Bitcoin (BTC) has continued its downtrend, reaching new local lows of under $59,000. During the mid-hours of the United States Monday trading session, BTC briefly fell below $60,000 to register a new local low of $58,500.

This slump has persisted as outflows from the U.S. spot Bitcoin exchange-traded fund (ETF) market have continued into the new week.

The latest weekly report from the crypto exchange Bitfinex revealed that U.S. spot Bitcoin ETFs lost over $100 million each trading day last week, amounting to $544.1 million in collective outflows. Analysts at the trading platform said the outflows are a combination of weak-handed ETF investors reacting to short-term negative news and basis/funding arbitrage unwinding due to negative funding rates.

Bitcoin Open Interest Declines

According to Bitfinex, one of the signs of the unwinding of basis/funding arbitrage is the steep decline in Bitcoin futures open interest on the Chicago Mercantile Exchange (CME) and other trading platforms.

The open interest on the CME fell by $220 million in the past week, with the overall aggregate open interest across other platforms slumping by more than $450 million within the same timeframe. The plunge has brought the total Bitcoin futures open interest down from the June 7 record high of $36.99 billion to $33.3 billion.

“This reduction in OI coincides with negative funding rates observed across several exchanges over the past week and corresponds with the ETF net outflows, suggesting a substantial unwinding of the funding arbitrage trades linked to ETF flows. Given this, it is important to acknowledge that not all ETF outflows should be interpreted as direct spot selling,” stated analysts.

Bitcoin Could be Nearing Its Bottom

Citing the last Bitfinex Alpha report, analysts predicted that BTC could be nearing its bottom, as heavy ETF outflows, like those being seen, often correlate with the formation of local bottoms.

When BTC dropped below $70,000 in early June, U.S. spot Bitcoin ETFs recorded seven consecutive days of net outflows, highlighting the effect of sharp price movements on ETF investors’ sentiment.

“This pattern is critical for investors to monitor as it often provides clues to potential reversals or stabilization points within the market,” analysts noted.

Meanwhile, Bitfinex analysts have warned that market sentiment remains bearish, as there is a weakness in the lower timeframe range (one-minute to 15-minute charts) across crypto assets.

The post Declining Bitcoin Open Interest on CME Suggests Further Pain for BTC Price: Bitfinex appeared first on CryptoPotato.

Ripple’s XRP has been one of the cryptocurrencies that managed to maintain relative stability during the ongoing market turbulence.

In fact, for the past 24 hours, it has added 0.62% to its price and remains trapped in a relatively tight range at around $0.48.

XRP Trading Volume Soars

Data from CoinMarketCap reveals that, at the time of this writing, the XRP trading volume has increased by a whopping 100% for the past 24 hours.

Coupled with the relative stability in XRP’s price, this builds on the conclusion that the current trading range for the cryptocurrency is crucial and likely to lead to a considerable move.

This sideways movement pattern was outlined in our most recent XRP price analysis:

A detailed examination of the daily chart reveals that Ripple has been consolidating between the substantial support of $0.47 and the crucial resistance of $0.55, with the price forming a sideways triangle pattern.

Subsequently, the direction of the breakout is likely to determine the trend for this cryptocurrency in the mid-term.

XRP Price Hinging on Other Factors

Another important factor that might be suppressing XRP’s price and volatility, in general, is the ongoing case between Ripple and the United States Securities and Exchange Commission.

The outcome will determine whether or not XRP will be classified as a security in the eyes of regulators, which is likely an important consideration for both new and existing investors.

The lawsuit is currently in its trial phase and it doesn’t seem like it will be ending any time soon, meaning that volatility is likely to elude the XRP market until that happens.

The post Ripple (XRP) Trading Volume Soars Amid Ongoing Market Turbulence appeared first on CryptoPotato.

Shiba Inu (SHIB) was also affected by the volatility in the crypto markets during the past 24 hours.

As CryptoPotato reported, at one point, the popular meme coin was down by about 6.4% yesterday.

Like most other altcoins, SHIB is currently recovering, trading at a 3% gain compared to yesterday’s price.

Source: TradingView

Data from CoinMarketCap reveals that the trading volume for SHIB over the past 24 hours alone skyrocketed by a massive 140% at the time of this writing.

Meanwhile, the burn rate remains in negative territory. According to Shibburn, it declined by 0.49% over the past day. Only 10 million SHIB was destroyed.

Source: Shibburn

The overall meme coin sector has recovered following yesterday’s turbulence. According to CoinGecko, the category is up 4.8% in the past 24 hours.

Some of the more notable winners include WIF, which is up 18.4%, BONK, up 15%, and FLOKI, up 12%. By this metric, SHIB also lags behind.

The post Important Shiba Inu (SHIB) Metric Skyrockets Amid Market Volatility appeared first on CryptoPotato.

Bitcoin’s price has been on a rollercoaster throughout the past couple of days, resulting in hundreds of millions of liquidations across the board.

Traders and analysts are now speculating on what’s next, with Willy Woo giving some insights on BTC’s short-term price targets.

BTC Bounces Back Above $61K

The BTC price went off a cliff yesterday, plunging to a low not seen since the beginning of May.

As seen in the chart below, the cryptocurrency tumbled to somewhere around $58,400 before staging a recovery.

Source: TradingView

This uptick in volatility caused a lot of liquidations in the futures market. Their number reached $360 million for the past 24 hours, with the overwhelming majority of them being long positions – as expected.

According to data from Coinglass, around $280 million of the liquidations were long.

Willy Woo, a well-known proponent and crypto veteran, provided an analysis of what happened and what the next steps for BTC should be.

 What’s Next for the Bitcoin Price?

According to Willy Woo, yesterday’s move was largely caused by the long liquidation cascade in the futures market.

He argued that the main initial target for wiping off leverage was $62.5K, but then speculators kept adding to new long positions, “just adding more fuel for more liquidations in a cascading long squeeze.”

An additional factor for the crash was the capitulation of miners:

Superimposed on this liquidaiton squeeze, we have a post halving miners capitulation. MIners are on a BTC selling spree to pay for hardware upgrades due to the old hardware no longer being profitable. The weakest miners closing shop and being liquidated. – Stated Woo.

Woo predicted that short-term technical factors point to a reversal and that seems to be what happened – the BTC price went back up to about $61K.

Source: Willy Woo, X

However, the analyst warned that “BTC is not out of the woods.” According to him, it’s important to monitor how much of the speculation (read: leveraged positions) got cleared out of the system.

Without purging futures open interest, the system is not ready to move up.

On that front, data shows that less than 3% of the BTC open interest has been wiped off in the past 24 hours.

The post What Caused the Bitcoin Price Crash and What’s Next as BTC Bounces Above $61K appeared first on CryptoPotato.

Michael Saylor, the executive chairman and co-founder of MicroStrategy, has predicted that Bitcoin will reach $10 million per coin.

Saylor made this prediction during a podcast with Robin Seyr, further claiming that China will become a strong supporter of the cryptocurrency.

Chinese Adoption and Economics

Saylor, who is known for being among the most vocal BTC supporters, claimed in the interview, “The cost of Bitcoin’s going to go up to ten million dollars a coin.”

Saylor’s argument is based on the concept of “perfect money.” He stated that Bitcoin, with its decentralized nature and finite supply, represents a form of “perfect money” that could revolutionize the global financial system. He contrasted Bitcoin with traditional forms of money, which he deemed “imperfect,” arguing that the cryptocurrency represents some form of economic immortality.

#Bitcoin is Economic Immortality.pic.twitter.com/ZtLzUK4kO6

— Michael Saylor (@saylor) June 23, 2024

Saylor illustrated this by asking, “What’s the difference between perfect money and imperfect money? Perfect money is economic immortality. Imperfect money is: we all have a short, brutal life.”

In Saylor’s view, Bitcoin’s introduction has made all previous economic systems obsolete. He criticized traditional economics as “pseudoscience before Satoshi,” referring to Bitcoin’s mysterious creator, Satoshi Nakamoto. According to Saylor, economists of the past were similar to primitives using “seashells and glass beads” compared to the sophisticated financial instrument that Bitcoin represents.

“Economics is a quasi-religious liberal art full of people’s opinions and prejudices and biases. … All the economists before Satoshi were trying to work out the laws of economics with seashells and glass beads and pieces of paper and credit instruments,” Saylor claimed.

Another notable aspect of Saylor’s interview was his prediction regarding China’s stance on Bitcoin. Despite the Chinese government’s current strict regulations on cryptocurrency, Saylor confidently stated his belief that both the local people and their authorities will adopt Bitcoin and predicted that, at some point in the future, the value of a single BTC will reach $10 million.

Corporate Immortality

Saylor also presented a vision of Bitcoin as a means to achieve “corporate immortality.” He claimed that companies investing in the cryptocurrency could significantly extend their lifespans, outlasting those that follow traditional financial practices.

“The average life expectancy of a corporation is something like 10 years,” Saylor noted. “We’re talking about eliminating corporate mortality, we’re talking about stretching economic vitality easily by a factor of 10, maybe by a factor of a hundred, maybe by a factor of a million.”

The post Bitcoin (BTC) Price Will Reach $10 Million, Says Michael Saylor appeared first on CryptoPotato.

Metaplanet Inc., a Japanese investment firm, announced on Monday that its board of directors decided to purchase Bitcoin worth about $6.26 million (1 billion Yen) using capital raised through a round of bond issuance.

This announcement caused a sharp spike of 12% in the price of Metaplanet’s stock, indicating community approvals of these purchases.

More Bitcoin Buys for Metaplanet

In a press statement released on June 24, the Tokyo Stock Exchange-listed Investment company mentioned that their board has resolved to purchase more Bitcoin. As per the statement, Metaplanet will make the additional investment by issuing series two ordinary bonds with guarantees.

In a separate statement, the company, also known as the Asian MicroStrategy, announced that the bonds will attract an interest of about 0.5% per annum and mature by June 25, 2025. Moreover, the company set the bond payment date at June 26, 2024.

With the prevailing bitcoin price, the new injection from Bond issuance will bring investment in nearly 100 BTC.

Metaplanet stated that Bitcoin intended for long-term holding will be recorded at cost, exempting it from end-of-term market value assessment taxation. Other BTC holdings will be evaluated at market value each quarter, with any valuation gains or losses reflected in the income statement under non-operating income or expenses.

The company only highlighted that the Bitcoin will be treated as current assets during financial reporting at the end of the fiscal year.

As reported earlier, Metaplanet purchased BTC on April 23, May 10, and June 11. In the latest acquisition, the company bought approximately 23.351 BTC. As of the time of this report, Metaplanet holds over 141 BTC as part of its investment portfolio.

Metaplanet Stock Surges

Following the announcement, the price of the Tokyo-listed company’s stock surged through the roof, gaining over 12% in mere hours. According to Google Finance data, Metaplanet stock has gained over 8 Yen since the announcement, a testament to community support for the decision.

Metaplanet’s stock has gained about 67% in value in the past month alone, representing 38 Yen. Since the first BTC purchase merely two months ago, its stock has surged fivefold.

Like other companies investing in BTC, Metaplanet sees the investment potential in this asset. Metaplanet’s BTC purchases average $65,365, a little higher than the current BTC price of $61,300. However, it’s over $8K below the BTC all-time high of over $73,000.

The post Japanese Publicly-Listed Firm to Increase Bitcoin Holdings via Bond Issuance appeared first on CryptoPotato.

Football legend Ronaldinho Gaúcho has hinted at a return to the cryptocurrency scene. On June 23, he posted on X, declaring it was time for the asset class to “go mainstream” and urged his followers to join him.

However, this announcement has not been met with enthusiasm. Instead, it caused criticism and skepticism from the crypto community, with prominent on-chain investigator ZachXBT leading the charge.

Ronaldinho’s Crypto Comeback Sparks Controversy

ZachXBT questioned Ronaldinho’s motives, suggesting that his sudden re-entry into the crypto world might be driven by financial difficulties. In a pointed response, ZachXBT said, “Is this a translation for you are bankrupt again? In case you forgot, here are all of the crypto projects you pump and dumped over the years.”

Time for crypto to go mainstream, who’s with me?

— Ronaldinho (@10Ronaldinho) June 23, 2024

Accompanying this statement was a screenshot detailing Ronaldinho’s involvement in several crypto projects, including the meme coin Baby Doge, Atari Chain, Lord Society NFT, and World Cup Inu (WCI).

Is this a translation for you are bankrupt again?

In case you forgot here are all of the crypto projects you pump and dumped over the years. pic.twitter.com/VvVRQR6tKt

— ZachXBT (@zachxbt) June 24, 2024

Ronaldinho’s previous entry into crypto has been filled with controversy. A recent scandal involved the “18kRonaldinho” project, which was accused of being a $61 million pyramid scheme.

It promised unrealistic returns of 2% per day to investors who put in at least $30 in digital currencies. Ronaldinho had appeared as an ambassador for the company, which initially sold watches and jewelry, but during a Brazilian congressional hearing, he denied any formal association, claiming his image was used without his consent.

This wasn’t the first time the celebrity was involved in the crypto space. In February 2022, he partnered with Graph Blockchain’s subsidiary, New World Inc., to become an ambassador and promote NFT experiences to his massive fanbase, which includes nearly 77 million followers on Instagram.

Later that year, he also collaborated with the decentralized exchange P00LS to launch his own token, RON.

Scrutiny and Meme Coin Controversy

Several other high-profile personalities have dipped their toes into the crypto waters, often with mixed results. The crypto community has recently seen an increase in celebrity-backed meme coins, many of which have quickly plummeted in value, causing significant losses for investors.

Celebrities such as Caitlyn Jenner, Andrew Tate, and Nigerian musician David “Davido” Adeleke have also faced backlash for their involvement in such ventures. Blockchain analytics firm Bubblemaps has also accused Andrew Tate and Iggy Azalea of engaging in insider trading within the meme coin projects they promoted.

The post Football Icon Ronaldinho Eyes Crypto Comeback Despite Past Controversies appeared first on CryptoPotato.

Digital asset investment products experienced a second consecutive week of outflows shedding $1.2 billion which amounted to $584 million.

According to CoinShares, this could potentially be a result of the pessimism amongst investors regarding potential Fed interest rate cuts this year.

Altcoins See Inflows Amid Market Weakness

Bitcoin bore the brunt and remained the primary focus with $630 million in outflows, although short positions did not increase significantly, as per the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report.

“Further outflows of US$584m highlight a true correction is underway.”

Ethereum – which has seen increased investor interest this quarter – did not escape the negative sentiment and recorded $58 million in outflows over the past week. Interestingly, some altcoins benefited from recent price weakness. These include investment products designed for Solana, Litecoin, and Polygon at $2.7 million, $1.3 million, and $1 million respectively.

During the same period, XRP and Chainlink-based investment products also witnessed minor inflows of $0.7 million and $0.3 million, respectively.

The Europe-focused investment firm noted that investors likely viewed the downturn in the altcoin market as a chance to buy at lower prices, as evidenced by the $98 weekly million into multi-asset products. This trend suggests that some market participants are taking advantage of the recent weakness to diversify their crypto holdings.

Switzerland and Brazil Emerge as Outliers

Trading activity in crypto ETPs hit a low point last week, with global volumes reaching only $6.9 billion. The report stated that this is the smallest figure since the launch of spot Bitcoin ETFs in January this year. The US led the outflows with $475 million, while Canada followed suit with $109 million in weekly outflows.

Next up were Germany and Hong Kong with $24 million and $19 million in outflows, respectively. Sweden also noted minor outflows over the week with $5.3 million.

Switzerland and Brazil, on the other hand, bucked the negative trend, recording inflows of $39 million and $48.5 million, respectively.

The post Bitcoin Bears the Brunt of Growing Pessimism With $630M Outflows appeared first on CryptoPotato.

Massive movements of a large number of XRP tokens have been taking place throughout the past 24 hours, and many are wondering what’s their purpose.

In total, over 70 million worth of XRP has been on the move, part of it going out of known Binance addresses.

The first one saw 28,218,783 XRP worth around $13.5 million (at the time of the transaction) transferred from Binance.

The second one saw 26,234,427 XRP worth around $12.4M transferred from the exchange.

The last one saw 30,820,000 XRP worth around $14.9 million moved from an unknown wallet.

All three of these transactions were flagged by the popular bot – Whale Alert on X.

Where Did All That XRP Go?

That’s the question that everyone is asking. Well, the first two transactions, totaling around 54 million tokens, both went into two addresses that had been previously activated by Binance itself. Therefore, it’s highly likely that this is an internal operation initiated perhaps out of security reasons. It’s entirely possible that Binance has been moving the funds to cold storage or to different addresses following a security protocol.

The third transaction – the one worth almost $15 million – was made from an account that had been previously activated by Ripple back in 2022. It was sent to the cryptocurrency exchange Bitstamp.

This is a standard procedure. For years, Ripple has been sending XRP to Bitstamp and other cryptocurrency exchanges to liquidate. In other words, there is nothing out of the ordinary and this doesn’t seem like any cause of concern.

The post Over 70 Million Ripple (XRP) Tokens on the Move: What You Need to Know appeared first on CryptoPotato.

The Monday massacre continues as the primary cryptocurrency slipped below $60,000 for the first time in nearly two months.

The altcoins are in a dire state as well, with several double-digit price losers, as well as many others with 5-10% drops.

CryptoPotato reported earlier today the adverse start of the trading week for bitcoin and the rest of the crypto market.

Back then, the largest digital asset had lost over two grand within hours and slumped to a 6-week low of $62,100.

However, the landscape only worsened in the following hours and the cryptocurrency just plummeted to under $60,000 for the first time since the start of May.

As of now, BTC has managed to bounce off to just over that level, but its market cap has plunged below $1.2 trillion. This is because bitcoin is down by 6% in the past day and more than 8% on a weekly scale.

The most substantial losers from the altcoin space come from the likes of GNO (-11%), BRETT (-11%), UNI (-9.5%), BCH (-8%), MRK (-8%), and many others.

The total value of liquidated positions has skyrocketed to more than $320 million on a daily scale. The number of wrecked traders within the same timeframe is north of 85,000.

Bitcoin/Price/Chart 24.06.2024. Source: TradingView

The post Bitcoin (BTC) Price Breaks Below $60K for the First Time Since May 3 appeared first on CryptoPotato.

On Monday, June 24, Tether, the issuer of the popular stablecoin USDT, announced its decision to halt the minting of USDT on the Algorand and EOS blockchain networks. The company cited plans to concentrate on blockchains with expanding communities as the reason for this change.

Although new token issuance has ceased, Tether assured that token redemptions on Algorand and EOS will continue for at least the next 12 months.

USDT Halted Because of Fading Community Popularity

In the statement, Tether insinuated that their decision to halt EOS and Algorand was driven by the need to prioritize community-driven blockchain support in their USDT endeavors. This decision came after thorough consideration and a series of assessments of the performance and maintainability of the USDT across different blockchains.

Tether’s statement stresses the firm’s commitment to balancing “between maintainability, usage, and community interest.” It also suggests that the decision to remove USDT from blockchains assesses the community interest, security architecture, usability, and network sustainability. Tether’s endgame is a proper allocation of its resources in blockchains with efficiency and security while still supporting innovation.

After thorough analysis, considering the above-mentioned, Tether decided to stop the issuance of USDT tokens on Algorand and EOS with a complete transition aimed at the next 12 months.

While making the announcement, the stablecoin issuer pledged to continue supporting other chains with more community popularity while encouraging expansion to different protocols.

Tether’s statement also emphasized its commitment to a smooth transition: “We assure our community that this transition will be executed meticulously and with minimal disruption. Our top priority remains delivering a seamless user experience, and we are committed to facilitating a hassle-free transition.”

The company concluded by expressing gratitude for the community’s ongoing support and highlighting its mission to create a more “sustainable and democratized financial system for the globe.”

Previous Halts on Bitcoin and Kusama

This is not the first time Tether has halted the issuance of its token on blockchains. Last year, around August, Tether discontinued service issuance to USDT on three blockchains: Bitcoin, Bitcoin Cash, and Kusama. Ultimately, the users of USDT on the three chains were equally given 12 months to redeem their tokens. This 12-month period will lapse in August.

Tether’s decision to halt USDT in the three chains last year was driven by extended stagnation of growth in users and community.

When writing, Tether remains available in about 11 chains, including Ethereum, Tron, Avalanche, Kava, Liquid Network, Near, Celo, Polkadot, Solana, Ton, and Tezos.

The post Here’s Why Tether Will Stop Issuing USDT on EOS and Algorand appeared first on CryptoPotato.

It’s been a rough 24 hours for the entire cryptocurrency market, and meme coins are absolutely no exception. This highly polarizing category has declined by about 7% altogether, following what seems to be an ongoing decline of the entire crypto market.

Meme Coins Bloodbath

The entire category of meme coins dropped by about 7% throughout the past day. Naturally, some lost more than others.

The larger-cap altcoins are performing as follows:

DOGE -4.7%

SHIB -6.4%

PEPE -5.8%

FLOKI -4.2%

BRETT -9.1%

BONK -2.8%

BOME -6.1%

Small-cap meme coins have charted even more considerable losses. For instance, RYU is down 79% in the past 24 hours, while MUMU and ANDY lost about 25%.

On the other hand, the trending meme coin BODEN managed to increase by about 10.6% compared to its price 24 hours ago, which is somewhat of an outlier in the market right now.

Broader Market Decline

Bitcoin is now trading below $61K – for the first time since May 13th. The reason for this decline is likely the fact that the Mt. Gox exchange issued a note, which said that the trustee is ready to start paying creditors as per the rehabilitation plan as early as July.

The entire market tumbled in response, with red being the only color seen on the heatmaps today.

Source: Quantify Crypto

The downturn has resulted in $315 million worth of leveraged positions liquidated in the past 24 hours, with BTC accounting for about $130 million of that. The second is Ethereum, with $72M.

ETH is currently trading below $3.3K, and it appears that the bears are now targeting $3K as the first imminent level of support.

Bitcoin, on the other hand, faces support at $60K, which is also a very important psychological level. If the bears are able to break it to the downside, though, the next level to watch is located around $58K.

The post Meme Coin Outlook: Leading Memes SHIB, DOGE, PEPE Crash as Market Downturn Escalates appeared first on CryptoPotato.

Cardano (ADA) is the blockchain network founded by IOHK, a company created by Ethereum co-founder Charles Hoskinson in 2015. It is known for its methodical and scientific approach to building the ecosystem.

Cardano’s core team is also known for its meticulous, peer-reviewed development approach. Its proponents believe the slower pace is necessary for long-term growth, sustainability, and robustness.

As with any other crypto ecosystem, self-custody wallets play a very important role in Cardano. The following is a comprehensive overview of the best wallets to consider to store and use your ADA.

Quick Navigation

Types of Cardano (ADA) Wallets

The Best 6 Cardano Wallets

Daedalus – Best Cardano Desktop Wallet

Nami – Best Cardano Web Wallet

VESPR – Best Cardano Mobile Wallet

Yoroi Wallet – Best Cardano Light Wallet

Eternl – Best Cardano Wallet for Staking

Exodus – Best Cardano Wallet for Hardware Integration

Best Cardano (ADA) Wallets – Final Тhoughts

Types of Cardano (ADA) Wallets

The broader categorization can be defined within two major types: hot and cold wallets.

Hot wallets are online software applications providing users with many features to store and manage cryptocurrencies like ADA. Other key features of hot wallets are cross-chain transfers and access to decentralized applications (dApps) on Ethereum, Cardano, Solana, etc.

In contrast, cold wallets are physical hardware devices similar to USB drives. They offer increased security by keeping cryptocurrencies offline, yet they’re not as flexible and dynamic—or user-friendly—as hot wallets.

Several subtypes of wallets exist, such as desktop, web browser, mobile, etc. However, Cardano is also quite popular because it supports many light wallets.

Let’s review them below.

Desktop Wallets

Desktop wallets are software programs installed on computers. They offer advanced features like integrated staking, support for a broader range of cryptocurrencies, and heightened security measures.

Most desktop wallets are non-custodial, meaning users have complete control over their private keys, allowing them to manage cryptocurrency transfers directly without relying on third parties like exchanges.

Desktop wallets have their fair share of downsides: they require an internet connection, making them vulnerable to malware, hackers, and other online threats, and they require a certain level of technical proficiency to install and operate effectively.

Web Wallets

Web wallets are browser extensions that allow users to manage, store, and transact with cryptocurrencies directly through web browsers like Chrome, Firefox, and Opera. They provide flexibility and accessibility and support various digital asset activities, including dApps, Web3 applications, and NFTs.

However, they might not be as dynamic as desktop or mobile wallets and might not offer the same number of features.

Mobile Wallets

Mobile wallets, available for iOS and Android devices, provide convenience for managing assets on the go. Most mobile-based wallets are user-friendly and allow users to explore Web3 and DeFi applications across several blockchains.

The principal risks of mobile wallets should be evident—malware attacks, phishing scams, SIM swaps, and the potential loss of your mobile device.

Light Wallets

Light wallets operate through an external full node that allows them to interact and receive specific and relevant transaction payments, data, and other information without downloading the entire blockchain. That’s because the full node already has a copy of that ledger.

These features make light wallets a convenient solution that offers accessibility, as they’re faster to set up, require minimal device storage, and have user-friendly interfaces. However, they are as secure as the external node, which means dependency, and may lack certain advanced functionalities compared to full nodes (like running the actual validator node).

Hardware Wallets

Hardware wallets provide elevated security for cryptocurrencies by generating and storing private keys offline, safeguarding them from internet-based threats like hacking and online attacks. This offline storage minimizes the risk of unauthorized access to funds.

Despite offering the highest security measures, hardware wallets have some drawbacks. Their small size makes them prone to loss, potentially resulting in the loss of funds. Additionally, they lack the flexibility and dynamism of software wallets, which may restrict specific user preferences or functionalities.

Despite the robust security features of hardware wallets, fund loss or hacking incidents are typically attributed to user error or the physical loss of devices.

The 6 Best Cardano Wallets

The following article explores and details the best Cardano wallets in the market. These wallets were chosen based on their level of security, flexibility, fees, and overall functionality.

Daedalus – Best Cardano Desktop Wallet

Daedalus is one of the best Cardano wallets for desktop users. While it’s not an official wallet of the Cardano blockchain, it’s mentioned on the protocol’s official website as IOHK supports it.

Daedalus is open-source and can be downloaded in multiple operating systems, such as MacOS, Linux, and Windows.

Daedalus is designed with web technologies based on Electron, an established open-source protocol for developing cross-platform desktop applications.

Notable Features of Daedalus

Fully open-source, can be reviewed by anyone

Allows ADA staking, with rewards earned directly on the wallet

Runs a full node

It’s compatible with most operating systems

Daedalus Security

One of the things that makes Daedalus stand out is that it runs a full node. That means the wallet downloads and stores a copy of the entire Cardano network on your desktop. This is better overall in terms of security and decentralization than light clients.

Pros and Cons of Daedalus

Pros explained:

Developed and supported by IOHK

High level of security

Allows users to stake ADA

Fully open-source

Desktop support for most operating systems

Provides hardware wallet integration (Ledger)

Cons explained:

Requires a large amount of storage space (around 10GB of space to download)

Syncing blockchain transactions takes a long time, given that it’s a full node.

No access to dApps on Cardano

Nami – Best Cardano Web Wallet

Nami is a browser-based Cardano wallet built exclusively for the Cardano blockchain. It’s a lightweight client that accesses transaction data through external nodes.

Nami is one of the best ADA wallets for its user-friendliness and easy setup, but also because it’s pretty feature-rich. It’s also one of the few wallets that supports Cardano tokens like ADAX and USDM, the blockchain network’s native fiat-backed stablecoin.

Notable Features of Nami

Users can stake, send, and receive ADA and Cardano tokens, including stablecoins like USDM

Supports all NFTs on the Cardano blockchain, making it one of the few Cardano wallets to provide such a feature

Supports multipool staking. Users can stake ADA with Nami and delegate it to one or multiple Cardano Stake Pools

While the wallet is free to use, but there might be fees and commissions from third-party services

It allows users to import one recovery phrase and pair multiple hardware wallets, which is a plus in terms of security

Nami Security

Nami provides basic security mechanisms. It supplies users with a seed phrase of 24 words and allows hardware wallet integration with Trezor or Ledger for an extra layer of security.

Pros and Cons of Nami

Pros explained:

User-friendly wallet with easy setup

Provides several features, such as NFT trading, multipool staking, and more

Supports Cardano tokens

Allows multiple hardware wallet integrations

Cons explained:

No mobile app

Limited to ADA

VESPR – Best Cardano Mobile Wallet

VESPR is the best Cardano wallet for mobile users. It’s another non-custodial lightweight wallet exclusively built for the Cardano ecosystem.

VESPR operates as a non-custodial wallet, ensuring user privacy by not storing personal information such as email addresses, passwords, secret recovery phrases (SRPs), or private keys.

Likewise, the wallet is praised for its simple and intuitive design—but it’s packed with enough features to keep advanced users busy all day.

Notable Features of VESPR

VESPR features a built-in decentralized exchange (DEX) aggregator that helps users find the best exchange rates across all Cardano DEXs

The wallet allows users to explore hundreds of dApps on the Cardano ecosystem thanks to its dApp Browser feature

It supports NFTs on Cardano, allowing users to send, receive, and trade NFTs directly on the wallet

VESPR is a community-run project, with users having the right to vote on proposals to improve or change the wallet

Allows users to stake ADA and earn around 3% APY directly on the wallet

VESPR Security

VESPR leverages multiple encryption methods to safeguard users’ funds and general data. Likewise, it allows users to set up passwords, pins, and biometric authentication. For an extra security touch, it supports hardware wallet integration with Ledger.

VESPR was also the first ADA wallet to undergo an audit.

Pros and Cons of VESPR

Pros explained:

User-friendly mobile wallet

Supports staking

Community-led project

Open-source

Feature-rich wallet

Cons explained:

No support for other wallets or blockchains

No desktop support

Yoroi Wallet – Best Cardano Light Wallet

Yoroi is a light wallet designed by EMURGO, a crypto company that produces blockchain products for Cardano. It’s available as a browser extension and has a mobile version for iOS and Android users.

Yoroi comes with a handful of features for ADA enthusiasts, including an NFT gallery for users to display, explore, store, and trade NFTs and a Web3 portal to access Cardano’s vast ecosystem of dApps and decentralized protocols.

Notable Features of Yoroi Wallet

Yoroi facilitates onboarding by providing a user-friendly interface for wallet funding, staking, and swapping tokens

It provides a dApp browser and supports several blockchains, including EVM-compatible networks

While it does not provide multipool staking, users can stake ADA by delegating to network validators

Besides ADA, it supports Cardano-based tokens, including stablecoins such as USDM

Yoroi Wallet Security

Yoroi is a self-custodial wallet that generates encrypted private keys for users and allows them to set up password protection and recovery seed options in case they lose access to their funds. The wallet is also open-source, allowing anyone to explore the source code on GitHub.

Yoroi also allows users to integrate a hardware wallet, like Trezor and Ledger, adding an extra layer of security for their funds.

Pros & Cons of Yoroi Wallet

Pros explained:

Supports ADA staking

Supports Cardano tokens

Provides a dApp browser

Supports hardware wallet integration

Comes in a mobile version for iOS and Android

Cons explained:

Does not support multipool staking

Relies on external nodes for accessing blockchain data

Eternl – Best Cardano Wallet for Staking

Eternl is a versatile light wallet developed by the team behind TITAN and AHL, two popular Cardano staking pools. It’s among the most popular Cardano wallets on social media and the ADA community.

Eternl comes in multiple versions—browser extension, desktop, and mobile. It’s self-custodial, so users bear responsibility for their privacy and security. Similarly, it’s a community-run project with an open-source code, encouraging developer contributions.

It’s one of the best Cardano wallets for staking because it supports all Cardano tokens and provides multipool staking with high APY. Moreover, the user-friendly interface facilitates all the features within the wallets.

Notable Features of Eternl

Eternl provides access to Cardano dApps through a browser extension and a mobile app. It’s one of the best Cardano wallets for exploring and engaging with the ecosystem

Supports multipool staking, providing users with 3.5% in APY on multiple Cardano pools

Supports multiple types of tokens, including NFTs and Cardano-based tokens, making it a versatile solution for users

Allows users to integrate hardware wallets for extra security

Eternl Security

Eternal provides all the necessary security features, such as a recovery phrase, password, biometric access, and other mechanisms. However, it’s not open-source, which might be a concern because it’s a light wallet relying on external parties.

Pros & Cons of Eternl

Pros explained:

Accessible as a mobile app on the App Store and Google Play and as browser extensions for Brave Browser and Google Chrome

Fast synchronization for transaction and data retrieval

Staking and dApps: Eternl simplifies staking and connecting to decentralized applications, making it convenient for users to engage with Cardano’s ecosystem

Cons explained:

It is not open source, leading to concerns about transparency among some users

Complex interface, which might not be ideal for new users

Exodus – Best Cardano Wallet for Hardware Integration

Exodus is a versatile crypto wallet that can be the best option for safeguarding ADA thanks to its integration with Trezor, more specifically, Trezor Safe 3, which supports over 8,000 cryptocurrencies and comes with security features like the Secure Element, a certified EAL6+ chip.

The wallet supports over 50 blockchain networks. It’s available as a desktop wallet, browser extension, and mobile app on iOS and Android.

Notable Features of Exodus Wallet

Exodus supports in-app staking for ADA, allowing users to earn rewards directly on the app

The wallet provides a feature-rich browser extension for accessing Cardano dApps and NFTs

It provides a built-in exchange, allowing users to trade and manage ADA and other assets without recurring to external, centralized crypto exchanges

The wallet provides a fiat onramp, allowing users to purchase cryptocurrencies via services like Moonpay, Ramp, Sardine, and Robinhood Connect (availability varies by location). Purchases can be made using debit or credit cards, with funds deposited directly into the Exodus wallet.

Exodus Wallet Security

Exodus’ security features are pretty basic. It only provides users with a seed phrase, and that’s about it. It does not provide scam alerts, biometric authentication, 2FA, or any other security mechanism in today’s wallets.

That said, Exodus reminds users that they bear full responsibility for their wallet’s safety; if their device is lost, compromised, or left vulnerable, their funds are at risk.

However, the Exodus team consistently updates users on the wallet’s status, promptly addresses any vulnerabilities, and makes it compatible with multiple hardware wallets.

Pros & Cons of Exodus Wallet

Pros explained:

Easy setup for desktops, browsers, or mobile devices. It allows users to sync a single wallet using a 12-word seed phrase

Customer support is available via chat, email, help pages, and educational content on safety practices

Regular updates and security reports every two weeks

Supports staking directly through the wallet

Allows hardware wallet integration with Ledger and Trezor

Cons explained:

Lack of extra security mechanisms, such as 2FA, biometric access, and more

Not open source

Best Cardano (ADA) Wallets – Final Тhoughts

There’s a wallet to suit every preference. However, it’s crucial to analyze each wallet’s pros and cons, range of features, functionalities, and security to choose the Cardano wallet that best suits you.

Our comprehensive guide on the best Cardano wallets highlights their diverse range of applications—each offering unique features tailored to different needs.

The post Best Cardano (ADA) Wallets in 2024 – Top 6 Options Reviewed appeared first on CryptoPotato.

Bitcoin’s ongoing correction could be nearing its end and the market could experience a rally in the coming weeks, judging by pseudonymous cryptocurrency trader Teddy’s analysis.

According to their tweet, if history repeats itself, bitcoin’s bottom for this correction could be in the $61,000 range.

Bitcoin to Bottom at $61K

Teddy explained that every correction experienced in this bitcoin (BTC) bull run has landed and ended on the asset’s 21 weekly Exponential Moving Average (EMA). The EMA is an indicator that tracks the price of an asset over time, placing more significance on the most recent data points, which are considered more relevant than old data.

It is worth noting that the EMA responds more quickly to price changes than the Simple Moving Average, its fellow indicator, does.

Since BTC has a history of bouncing off its EMA, Teddy believes the leading cryptocurrency could bottom at $61,000 soon. At the time of writing, BTC was trading at $61,500 after plunging briefly below $61,000 to touch $60,900. It remains to be seen if Teddy’s predictions would come true.

More Dip Looms for BTC

While crypto community members expect a bullish reversal soon as they believe such is imminent, certain factors suggest the market may be in for more bloodbath.

Last week, CryptoQuant revealed a lack of bullish momentum in the crypto market, as seen in low stablecoin liquidity and weak BTC demand growth from large investors. Analysts at the crypto intelligence platform further disclosed that bitcoin demand from whales was growing at a monthly rate of 4.8%, traders were still decreasing their holdings, and stablecoin liquidity recorded its slowest pace since November 2023.

In addition, U.S. BTC and ETH investors, who are usually one of the major driving forces during rallies, have had weak demand growth. The U.S. spot Bitcoin exchange-traded fund (ETF) market, which reflects the intensity of this demand, has experienced consistent outflows since June 13.

CryptoPotato also reported that BTC could lose more of its value as miners have not capitulated yet. Bitcoin miners have continued to offload their assets as operational costs, hash rates, and pressures increase. Analysts expect weaker miners to “die” and hashrate to recover before BTC can resume its northward movement.

The post Did Bitcoin (BTC) Reach This Cycle’s Bottom at $61K? appeared first on CryptoPotato.

Polkadot’s price has faced significant selling pressure, leading to a notable plunge below the crucial $6 support region. The price action suggests a potential continuation of the downtrend in the short term, with no signs of recovery currently evident.

Technical Analysis

By Shayan

The Daily Chart

The daily chart shows a significant increase in selling momentum, which has driven Polkadot’s price below the critical $6 support level and out of a multi-month triangle pattern. This breach has triggered a substantial long liquidation event.

The price displays no signs of recovery on the daily timeframe, indicating the possibility of a continued downtrend. However, a slight and temporary pullback to the broken $6 threshold could occur, confirming the breakout and solidifying the bearish scenario.

Key Levels to Watch:

Primary Target: The substantial support region at $5.

Resistance: The significant resistance at $6.

Traders should exercise caution as the market may experience heightened volatility and notable fluctuations in the short term.

Source: TradingView The 4-Hour Chart

On the 4-hour chart, Polkadot’s price action shows a clear pattern of lower lows and lower highs, indicative of a pronounced downtrend and ongoing seller dominance.

The cryptocurrency is retracing within a bearish price channel, underscoring continued selling interest among market participants. Despite the downtrend, the price has approached a crucial support area of around $5.5, which is historically significant as support in multiple instances.

If selling pressure intensifies and breaches the $5.5 support level, Polkadot could see further downside, targeting the substantial $5 support zone.

Alternatively, a scenario of temporary consolidation near this pivotal support is plausible, with price movements confined between the $5.5 support and the upper boundary of the descending channel.

Source: TradingView Sentiment Analysis

By Shayan

Polkadot has been in a strong downtrend over the past few weeks, ultimately falling below the critical $6 threshold. Understanding the key drivers of this bearish movement is essential for traders to gauge market sentiment and anticipate future price action.

The accompanying chart highlights the potential liquidation levels in Polkadot’s price action, which can provide valuable insights into the focus areas for smart money in the mid-term.

A significant amount of liquidity is positioned above the major swing high of $7.3, where the current impulsive bearish trend began. This area is likely filled with buy-stop orders, indicating substantial selling activity and aggressive short positions.

These liquidity pools above $7.3 signal a strong bearish sentiment in the market. Despite the ongoing downtrend, sellers will eventually need to realize their profits. This often leads to periods of consolidation and potential bullish retracements.

Source: Coinglass

The post Polkadot Price Analysis: Here Are the Critical Levels to Watch Following 8% Weekly Drop appeared first on CryptoPotato.

Bitcoin slid by more than 4% dragging its price to $61,000 on Monday. This bearish trend could intensify as the leading cryptocurrency appears to be forming a double-top pattern while testing its support level.

The asset dumped below a key support level today, which could trigger further declines by over ten grand.

“Time To Panic?”

Bitcoin has witnessed a massive surge this year, triggering rallies in the broader crypto market as well. This uptrend can be largely attributed to the much-anticipated launch of several spot Bitcoin ETFs, which has boosted institutional engagement as well as mainstream acceptance.

However, BTC’s value has fallen since hitting an all-time high of nearly $74,000, and the asset dumped even more in the past 24 hours, falling to a multi-week peak of $61,000. But 10x Research’s latest analysis suggests that more pain could be on the horizon. In fact, BTC might transition from its current $60,000-70,000 trading range into a topping formation, potentially leading to a steeper decline.

Markus Thielen, founder of 10x Research, highlighted $61,500 as a crucial threshold in a note to clients, which the asset fell below earlier today. If it fails to bounce off soo, the cryptocurrency could further plummet to the low of $50,000.

The exec’s note read,

“Technically, bitcoin appears to follow a double top formation, whereas the support level is being tested. This chart formation should be our base case unless it becomes invalidated. This formation could easily see a drop to $50,000 – if not $45,000.”

Double Whammy for Bitcoin

Bitcoin miners have been under tremendous pressure after the fourth halving event. With breakeven prices significantly higher, they have been forced to liquidate their holdings, which led to a dramatic reduction in BTC held by them.

As revealed by QCP Capital’s recent analysis, the total miner reserves have decreased by a whopping 50,000 BTC since the beginning of the year.

Further exacerbating the market conditions, the German government reportedly sold 3,000 BTC with plans to offload an additional 47,000 BTC in the near future. This was enough to rattle investors and subsequently contributed to the overall bearish sentiment.

The post Bitcoin’s Double-Top Formation Threatens Scope of Uptrend: $50K Plunge in Offing? appeared first on CryptoPotato.

The Ethereum price has been dropping since getting rejected from the $4,000 resistance level. In the past 24 hours, the selling intensified and the bears are seemingly targeting the important resistance level at $3,000.

Technical Analysis

By TradingRage

The Daily Chart

The daily chart shows that the price has dropped below the $3,600 level and is rapidly approaching the $3,000 support zone. The 200-day moving average is also around the $3,000 mark, further boosting the importance of this level.

The Relative Strength Index has dropped below 50%, indicating that the momentum has shifted bearish. If the $3,000 level breaks down, things can get ugly for ETH, as a further drop toward $2,800 and even the $2,200 zone could be expected.

Source: TradingView The 4-Hour Chart

Looking at the 4-hour timeframe, the price has been making lower highs and lows since the rejection from the $4,000 resistance level.

At the moment, the cryptocurrency is approaching a long-term bullish trendline. A break below it would probably result in a bearish phase in the coming weeks.

Yet, the RSI has dropped below %30, making ETH oversold on the 4-hour chart. Therefore, a rebound from the trendline or the $3,000 level is still possible.

Source: TradingView Sentiment Analysis

By TradingRage

Funding Rates

While the Ethereum price has been trending down after failing to break above the $4,000 level and rally toward its all-time high, the futures market sentiment is weakening.

This chart presents the Ethereum funding rate metric. It measures whether the buyers or the sellers are more aggressively executing their orders. Positive funding rates indicate bullish sentiment, while negative ones are associated with bearish sentiment.

Currently, the funding rates are declining as the price is trending down. While this shows the sentiment is gradually shifting, it might not be bad for the price. This is because of the probability of a long liquidation cascade, or the magnitude of a possible one, as the futures market is cooling down.

Source: CryptoQuant

The post Ethereum Price Analysis: Is $3K Imminent for ETH Following 5% Daily Dump appeared first on CryptoPotato.

This week, investors are focusing on key reports that could provide insights into the U.S. economy’s health and outlook.

The most anticipated is the Personal Consumption Expenditures (PCE) report, which serves as the Federal Reserve’s preferred inflation gauge.

There are also reports on consumer sentiment and inflation expectations data that could rattle markets.

Economic Events June 24 to 28

Consumer confidence data will be released on Tuesday, offering an insight into sentiment and economic recovery status. However, the first of the big reports is out on Thursday with the Q1 2024 GDP Growth Annualized (final estimate).

The second estimate showed economic growth slowing to 1.3% annualized, down from Q4’s 3.4%, and the final estimate is expected to confirm these figures.

“All eyes are on GDP data as recent prints have suggested we may be seeing stagflation,” commented macroeconomics outlet The Kobeissi Letter in a post on X on June 24.

Key Events This Week:

1. CB Consumer Confidence data – Tuesday

2. New Home Sales data – Wednesday

3. Q1 2024 Final GDP data – Thursday

4. May PCE Inflation data – Friday

5. Fed Monetary Policy Report – Friday

6. Total of 8 Fed speaker events this week

Tons of important…

— The Kobeissi Letter (@KobeissiLetter) June 23, 2024

Friday, June 28, will be a busy day. May’s Core PCE is released, and investors and policymakers will be eyeing it. Following lower-than-expected May CPI numbers, this report will be closely watched for continuing disinflationary trends.

May’s Personal Income and Personal Spending reports are also released on Friday. This data reflects total personal income and consumer purchases in America, providing crucial information about overall economic health and potentially influencing central bank decisions.

Finally, June’s Michigan Consumer Sentiment Index and Consumer Inflation Expectations are also due on Friday. These reports show consumer confidence levels and long-term inflation expectations, which impact consumer spending and also factor into the Fed’s inflation expectations calculations.

There are also a total of 8 Fed speaker events this week.

Crypto Market Outlook

With such a heavy data week ahead on the economic calendar, there could be more volatility for risk-on assets such as crypto.

Total capitalization has fallen a further 5% over the past 24 hours to hit a six-week low of $2.35 trillion. Markets have dropped 11% so far this month, with around $300 billion exiting the space.

Bitcoin slid 4% in a fall towards $61,000 but managed to hold above it trading at $61,300 at the time of writing.

Ethereum was in greater pain, dumping to a six-week low of $3,310 during Asian trading on Monday.

Altcoins continued to bleed with heavier losses for Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Avalanche (AVAX), which fell to its lowest level this year over the weekend.

The post Will This Week’s US GDP Data Send Crypto Markets Spiraling Even Further? appeared first on CryptoPotato.

On June 24, the Mt. Gox rehabilitation trustee issued a letter regarding repayments to creditors commencing at the beginning of July 2024.

“The Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan,” it stated.

The move comes after extensive preparations to ensure safe and compliant repayments, it added.

Mt. Gox Repayments

Additionally, the process involved technical safeguards, adherence to various countries’ financial regulations, and discussions with cryptocurrency exchanges, according to the letter.

Repayments will be made through trading platforms, starting with those that have completed the necessary information exchange and confirmation process with the Trustee. Creditors were advised to wait patiently as the repayments in BTC and BCH were processed.

Mt. Gix became insolvent after a hack that led to the theft of 850,000 BTC, valued at $460 million at the time of the incident in 2014.

Some of the larger creditors of the bankrupt crypto exchange chose a payment option that would allow them to receive a lump sum of their recovery payout in BTC rather than fiat.

Additionally, on-chain analysts identified several large BTC movements associated with Mt. Gox in late May. They cautioned that this could put selling pressure on Bitcoin markets.

This latest news has already sparked concern over large amounts of Bitcoin entering markets that have already turned bearish.

Germany is dumping $3B and now MtGox is dumping $9B Bitcoin. pic.twitter.com/O5zWlzr6iG

— Charles Edwards (@caprioleio) June 24, 2024

Bitcoin pioneer Kyle Chassé echoed the concern, exclaiming, “F*cking $9 billion worth of Bitcoin repayments.”

MASSIVE Mt. Gox Distribution Incoming!

Here’s the breakdown of the figures:… pic.twitter.com/i7zCdWGbNr

— Kyle Chassé (@kyle_chasse) June 24, 2024

Analyst Don Alt advised caution when trading with further losses expected.

“Gonna be interesting to see how price reacts to the Mt. Gox announcement. Bulls need to show significant strength to reverse this slow bleed. If they can’t, the bottom of the range may just fall out.”

Impact on BTC

In addition to this sell-side pressure, Bitcoin miners have been offloading the asset. Miners sold over 30,000 BTC worth around $2 billion in June, “the highest amount this year, dropping reserves to a 14-year low,” said analyst ‘Carl B Menger.’

BREAKING: #Bitcoin miners sold over 30,000 $BTC (~$2 billion) in June, the highest amount this year, dropping reserves to a 14-year low.

The recent #Bitcoin halving cut profits, causing especially smaller miners to sell off #Bitcoin to cover operation costs. pic.twitter.com/rfbeI6Mwih

— Carl ₿ MENGER (@CarlBMenger) June 24, 2024

“BTC is now approaching the critical level where many will give up this cycle,” said analyst ‘Titan of Crypto’ in a post on X on June 24.

Bitcoin prices dumped to $61,000 on the news, accelerating losses over the past 24 hours, which are now 4.6%.

The post BTC Tanks to $61K as Long-Awaited Mt. Gox Repayments to Begin in July appeared first on CryptoPotato.

Bitcoin’s price has dropped rapidly over the last few days after failing to keep above the $70K level. The market is currently approaching a fundamental level.

Bitcoin Price Analysis: Technicals

By TradingRage

The Daily Chart

As the daily timeframe demonstrates, the BTC price has been trending downward since the beginning of June following a rejection from the $72K zone. The price is approaching the pivotal $60K support level.

With the 200-day moving average around the $58K mark, a break below $60K could lead to a retest of the moving average. Overall, the market’s mid-term fate relies on the price’s reaction to these support elements.

Source: TradingView The 4-Hour Chart

On the 4-hour chart, the large falling wedge pattern has finally been broken to the downside, and the price is aggressively approaching the $60K support zone. The Relative Strength Index has also declined rapidly and is showing values below 30% at the moment.

Therefore, BTC is currently oversold on the 4-hour timeframe, and a short-term rebound or consolidation at the $60K level is probable.

Yet, if the market breaks lower, the $58K support zone would be the next potential target.

Source: TradingView On-Chain Analysis

By TradingRage

Bitcoin Short-Term Holder SOPR

While Bitcoin’s price has decreased recently, many market participants are seeing their unrealized profits shrink. Meanwhile, some holders have realized their profits and exited the market before going into a loss.

This chart presents the Bitcoin Short-Term Holder SOPR, demonstrating the profit and loss ratio. Values above one indicate that investors are selling at a profit, while values below one point to losses.

The STH SOPR is trending down, as is the BTC price. The short-term holders are on the verge of realizing losses, which would happen if the market drops below $60K.

Yet, this also occurs at the lows during a bull market. So, if we consider the bull market not over yet, the low could be very close.

Source: CryptoQuant

The post BTC Price Analysis: Here’s the First Critical Support if Bitcoin Drops Below $60K appeared first on CryptoPotato.