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July Month Will Be Bullish Or Bearish ?
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Arthur Hayes Closes Short Bitcoin Position, Hints at Upcoming BTC Rally
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Arthur Hayes Closes Short Bitcoin Position, Hints at Upcoming BTC Rally Bitcoin’s price tumbled hard on Friday from $57,000 to under $53,000 in hours before it finally covered some ground. Some investors and even long-term BTC bulls, such as Arthur Hayes, tried to take advantage by shorting the asset. However, he said earlier today that he has closed his position as BTC might even rally in the next few days. CryptoPotato reported the highly volatile price actions that transpired on Friday, which began after the release of the August jobs report in the States. As the unemployment rates declined slightly month-over-month, bitcoin jumped by $1,500 and tapped $57,000. That turned out to be a false breakout, though, and the bears quickly pushed it south by more than four grand. As a result, the cryptocurrency fell to a monthly low of under $53,000. At this time, BitMEX’s co-founder, Arthur Hayes, said he had opened a short position and was aiming for a price tag of under $50,000 during the weekend. Nevertheless, BTC has bounced from its monthly low and has jumped above $54,000 as of now. Even though the weekend is far from over, Hayes posted an update earlier today, saying he had closed his position with a 3% profit because the asset ‘might’ rise in the following days due to Janet Yellen’s weekend speech. #ArthurHayes #Bitcoin #BTC #CryptoNews #Altcoins $BTC $ETH $BNB
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Ripple CTO Breaks Silence on RLUSD Stablecoin Rumors Ripple CTO David Schwartz recently addressed speculation surrounding the RLUSD stablecoin. In a tweet, Schwartz indicated that RLUSD might likely be accessible only to institutions, at least initially. In his tweet, Schwartz stated, “It will probably only ever be available directly to institutions. Can you get USDC from Circle or USDT from Tether? Because I can’t.” Schwartz was responding to an X user who asked if RLUSD could be only available, at least initially, to institutions and not crypto retail. The X user proposed that restricting RLUSD to institutional access could protect it from risks linked to other stablecoins, like USDT, which has been criticized for alleged connections to money laundering and concerns over its stability. Schwartz further addressed concerns about potential manipulation of the RLUSD stablecoin, stating, “I don’t think that’s likely to happen except maybe in very early test phases before anyone is really using it to move or store value.” Ripple USD (RLUSD) is currently being tested in private beta on XRP Ledger and Ethereum mainnet. As reported, the Ripple CEO Brad Garlinghouse at a recent XRPL event indicated that the Ripple stablecoin was gearing much closer to its release, suggesting a timeline of “weeks.” As RLUSD moves closer to its anticipated launch, Schwartz’s statements offer insight into Ripple’s cautious approach to rolling out RLUSD. Ripple USD stablecoin In April, Ripple announced plans to introduce a stablecoin tied 1:1 to the USD on XRP Ledger and Ethereum. This initiative is intended to broaden Ripple’s reach into institutional and DeFi markets, diversify use cases and improve its payments infrastructure, bringing traditional and decentralized finance closer together. #RLUSD #USD #Ripple #XRP #CrypoNews $XRP $BTC $ETH
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Analysts Foresee XRP Price Surge On December 20, 2020, Ripple encountered an unexpected and prolonged lawsuit from the SEC centered around XRP. The cryptocurrency, which was performing exceptionally well at the time, saw its value plummet, dropping below $1 and remaining in that range for an extended period. Since then, XRP has only surpassed the $1 mark once, raising questions about when it might achieve this level again. Despite the current market trends, analysts continue to hold optimistic expectations for XRP’s future.Analysts’ Positive Outlook Analyst opinions play a crucial role in understanding different perspectives on cryptocurrencies. Recently, three analysts shared their bullish expectations for XRP, regardless of its ongoing price volatility. First, EGRAG CRYPTO, known for his optimistic views on XRP, garnered attention with his comments. He stated, “#XRP 540 Days Since March 13, 2023! If you are shaken by these small moves, you don’t deserve the BIG MEGA RALLY coming! #XRPArmy STAY ALERT.” Which Level Needs to Be Broken? Another market analyst, Crypto Michael, highlighted a critical level for XRP. He noted that a significant price increase could occur once XRP breaches the $0.55 mark, potentially leading to a sharp rise. Lastly, Amonyx, a closely followed analyst on X, excited investors with his positive outlook. He emphasized that patience is more crucial than the size of the investment when it comes to XRP. Current Status and Key Insights Despite the bullish sentiments, current indicators do not fully reflect this optimism: XRP is trading at $0.5292 with a 0.12% increase in the last 24 hours. The coin experienced a 5.36% drop in the past week. XRP’s market cap stands at $29.8 billion. Trading volume has decreased to $491 million, showing a decline in interest. These observations suggest that while analysts are hopeful, market conditions remain cautious. #SEC #Ripple #Altcoins #CryptoNews $XRP $BTC $ETH
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Top Analyst See BTC Potential Drop to $31,500? Here’s Why Despite early hopes for a steady price rise with the start of a typically bullish Q4, Bitcoin is struggling to hold its ground, recently dropping to $54,000. Due to its ongoing bearish trend, prominent crypto analyst Ali Martinez has warned that Bitcoin could decline further, potentially dropping to $31,500. Here’s why analysts predict this drop. Stark Warning: BTC Plunging To $31,500 In a recent tweet post, Ali Martinez pointed out that historically, Bitcoin tends to experience further declines once it falls below the Realized Price-to-Liveliness Ratio. This key metric, currently at $51,600, is an important indicator that tracks the cost basis of Bitcoin holders and the overall market activity. If Bitcoin breaks below this level, Martinez believes the next stop could be $31,500, which is the Realized Price, an average price at which all Bitcoins in circulation are bought. This pattern has been observed in previous market cycles. When Bitcoin drops below the Realized Price-to-Liveliness Ratio, it tends to continue its drop further until it reaches the Realized Price which is at $31,500. Meanwhile, Martinez’s warning comes as Bitcoin has been struggling to maintain momentum after a recent market downturn, and the crypto market is closely watching these critical levels. Bitcoin Price Action As of now, bitcoin price is trading around $54,340, reflecting a rise of 1% seen in the past 24 hours. Despite this BTC trading volume has seen a drop of 62%, currently hovering at $18 billion, with a market cap of $1.07 trillion. At the same time, Bitcoin’s dominance in the market has dropped slightly to 56.81%, reflecting a 0.09% decrease in the last day. Meanwhile, recent data from Soso shows Bitcoin ETFs experienced a major outflow of $706.19 million by September 6, the largest since these exchange-traded products were launched this year. #Bitcoin #BTC #Cryptonews #USNonFarmPayrollReport #TON $BTC $ETH $BNB
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