual Alpha Select Conference

November 19, 2024: Benzinga Future of Digital Assets Conference 2024

About Hut 8

Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising twenty sites: ten Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one newly announced site in the Texas Panhandle. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the Company’s advancement of its AI and mining infrastructure pipeline and the Company’s ability to continue scaling and diversifying its business while maintaining an unwavering focus on disciplined and creative capital deployment.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov.

Hut 8 Corp. Investor Relations

Sue Ennis

ir@hut8.com

Hut 8 Corp. Media Relations

media@hut8.com

Source: Hut 8

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Making headlines in the crypto scene last week, Dogecoin (DOGE) jumped an astounding 20% in a few days. Renowned for its meme beginnings and devoted following, the coin moved from $0.10745 to a peak of $0.13080. Many people were perplexed by this surprising surge and questioned what might have produced such a sharp change.

‘No Idea’

Prominent for his sardonic views on the crypto market, co-creator Billy Markus answered nothing. Emphasizing the erratic character of cryptocurrencies, he said he had “no idea” why the price jumped so much.

Q&A

Q: why is dogecoin up 20% this week?

A: no idea

— Shibetoshi Nakamoto (@BillyM2k) September 29, 2024

Having lightened the mood, Markus headed to the X platform to connect with his followers. Commenting on how prompt he was in addressing this huge change in the market, Markus said, “It’s pretty almost my answer to everything crypto price related.” It’s a statement that epitomizes not just his humor but also the ultimate reality faced by so many crypto enthusiasts: a lot of art and not so much science when predicting a price move.

Closely tracking Dogecoin is another analyst – Trader Tardigrade. On the monthly graph of Dogecoin, he noted a technical pattern sometimes referred to as the Falling wedge. This trend sometimes shows positive reversals, implying that the coin might be about to undergo notable price rise. Tardigrade’s observations add still another level of mystery since he calls this era “DOGE season,” stressing the coin’s possible upcoming trajectory for significant gains depending on past trends.

#Dogecoin monthly chart shows early sign of breakout to a Falling Wedge, which kicks off the start of $DOGE season
The pattern is almost the same as last two cycles.
There’s no reason for this time is different.
Send $DOGE to $1.6, Doge fam pic.twitter.com/snqNsDpIhO

— Trader Tardigrade (@TATrader_Alan) September 29, 2024

Whale Activity Drives Price Explosion

The increase in whale activity is most likely the cause of Dogecoin’s amazing climb. Major cryptocurrency owners grabbed 1.4 billion DOGE over just 48 hours, valued roughly $140 million. Such large acquisitions can cause waves in the market that raise prices and draw interest from smaller investors.

Another unidentified whale arrived on the scene purchasing an extra 1.4 billion DOGE, which caused Markus to react with a little surprise or confusion. His surprise emphasizes the peculiar characteristics of the crypto market, in which big holdings can greatly affect pricing.

Markus stated that he is not planning to introduce any new cryptocurrencies, even if he is absolutely instrumental in building Dogecoin back in 2013. He advised prospective buyers against believing fraudulent assertions regarding his participation in other initiatives. Those who are thinking about investing in the often shifting terrain of cryptocurrencies, where false information can proliferate like wildfire, depend on this clarity.

Analysts See Potential Breakout

With excitement building, some analysts even suggest that Dogecoin could be on the brink of a big breakout. As of this writing, the tone in the crypto space remains positive. Experts believe DOGE can shoot up all the way to a price of $1.6 in the near future. The identification by Tardigrade of the Falling Wedge pattern is one decent reason for such optimism as this pattern had historically preceded some mammoth price rallies for Dogecoin.

Featured image from StormGain, chart from TradingView

Source: NewsBTC.com

The post Humor Or Sarcasm? Dogecoin Leaps 20%, Co-Creator Says He Doesn’t Know Why appeared first on Crypto Breaking News.

Crypto analyst Wisdom Matic has shared realistic price targets for Bitcoin (BTC), Dogwifhat (WIF), and Fantom (FTM). The analyst suggested that these coins would reach these price levels in this bull run, although he didn’t state when exactly it would happen. 

Bitcoin, Dogwifhat, And Fantom To Reach These Price Targets

Wisdom Matic predicted in an X post that Bitcoin would reach $80,000, Dogwifhat would reach $7, and Fantom would reach $2. He claimed these were realistic targets compared to other predictions, providing a more bullish outlook for these coins. However, the analyst failed to state whether these price targets represented the market top for these coins or were prices he expected these coins to reach soon enough. 

However, based on market experts’ predictions, Wisdom Matic’s predictions will likely be short-term targets. Experts like Standard Chartered and Bernstein have predicted that Bitcoin could at least reach $100,000 in this bull run. Interestingly, Standard Chartered predicted that BTC could reach this price level even before the US elections on November 5. Meanwhile, they added that Bitcoin could reach $150,000 by year-end if Donald Trump wins the election. 

Bernstein analysts predicted that Bitcoin could rise to as high as $90,000 if Trump wins, although they still see the flagship rising above $100,000 before the market peaks. Meanwhile, in a recent market update, 10x Research founder Markus Thielen predicted that Bitcoin could rise to $75,000 by late October as it breaks its current all-time high (ATH) of $73,000. 

Bitcoin’s rise to a new ATH this month is also supported by the fact that the flagship crypto usually records double-digit gains in October. Therefore, a repeat of these double-digit gains would easily send the BTC price above $70,000 and on its way to a new ATH. 

The Altcoins Also Boast Bullish Outlooks

Dogwifhat and Fantom can undoubtedly reach Wisdom Matic’s price targets, as they both boast bullish outlooks. As the foremost meme coin in the Solana ecosystem, Dogwifhat moves alongside SOL and is bound to rise as SOL surges. 

Solana’s fundamentals are currently bullish, which supports the price rise. Some of these bullish fundamentals include the plan to launch the Solana Seeker mobile next year. Meanwhile, institutions like Franklin Templeton and Citibank want to adopt the Solana network for their tokenized offerings. Wisdom Matic predicted that SOL will reach $350, representing a new ATH for the coin. 

Fantom’s outlook is also bullish because of its fundamentals. Fantom is set to transition to Sonic sometime in November or December of this year. Sonic will be EVM-compatible, ensuring that decentralized applications (dApps) on other EVM chains can be integrated onto the network. Andre Cronje, Sonic’s co-founder has also hinted at potential decentralized finance (DeFi) plans for the Sonic ecosystem, which is also bullish for the FTM price as it could aid the coin’s adoption among DeFi users. 

Source: NewsBTC.com

The post Bitcoin To $80,000, Dogwifhat To $7, And Fantom To $1? Analyst Shares ‘Realistic Targets’ appeared first on Crypto Breaking News.

Data shows social media users had become overly excited about Bitcoin after the recent rally, which may be why BTC has retraced.

Bitcoin Topped Out As Hype Around The Coin Shot Up

According to data from the analytics firm Santiment, crowd sentiment around BTC has noted a sharp surge recently. The indicator of relevance here is the “Positive vs. Negative Sentiment Ratio,” which keeps track of the difference between the positive and negative comments related to Bitcoin that are being made on social media platforms.

The indicator separates posts related to negative and positive sentiments by putting them through a machine-learning model devised by the analytics firm.

When the value of this metric is greater than 0, it means the social media users are participating in more positive talks than negative ones. On the other hand, it being under this threshold suggests the dominance of bearish sentiment on these platforms.

Now, here is a chart that shows what the Positive vs. Negative Sentiment Ratio’s recent trajectory has been like:

As displayed in the above graph, the Bitcoin Positive vs. Negative Sentiment Ratio had observed a significant surge during the cryptocurrency’s earlier run toward the $66,000 level.

Yesterday, when Santiment shared the post, social media users made 1.8 bullish posts for every 1 bearish post. Thus, the traders had become quite optimistic after the price surge. This, however, may not have been an ideal development for the coin.

Historically, BTC has tended to move in the direction opposite to what the crowd is expecting, with the probability of a contrary move only rising the more lopsided the sentiment gets.

Today, Bitcoin has retraced back under the $64,000 level, a possible indication that the earlier hype that the social media users had shown has backfired, just like it has done many times.

It’s also not just the social media users that have been excited recently, as the Fear & Greed Index, an indicator created by Alternative that considers more factors than just social media, has also been showing a rising optimism in the sector.

The Fear & Greed Index currently sits at a value of 61, which suggests that the investors are leaning towards being bullish around Bitcoin and the cryptocurrency sector in general.

The sentiment-related indicators could follow in the coming days, as they may dictate whether BTC can regain its bullish momentum. The crowd calming down would be a sign in the right direction if history is to go by.

BTC Price

After the latest plunge, Bitcoin has returned to the $63,400 level.

Source: NewsBTC.com

The post Bitcoin Hype Bites Back As BTC Crashes Under $64,000 appeared first on Crypto Breaking News.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has recently lagged behind other top tokens, posting losses on both a 24-hour and weekly basis.

Despite this downturn, some analysts believe that if Ethereum can overcome critical resistance levels in the near future, it may follow seasonal trends typically seen in “Uptober,” potentially leading to a price recovery.

Ethereum Struggles To Break $2,800 Resistance 

Technical analyst Daan Crypto Trades recently pointed out that Ethereum has yet to make a higher high, a feat achieved by Bitcoin (BTC) last week. In order to reverse its current trend, the analyst explains that ETH needs to break through the $2,800 level, which coincides with the daily 200 exponential moving average (EMA). 

Currently, Ethereum’s price has retraced over 1% in both the last 24 hours and the past week, currently trading at $2,611. This decline contrasts with the gains recorded over the past two weeks (14%) and the past month (4%). 

Despite marking a higher low of $2,640 at the end of the previous week following a nearly 20% drop on September 6, where prices fell to $2,150, ETH remains far from its yearly high of nearly $4,000 achieved in the first quarter of this year and its all-time high of $4,878 from November 2021.

In contrast, Bitcoin recently reached a two-month high of $66,500, moving closer to its all-time high of $73,700 set in March, highlighting the stark difference in performance between Bitcoin and Ethereum during this period 

However, much like Daan Crypto Trades, other analysts maintain a bullish outlook for Ethereum if important support levels are held by the bulls and if the price can break through key resistances. 

Analysts Forecast New All-Time High In Early 2025

Market expert Guru Vedas has recently noted that ETH appears to have hit a curve support on its two-hour chart, with support levels between $2,550 and $2,600. He suggests that a recovery could be imminent from this support base. 

Another analyst, known as “Man of Bitcoin,” echoed this sentiment, asserting that ETH could continue to rise as long as it remains above $2,560. He identified key support levels for a larger wave, ranging from $2,539 to $2,351, which are critical for any near-term recovery.

Adding to the optimism, analyst Ted Pillows highlighted that Ethereum is forming a similar fractal pattern to one observed during its previous bull cycle, which saw prices surge from $1,600 to $4,000. 

The analyst predicts that the ETH price could reach between $4,000 and $4,400 by the end of this year, with a potential new all-time high anticipated in the first quarter of 2025 above $4,800.

Featured image from DALL-E, chart from TradingView.com

Source: NewsBTC.com

The post Ethereum Struggles To Reach Higher Highs Unlike BTC: Key Levels ETH Must Break appeared first on Crypto Breaking News.