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"Bitcoin Sees Surging Monthly Inflows—What It Signals for Future Prices"

The Crypto Basic

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The #Bitcoin market is attracting a considerable amount of capital amid a recent surge in institutional interest globally. 

Read more on: https://thecryptobasic.com/2024/12/12/heres-how-much-bitcoin-is-attracting-every-month-and-what-it-means-for-price/
#CryptoNews🚀🔥V 

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#Ethereum (ETH) is nearing the $2,000 psychological support level, raising concerns about a potential breakdown as ETFs continue to register outflows. As Bitcoin witnesses a quick pullback under $83,000, Ethereum is close to testing its $2,000 psychological mark. With a pullback of nearly 12% in the past 24 hours, the Ethereum market cap is down to $252 billion. As the declining trend in Ethereum gains momentum, is the $2,000 support level breakdown inevitable? Let’s find out. Ethereum Price Tests $2,000 Support In the 4-hour price chart, Ethereum showcases a steep correction with two consecutive completion-range breakdowns. After the breakdown of the $3,000 psychological support, Ethereum found crucial support near the $2,500 mark. However, the market crash in late February resulted in a second-range breakdown with a pullback towards $2,100. The announcement of the U.S. Crypto Reserve led to a quick V-shaped reversal to retest the broken $2,500 level. However, the bullish failure to hold the trend momentum led Ethereum to take a bearish exit quickly. The downfall in Ethereum has accounted for nearly a 15% pullback. Currently, ETH is trading at a market price of $2,093. The declining trend has resulted in a pullback in the Chaikin Money Flow Index from 0.32 to near the zero level. This hints at a significant reduction in buying pressure. However, the daily RSI line hints at a potential bullish divergence. This suggests a possible consolidation near the $2,000 psychological mark. Ethereum ETF Outflows Continue As Ethereum warns of a potential breakdown of the $2,000 crucial support, U.S. Ethereum Spot ETFs record another day of outflow. On March 3, the net outflow stood at $12.10 million. This marked the 8th consecutive outflow day since February 20. Most Ethereum ETFs maintained a net-zero outflow on Monday, while BlackRock offloaded $16.06 million worth of Ethereum into the market. On the other hand, Bitwise registered an inflow of $3.96 million. #CryptoNewsFlash

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"Bitcoin to Hit $73K Soon—Is $170K the Ultimate Target? Analyst Reveals Key Timeline! "

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#Cardano founder Charles Hoskinson courts the Dogecoin community again. When Tesla CEO and Dogecoin champion Elon Musk bought X (then Twitter), Cardano founder Charles Hoskinson was quick to court the doggy-themed memecoin community. Perhaps in an attempt to front-run speculation of potential integration of the memecoin with the social media network, he offered to make it suitable for payments on the platform, albeit as a Cardano sidechain. This initial overture devolved after a heated exchange with Dogecoin creator Billy Markus. But Hoskinson appears to be back at it again as Musk’s X payments goal begins to take shape. This time, he has dropped the talk of making the network a Cardano sidechain, at least for now. Try, Try Again Cardano founder Charles Hoskinson is courting the Dogecoin community again. In a series of X posts on Tuesday, March 4, the Cardano founder has offered to “fix up” the Dogecoin network and make DOGE “the standard currency of X.” In his most seductive tone yet, Hoskinson teased the Dogecoin community with the potential of being the blockchain rails for X’s AI model Grok and low-cost payments for tipping posts. “Come on Dogecoin, you know you want a little retrofit. Little bit of sharded useful proof of work to run that expensive Grok. Some state channels for ultra low cost payments for tipping X posts. Some full secure smart contracts running on eutxo,” the Cardano founder wrote, adding a GIF with the caption, “I can fix that.” To sweeten the deal, Hoskinson noted that he would even “throw in some quantum resistance,” adding, “Just tell me how you like it (hashes or lattices).” #CryptoNewss

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The defunct crypto exchange #FTX has unstaked and unloaded millions of Solana into multiple wallets as customer repayment gains momentum. Solana has corrected a staggering 17% in the past 24 hours, the largest among crypto assets in the top 7 ranking by market cap. Although this follows a broader market sideways trend, FTX’s on-chain activity may have contributed to this capitulation. Data from the on-chain analytical firm Spot On Chain shows that the insolvent FTX unloaded a substantial amount of Solana late Monday. Specifically, an address FTX/Alameda leverages for staking activities has unlocked 3.03 million SOL ($432.5 million) and shifted them to multiple wallets. Defunct Exchange Piles on to Solana’s Circulating Supply Spot On Chain confirmed the recent transaction. The wallet unstaked the tokens and moved them to about 37 different addresses for a possible shift to exchanges Coinbase and Binance. Further analysis shows that among the recipient wallets, address “CVjsf5” received the most SOL. FTX transferred 892,800 SOL, worth $127.8 million, to the wallet, which has a history of moving received Solana to the crypto exchange Coinbase. Meanwhile, the recent on-chain activity follows the FTX bankruptcy estate’s disclosure that it would unlock 11.2 million SOL in March. The unlocked Solana was for companies that bought the asset at an auction after the US-based exchange’s November 2022 demise. Notably, the bankruptcy estate would use proceeds from the sales to repay customers affected by its insolvency over two years ago. The exchange began repaying users under $50,000 in mid-February and has paid over $1.2 billion thus far. #cryptonewstoday

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