đ Bonk, MultiversX, Terra Classic Among Major Cryptocurrency Downturns
đť The leader of the decline is Bonk (BONK), a meme coin that quickly gained popularity on the Solana network and has since demonstrated rapid fluctuations: 41%, with a reported 20.8% at the end of December. Despite reaching an all-time high (ATH) of $0.00003416 per token on December 15, the value of BONK has fallen by 66% since its peak. It is trading around $0.00001167, which is 18.8% lower in the last 24 hours.
đ BONK is often mentioned alongside Shiba and Doge as the best meme coin, but according to reports from January 3, all these coins have also fallen, although less significantly.
đ Also on the list is MultiversX (EGLD), a token with losses of 17.8%, despite a new upgrade mechanism that will significantly enhance its feature set.
đ¸ EGLD is currently at $59.12, indicating a 16.6% decrease over the last seven days. This suggests that the ongoing downtrend is more than just the result of a negative Matrixport forecast regarding spot Bitcoin ETFs.
đ Closing today's losers is Terra Classic, which reported a 17.7% decline. Again, while Matrixport's news rocked the entire market, Terra experienced a week-long slump, witnessing a 20.3% rise over the last seven days, alongside recent network overload news.
đ This definitive guide for participating in the Pyth Airdrop is a trustworthy resource for acquiring $PYTH tokens. It provides precise information about the procedures and requirements for engaging in the Pyth Airdrop. Itâs crucial to be aware that other publications about the Pyth Airdrop, not directly from Pyth Network, can be not only incorrect but also potentially fraudulent. For secure and successful engagement in the Pyth Airdrop, it is advised to rigorously abide by the instructions fro
đ Bitcoin (BTC) is showing moderate recovery today. At the time of publication, the Bitcoin price was $41,700, representing a 0.7% increase in the last 24 hours and bringing the weekly decline to 2.4%. Bitcoin trading volume for the same period dropped by 56%, totaling $9.8 billion.
đ In-depth analysis of the 24-hour BTC/USD charts shows bullish dominance. The Relative Strength Index (RSI) indicator is moving north, indicating a bullish momentum for BTC. On the other hand, the Moving Average
Bitcoin Price Risks 15% Drop as Sellers Break Below 50-Day Support
đĄ Bitcoin Price Forecast: Bitcoin, the largest cryptocurrency by market capitalization, experienced a sharp decline from $49,000 to $40,300 in a week. This significant 17.8% drop may be linked to market concerns that the spot BTC ETF is perceived as a "sell-the-news" event, along with ongoing Grayscale Bitcoin asset liquidations.
đ During this decline, sellers managed to break the support line of the ascending wedge, suggesting that the Bitcoin price may be set for an additional correction.
đ Has the Bear Phase in the Crypto Market Ended?
đ Excessive accumulated futures positions led to massive liquidations even before the approval of ETFs. We witnessed speculative movements. Currently, we observe a slight softening of BTC amid the normalization process of excessively profitable wallets. But how long will this continue? What awaits crypto investors by the end of January?
đ¸ Earlier today, the BTC price dropped to $41,718. This decline, which triggered altcoin sell-offs overall, was caused by the audacity of excessively profitable investors. When investors believed that prices should fall if there is no mass growth after the approval of ETFs, they shifted to selling, leading to the fall of BTC. We live in interesting times.
đ Even more interesting is that the support level at $41,800 is being tested for the sixth time in about the last four weeks. One of these tests was related to the Matrixport report, stating that spot Bitcoin ETFs without fundamental support could be approved in the second quarter. Despite the approval, BTC, which fell to $40,700, is holding at the $42,700 mark.
đ While the sixth test of support and its current holding seem positive, the size of the subsequent rebound will be crucial for the future.
đź Some analysts remain cautious due to the transfer of 1 billion BTC to exchanges, as reported by CryptoQuant. In their opinion, this outflow of miners became a fundamental reason for the decline. Bitcoin miners, who need to maintain strong cash reserves, seem to remember the tough days when they began selling at satisfactory levels while continuing to operate with high profitability.
đ We observed an increase in the additional premium due to excessive demand for options amid the excitement around ETFs. At the moment, since the approval of the spot Bitcoin ETF, we see that the BTC futures premium remains below 9% in the neutral zone, unlike the growing trend that continued until January 15. This suggests that the days of excessive demand may end, and the appetite will change depending on the ETF entry.
đ Altcoin Bull Season Beginning? Solana Set to Lead
đ The altcoin bull season is expected to kick off in 2024, fueled by optimism surrounding various events. Halving, interest rate cuts, U.S. elections, the spread of ETFs, and many other events seem to carry the potential for this season. Some analyses indicate that capital movement may have already initiated it.
đ Technical experts point to indicators signaling the start of a significant capital shift from Bitcoin to altcoins, such as Solana (SOL), stating that the time has come. The altcoin season index recently rose to 76 out of 100, suggesting that we might be in the early stages, considering the critical threshold is 75.
đ Historically, the altcoin season is defined as a period when the top 50 altcoins outperform Bitcoin by 75% over 90 days. The last time we saw something similar was in 2022. In the current scenario, cryptocurrencies like Ordi (ORDI), Sei (SEI), Injective (INJ), Solana (SOL) are achieving this, indicating that conditions for the altcoin season are starting to shape up.
Solana (SOL) đš In terms of market value, SOL Coin has experienced an impressive growth period. Until last week, SOL Coin maintained a strong position and is now aiming to hold the $95 threshold. However, it still demonstrates better support than most major altcoins. According to Ali Martinez, in the coming hours, Solana may turn upward thanks to a bullish flag formed on the four-hour chart.
đ Solana, known for its fast and cost-effective operations, attracts a significant portion of cryptocurrency investors and has undergone a noticeable recovery in total locked value. Unless we witness a significant cryptocurrency crash, the scenario in which institutions resume speculation on GSOL could make $150 a realistic target.
đď¸ Will SEC be Triumphed Over Again by the Great Coinbase?
đ The cryptocurrency world is gearing up for a major legal showdown as the U.S. Securities and Exchange Commission (SEC) prepares to face Coinbase in court. The hearing on Coinbase's petition is scheduled for Wednesday, January 17.
âď¸ This case has been likened to the protracted legal battle between the SEC and Ripple, raising questions about whether we are on the brink of another lengthy legal dispute. More detailed information will emerge after the hearings on Wednesday.
đ The hearings have four possible outcomes, each with its unique consequences:
Scenario 1: The judge rejects Coinbase's request SEC faces a relatively minor obstacle to victory. All they need to show is that they allege facts that make their claims plausible. If the judge rejects Coinbase's request, the case will continue for a year or more, considering motions for summary judgment, similar to the Ripple case.
Scenario 2: The judge grants Coinbase's âpreliminary injunctionâ request This outcome would mean that the entire case would be terminated at the district court level. After this, the SEC would have the option to appeal to the Second Circuit Court of Appeals.
Scenario 3: The judge takes the case âwithout prejudiceâ In this case, the SEC would have the opportunity to amend the complaint to address deficiencies noted by the judge. However, if the court determines that the SEC lacks Congress-granted authority to regulate cryptocurrency exchanges, amending it would be futile.
Scenario 4: The judge grants the motion for specific claims The judge may grant the request regarding claims related to 13 cryptocurrencies but reject it regarding the betting service. The case would then move to the discovery stage, focusing solely on the betting service and whether it meets the requirements of an investment contract.
đ¤ While it's unlikely that the judge will make a decision at this hearing, the way he poses questions may provide some hints about the potential outcome.
đ Price Trend Analysis: The current downtrend in Dogecoin's price can be tracked using the descending resistance trend line. This decline can largely be explained by the widespread uncertainty surrounding the approval of a Bitcoin spot ETF. During this period, the DOGE price has significantly dropped by 24%, decreasing from a peak of $0.107 to the current price of $0.813. Daily timeframe analysis shows that this decline has turned into a pattern that could signal potential further decline in DO
đ Best Crypto to Buy This Week â Bonk, Optimism, Arbitrum
đ The new year brings a fresh impetus to the crypto market: projects like Bonk, Optimism, and Arbitrum are emerging as top contenders for the best cryptocurrency to buy right now.
đš This week, the price of Bonk surged by over 37% after listing on OKX and continues to list on other platforms, including one of the largest European exchanges, WhiteBIT.
đ° The meme coin is currently trading at $0.0000142, showing positive momentum after a 70% drop from December 15 to January 7.
đ Optimism also continues to grow: on January 12, Binance announced support for the upcoming Bedrock network upgrade. The upgrade aims to increase the transaction speed of Optimism as a second-layer Ethereum solution.
đ Additionally, over the last month, the price of Arbitrum has risen by more than 77%, accompanied by improved on-chain metrics.
đ These emerging projects are causing excitement, suggesting that they may become leading contenders for the best cryptocurrency to buy now in the future.
đš The price of Bonk (BONK) surged by over 37% this week after listing on OKX on January 8. BONK is currently trading at $0.0000142, significantly higher than $0.00000934 just a few days ago.
đ While deposits and withdrawals of Optimism (OP) tokens will be suspended during the Bedrock upgrade on January 12, OP trading will continue without interruptions. The upgrade aims to enhance the transaction speed of Optimism, serving as a Layer 2 scaling solution for Ethereum.
đ According to Binance, it will address all technical requirements of OP holders, allowing users to benefit from the improved Optimism network.
đ The price of Arbitrum has risen by more than 77% in the last month, concurrently with improved on-chain metrics. The total value locked in Arbitrum recently exceeded $2.5 billion, more than doubling the amount in January 2023.
đš As the cryptocurrency market shows ongoing signs of recovery, presales like Sponge V2 Token and Bitcoin Minetrix offer alternatives for diversifying portfolios beyond traditional coins.
đ Bitfinex Announces Listing of 9GAG MEME Token
đ In my teenage years, I absolutely loved the memes from 9GAG, so the news made me smile and once again revisit what this new asset from them - MEME - is all about. Nowadays, more and more meme tokens are being released, catching hype from users, like the well-known BONK that I've been hearing about from everywhere for several months.
đ° Bitfinex has confirmed the addition of Memecoin (MEME) to its list of tradable tokens. MEME is the ecosystem token of Memeland, a venture web studio created by the popular meme platform 9GAG.
đ¤ The integration of MEME into the Bitfinex platform is a nod to the growing influence of internet culture in the crypto space. Memecoin aims to blend humor with technology, offering users a unique way to interact with the Web3 community and participate in various events.
đ Starting from January 9, 2024, users will be able to place MEME on Bitfinex. Trading is scheduled to commence on January 11, with MEME pegged to the US dollar and Tether tokens. Withdrawals will follow shortly after and will be available on January 12.
đ This morning marked the first major gaming token giveaway in 2024 as the gaming network Xai distributed its XAI token to eligible users.
đ According to the Xai Foundation, it is offering 125 million XAI tokens (or 5% of the total) to eligible users, including owners of specific Xai NFTs and those managing Sentry Nodes or validators that help maintain the network.
đ˛ XAI debuted at just under $0.68 early Tuesday morning, according to CoinGecko, and rose to a high above $0.77, then dropped to the current price of $0.57. As of writing, XAI's daily decline was 15%, which is 20% below the peak price.
đ¸ Airdropped tokens are known to be volatile from the start, but even in this case, the total value of the giveaway currently stands at almost $70 million. At the time of writing, the market capitalization is just over $154 million USD, with over 277 million tokens in circulation, including those received through the airdrop.
đź Sentry Node operators and some NFT owners can claim XAI tokens worth several hundred dollars. Node operators, for example, can claim 1658 XAI for each owned key â nearly $925 at the current price. Vanguard NFT owners can claim 1307 XAI, or about $730 USD, and Legendary NFT owners can claim 290 XAI ( $162).
đ The Xai Foundation announced the â2nd seasonâ of token rewards for users but has not yet specified how network users can potentially earn additional rewards. Some owners of lower-tier Xai NFTs than âVanguardâ or âLegendaryâ complained on social media that they were not included in this initial distribution.
đšď¸ The Xai network was developed by the Xai Foundation in collaboration with Arbitrum Offchain Labs creator and game studio Ex Populus.
đŽ The first games for Xai are being developed by Ex Populus, including Final Form, a deck-building card game with elements of automatic combat. Another game from the studio is LAMO, an online world where cartoon characters battle.
đ The U.S. Securities and Exchange Commission (SEC) has granted approval for the listing of a Bitcoin ETF on all registered national securities exchanges.
đĄď¸ Approved Bitcoin ETFs will be subject to continuous monitoring and compliance measures to ensure ongoing investor protection.
𤣠Some prankster hackers breached the SEC Twitter account and posted the news. For us crypto enthusiasts, it could have been a new era and an eye-opener for those who don't understand cryptocurrency, considering it a scam.
đ Unfortunately, the Securities and Exchange Commission (SEC) did not approve the listing and trading of spot Bitcoin ETFs. Still, for a couple of seconds, everyone believed it. However, some enthusiasts, including Arthur Hayes, believe that after the approval of a Bitcoin ETF, the crypto giant â BTC will die for investors.
đ The Death of Bitcoin?
đ "If ETFs, managed by TradFi (traditional finance) asset managers, become too successful, they will completely destroy Bitcoin," wrote Arthur Hayes on his blog on December 23. He noted that the reward for a Bitcoin block will drop to zero around 2140, after which miners will only receive fees for transaction verification.
đ "But if there was never another Bitcoin transaction between two entities, miners couldn't afford the energy needed to secure the network," Hayes wrote. "As a result, they would shut down their machines. Without miners, the network will die, and Bitcoin will disappear."
đ Hayes claims that asset managers like BlackRock are involved in an "asset accumulation game."
đŹ "They gather assets, store them in a metaphorical vault, issue tradable securities, and charge a management fee," he wrote. "They don't use what they have on behalf of their clients, which poses a problem for Bitcoin if we look at the possible future from extreme positions."
đ However, even if BTC "dies because it's not being used," it creates space for another crypto network to take its place, writes Hayes.
đ Concerns About Increased Volatility of Solana
đ Trader Kaz The Shadow recently shared a comprehensive market overview and warned investors of the expected increase in volatility during the week. He emphasized that people without experience in dealing with market fluctuations and complex movements should exercise caution or consider reducing the size of their trades.
đ Analysts have differing opinions regarding the short-term direction of Solana's activity. Jelle forecasts a potential Solana retracement, suggesting that the cryptocurrency may fall to $70 during the ongoing bull market. This analysis implies that after successfully testing the $70 support level, the final upward trend will continue.
đ PentoĹĄi shares a similar opinion, predicting that Solana will be sold down to the $70 level before recovering and continuing its growth. Amidst this uncertainty, these analysts agree on the possibility of a short-term pullback of the Solana altcoin before it shows any bullish momentum.
đ¤ However, not all analysts share an optimistic view of Solana's near future. Crypto Dog presents a theory proposing that the market might be approaching the peak of the current cycle. If this perspective is correct, given the proximity to Bitcoin's halving process, it would be an unprecedented situation.
đ Crypto Dog associates the recent market rally with expectations surrounding the Bitcoin ETF and notes that the catalyst is likely to continue its effect.
đš At the time of writing, the price of Solana has not dropped to the $70 level mentioned by analysts. The price rebounded from the $85 level. The current cost of SOL is $99.
đ¤ My friend and I also choose Solana for investment. I trade on WhiteBIT, while my friend, opting for diversity and a wide range of assets, decides Gate.io. He bought a significant amount of BONK there, which showed good results with a +10% increase in a week and a total growth of 10939.21% over time. But what awaits it in the future? đ
Readyverse Studios, the brainchild of Futureverse, a company specializing in the metaverse, founded by writer Ernest Cline and film producer Dan Farah, has signed an intellectual property rights agreement for "Ready Player One" with Warner Bros. Discovery. According to Variety, the new studio will bring the virtual universe to life.
đ For those unfamiliar with the book or film, "Ready Player One" is set in a dystopian future where much of humanity is connected to a virtual wonderland called th
đź AML (Anti-Money Laundering) cryptocurrency checks are a system of measures aimed at preventing the use of financial instruments for money laundering and terrorist financing. In the context of digital assets, AML policies are used to detect and prevent illegal financial transactions in the digital sector.
đ¤ How does it work, and what are the key features of AML checks?
đ The process involves several stages, among which the following can be highlighted:
đ Celestia ($TIA ) Aims for Another Streak of Massive Success
đ $TIA may continue its upward trajectory based on the recent price action and bullish indicators on the chart.
đš $TIA , the native token of the Celestia blockchain, appears set to continue its steady price growth after breaking out of consolidation in a tight price range.
đ Throughout December 2023, $TIA traded between price levels of $11.8 and $15.1 but started 2024 with a powerful surge to the $17 price level. Although the price retraced to $15, price behavior on lower timeframes and chart indicators suggest another bullish wave that could push $TIA to $20.
đ Buyer Pressure Could Trigger Further Rise for $TIA
đ° $TIA took a 35% pump from the $11.8 support level to overcome bearish resistance at $15.1. However, sellers at the resistance level pulled back, dropping by 13%, holding $TIA at the $15 level.
đ Despite the bearish pullback, chart indicators highlighted growing bullish strength: the Relative Strength Index (RSI) showed a bullish value of 55, signaling that buyers have a short-term momentum.
đš The Chaikin Money Flow (CMF) indicated significant capital outflow in the short term. However, this could be a strategy to enter $TIA at lower prices for profit accumulation. Judging by the price action and chart indicators, closing a new bullish candle above $15 could boost TIA's price to $17 in the short term.
đĄ As Celestia continues to actively develop as a modular blockchain, making blockchain launches as easy as deploying a smart contract, $TIA will likely maintain high demand and trade on major exchanges, including some of the most popular ones in Europe: WhiteBIT, Binance, and OKX. This represents significant price growth potential and a good crypto asset for investors.
đ Disclaimer: This post is based on news from blockhead.co and does not constitute trading, investment, financial, or other advice. Please conduct thorough research before making any trading or investment decisions.
đ° Bitcoin began the 2023 at $42,146, entering the new year with an upward trend, eventually reaching $45,000. Despite its rapid rise from October to December 2023, the asset failed to reach this price level. New optimism brought by the new year triggered a rally to a 21-month high of $45,894 on January 2nd, as industry commentators highlighted the imminent approval of numerous ETF applications.
However, optimism waned when a Matrixport report suggested the possibility of rejecting all ETF participation applications this month. This report was followed by a selling wave, leading to a significant market downturn. On January 3rd, BTC dropped to a minimum of $40,879, and market liquidation volumes approached $700 million.
Despite the recovery, on that day, the leading cryptocurrency recorded an intraday decline of 4.69%, the highest since December 11, 2023, struggling to maintain the price threshold at $44,000.
đš NEAR traded at $3 in October 2022 before rising in December 2023. After reaching a high of $3.625 on December 21, the token held above the $3.50 level for several days, eventually reaching $4.62 on December 26, 2023.
However, the asset started this week on a bearish note, experiencing consolidation preceding a drop to $3.520. The asset vigorously attempted to defend its $3.50. On January 2nd, there was a weighted movement towards the $4 recovery level, but bears faced stiff resistance at the $4.33 resistance level.
Amid the market crash on January 3rd, NEAR fell below the $3 mark for the first time since December 21, 2023, plummeting to the support level at $2.905. The next day, Near Protocol reclaimed the $4 zone during the recovery, but this campaign was short-lived.
đŁ BONK has been in free fall since it reached an all-time high of $0.00003498 on December 15, 2023, and this continuous decline persisted into this week. Amid a sustained decline, BONK finished the week at $0.00001075, marking the lowest price in four weeks. The token ended the week with a discouraging 23.4% decline.
đ Solana Faces NFT Sales Decline, While Polygon Gains Traction
đ¸ Solana NFT Sales Decline by 17.17% NFT sales on Solana experienced a noticeable drop of 17.17%, with the total sales volume reaching $4.5 million. This decline sharply contrasts with Polygon's impressive 84.94% increase in trading volume, reaching $9 million. The difference in performance between these two blockchain platforms indicates the dynamic nature of the NFT market. đ Ethereum Maintains NFT Dominance Despite fluctuations in trading volume, Ethereum retains its position in the NFT space. Ethereum's NFT sales volume amounted to $13.4 million, signifying a substantial growth of 29.65%. Such high performance confirms Ethereum's leadership in the NFT world. đ° Bitcoin Remains Stable in NFT Transactions Bitcoin, traditionally less closely associated with NFT transactions than Ethereum, surprisingly remained stable with a sales volume of $13,016,115, despite a 18.52% decrease. This suggests that Bitcoin should not be underestimated in the NFT market, although its role is somewhat less prominent than Ethereum's. đ NFT Volume Data for the Last 30 Days Reflects Dominance Considering NFT volume data for the last 30 days, Bitcoin emerges as a dominant player with sales volume approaching an impressive $872.7 million. Ethereum also maintains a stable presence, with an active market totaling over $709.7 million, despite concerns about high trading volumes. đ Solana and Polygon Demonstrate Significant Activity Solana and Polygon demonstrate significant activity, with total sales volumes of approximately $334 million and $99.4 million, respectively. They continue to trade on major platforms such as Binance, WhiteBIT, and OKX. These figures underscore the evolving NFT environment across various blockchain platforms.
đŚ Green Light for Bitcoin ETF May Lead to Unforeseen Consequences for Crypto
đ Noyner's analysis suggests that recent market indicators, especially the weakness of altcoins, may indicate an upcoming correction. He predicts a possible 20% decrease in the value of major cryptocurrencies, such as Bitcoin and Ethereum, resulting in their values being $35,000 and $1,800 USD, respectively. Despite these short-term concerns, Noyner maintains an optimistic outlook for the long-term, anticipating that any upcoming correction will represent a consolidation phase before the next rally.
â ď¸ Concerns About the Impact on the Nature of Cryptocurrency đŹ The conversation around a Bitcoin ETF goes beyond market dynamics and touches on the fundamental nature of cryptocurrencies. Arthur Hayes, the founder of BitMEX, expressed concerns that an ETF could potentially turn Bitcoin into a more traditional asset class. According to Hayes, this shift could reduce the appeal of owning physical Bitcoin, altering the essence of what made cryptocurrencies unique and attractive to investors.
đ¤ Seconding Hayes's opinion, renowned Bitcoin advocate Max Keiser voices concerns about the legal consequences of ETFs. He warns that the move to Bitcoin ETFs could jeopardize the legal status of self-custody of bitcoins, a cornerstone of the cryptocurrency ideal. According to Keiser, this shift could catch the industry off guard, presenting an "unpleasant surprise" with far-reaching consequences for how bitcoins are stored and traded.
đ Potential SEC Approval of Bitcoin ETF đ The potential approval of a Bitcoin ETF by the SEC is a significant event in the cryptocurrency world that may herald substantial changes. While some experts, such as Noyner and Hayes, underscore the risks and the possibility of short-term market hiccups, there is also fundamental recognition of the industry's long-term growth prospects. This approval could attract a new class of investors and increase mainstream recognition of cryptocurrencies.
đ¤đ° AI vs. Cryptocurrencies: Bill Gates' Perspective
đ Google searches for the term "AI" surpassed bitcoins and cryptocurrencies in the number of queries this year, and according to Collins Dictionary, "AI" has become the most recognizable word of 2023.
đ In 2023, the search interest in artificial intelligence far exceeded the interest in cryptocurrencies or bitcoins. According to Google Trends, the global search interest in "AI" is currently rated at 91, while for Bitcoin, it stands at 22. Google evaluates search queries on a scale from 0 to 100 depending on the share of the topic in the overall volume of search queries across all topics.
đš Although the current results may not be surprising, considering that Bitcoin is experiencing a bullish trend and is trading at $45,128, demonstrating a complete recovery after a bearish phase and regaining lost positions.
đ Edain (EAI) Project Ecosystem is a functional big data analysis system based on artificial intelligence. AI analyzes information, classifies, and determines relationships to provide users with necessary data and assist them in decision-making. Users interact with the platform's services using the EAI token. By the way, EAI is listed on major cryptocurrency exchanges such as WhiteBIT, Binance, and Gate.io.
Explore the latest crypto news
âĄď¸ Be a part of the latests discussions in crypto