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Shiba Inu Rallies 34%, But Will FOMO End The Rally?
Data shows metrics related to Shiba Inu have seen rapid growth alongside the meme coin’s 34% surge, a potential sign that FOMO is developing among investors.
Shiba Inu Has Seen An Uptick In Activity With Its Latest Rally
In a new post on X, the analytics firm Santiment has discussed how the various indicators related to Shiba Inu have looked while its price has shot up 34% over the past week.
There are three on-chain metrics of interest here: Volume, Circulation, and Whale Transaction Count. The first of these, Volume, tracks the total amount of SHIB involved in trades on the major exchanges every day. This indicator naturally reflects how intense the investors’ trading interest in the coin is.
Circulation also relates to activity, but it’s not restricted to exchanges. This metric measures the total number of unique tokens of the asset participating in transactions on the network. Whenever the Volume spikes without a corresponding spike in this indicator, it means that the trading activity around the meme coin is potentially coming from wash trading.
The last indicator, the Whale Transaction Count, tells us about how many transactions valued at more than $1 million are being executed on the Shiba Inu network every day. Generally, only the whale entities are capable of making such large single-transfer shifts, so this metric reflects the activity that the large hands of the market are participating in.
Now, here is the chart shared by the analytics firm that shows the trend in these three SHIB on-chain metrics over the last few months:
As displayed in the above graph, all three of these Shiba Inu indicators have registered a sharp uptick alongside the latest price surge, implying that activity as a whole has spiked on the network. Generally, a rise in activity is a good sign whenever rallies occur, as it suggests investors are getting drawn to the coin. It’s usually the influx of traders that provides the fuel that price moves like these need to keep going.
The latest rise in the SHIB metrics, however, is a bit extreme, potentially indicating that traders are getting too excited too quickly. Santiment has also pointed out that social media discussions related to the coin have spiked at the same time, lending further credence to the fact that the investors are feeling FOMO.
Cryptocurrency markets have historically tended to move against the expectations of the majority, so when the crowd shows this much hype, a top can become probable to take place.
“In order for the #13 ranked market cap to surpass its $0.000043 year-high made back in February, traders should wait for the high bullish narratives to calm down slightly,” notes the analytics firm.
SHIB Price
After showing a 14% continuation to its latest run during the last 24 hours, Shiba Inu has broken past $0.0000195.
Source: NewsBTC.com
The post Shiba Inu Rallies 34%, But Will FOMO End The Rally? appeared first on Crypto Breaking News.
Shiba Inu Has Seen An Uptick In Activity With Its Latest Rally
In a new post on X, the analytics firm Santiment has discussed how the various indicators related to Shiba Inu have looked while its price has shot up 34% over the past week.
There are three on-chain metrics of interest here: Volume, Circulation, and Whale Transaction Count. The first of these, Volume, tracks the total amount of SHIB involved in trades on the major exchanges every day. This indicator naturally reflects how intense the investors’ trading interest in the coin is.
Circulation also relates to activity, but it’s not restricted to exchanges. This metric measures the total number of unique tokens of the asset participating in transactions on the network. Whenever the Volume spikes without a corresponding spike in this indicator, it means that the trading activity around the meme coin is potentially coming from wash trading.
The last indicator, the Whale Transaction Count, tells us about how many transactions valued at more than $1 million are being executed on the Shiba Inu network every day. Generally, only the whale entities are capable of making such large single-transfer shifts, so this metric reflects the activity that the large hands of the market are participating in.
Now, here is the chart shared by the analytics firm that shows the trend in these three SHIB on-chain metrics over the last few months:
As displayed in the above graph, all three of these Shiba Inu indicators have registered a sharp uptick alongside the latest price surge, implying that activity as a whole has spiked on the network. Generally, a rise in activity is a good sign whenever rallies occur, as it suggests investors are getting drawn to the coin. It’s usually the influx of traders that provides the fuel that price moves like these need to keep going.
The latest rise in the SHIB metrics, however, is a bit extreme, potentially indicating that traders are getting too excited too quickly. Santiment has also pointed out that social media discussions related to the coin have spiked at the same time, lending further credence to the fact that the investors are feeling FOMO.
Cryptocurrency markets have historically tended to move against the expectations of the majority, so when the crowd shows this much hype, a top can become probable to take place.
“In order for the #13 ranked market cap to surpass its $0.000043 year-high made back in February, traders should wait for the high bullish narratives to calm down slightly,” notes the analytics firm.
SHIB Price
After showing a 14% continuation to its latest run during the last 24 hours, Shiba Inu has broken past $0.0000195.
Source: NewsBTC.com
The post Shiba Inu Rallies 34%, But Will FOMO End The Rally? appeared first on Crypto Breaking News.
Bitcoin Breaks $65K With $365 Million In Spot ETF Inflows Fueling The Rally
Bitcoin has been the subject of recent media attention, not only due to its price increase above $65,000 but also due to the extraordinary inflows into spot Bitcoin ETFs.
These inflows, according to Farside Investors, have reached a remarkable $365 million as of September 26, 2024, which is indicative of the increasing institutional interest in the cryptocurrency market.
Record Inflows Amid Market Optimism
The biggest daily flow for the month came from BlackRock’s Bitcoin ETF, which surged about $184 million on September 25, 2024.
This spike coincides with withdrawals from numerous other ETFs, indicating a significant change in institutional investors’ view. Although there were just $2.1 million in inflows into other platforms such as the Bitwise Bitcoin ETF, BlackRock’s performance is noteworthy and serves as a ray of hope among the market’s volatility.
For the past five days, there has been a positive cumulative inflow of around $497 million into US spot Bitcoin ETFs. The Federal Reserve’s recent move to lower interest rates by 50 basis points is partly the reason for this increase since it has prompted investors to look for other assets like Bitcoin.
The overall digital asset investment products have also seen a second consecutive week of inflows, totaling approximately $321 million, with BTC being the primary focus, accounting for about $284 million of that total.
Institutional Trust And Financial Aspects
The present surge of money into Bitcoin ETFs indicates a bigger trend in which institutional investors are beginning to view Bitcoin as a tactical asset. Further supporting the positive outlook are economic factors such the Federal Reserve’s dovish stance, which has calmed investors about likely economic stability.
The CEO of CryptoQuant, Ki Young Ju, stressed that strengthening the US’s standing as a pioneer in the cryptocurrency space depends on the increasing demand for spot Bitcoin ETFs.
The U.S. is regaining dominance in #Bitcoin holdings. Its ratio compared to other countries is rising, driven by spot ETF demand. Only known entities are included. pic.twitter.com/a9XOb5134E
— Ki Young Ju (@ki_young_ju) September 26, 2024
It’s interesting to note that although BlackRock’s ETF performs well, other ETFs, including Ark 21Shares Bitcoin ETF and Fidelity’s Wise Bitcoin Origin Fund, have seen large withdrawals of $33.2 million and $47.4 million, respectively.
The Investment Landscape For Bitcoin In The Future
As Bitcoin’s value and popularity continue to grow, analysts are keeping a careful eye on how these inflows could affect future price moves.
Over 90% of Bitcoin holders are currently in profit due to this price surge, which raises concerns about potential sell-offs as investors look to realize gains. Based on past patterns, significant price adjustments could take place should a sizeable fraction of holders show gains.
To make matters more complicated, there are about $5.8 billion worth of options contracts that are about to expire. Traders will be watching $66,000 and other important resistance levels closely, as a break over this level may spark additional positive momentum.
Featured image from WIRED, chart from TradingView
Source: NewsBTC.com
The post Bitcoin Breaks $65K With $365 Million In Spot ETF Inflows Fueling The Rally appeared first on Crypto Breaking News.
These inflows, according to Farside Investors, have reached a remarkable $365 million as of September 26, 2024, which is indicative of the increasing institutional interest in the cryptocurrency market.
Record Inflows Amid Market Optimism
The biggest daily flow for the month came from BlackRock’s Bitcoin ETF, which surged about $184 million on September 25, 2024.
This spike coincides with withdrawals from numerous other ETFs, indicating a significant change in institutional investors’ view. Although there were just $2.1 million in inflows into other platforms such as the Bitwise Bitcoin ETF, BlackRock’s performance is noteworthy and serves as a ray of hope among the market’s volatility.
For the past five days, there has been a positive cumulative inflow of around $497 million into US spot Bitcoin ETFs. The Federal Reserve’s recent move to lower interest rates by 50 basis points is partly the reason for this increase since it has prompted investors to look for other assets like Bitcoin.
The overall digital asset investment products have also seen a second consecutive week of inflows, totaling approximately $321 million, with BTC being the primary focus, accounting for about $284 million of that total.
Institutional Trust And Financial Aspects
The present surge of money into Bitcoin ETFs indicates a bigger trend in which institutional investors are beginning to view Bitcoin as a tactical asset. Further supporting the positive outlook are economic factors such the Federal Reserve’s dovish stance, which has calmed investors about likely economic stability.
The CEO of CryptoQuant, Ki Young Ju, stressed that strengthening the US’s standing as a pioneer in the cryptocurrency space depends on the increasing demand for spot Bitcoin ETFs.
The U.S. is regaining dominance in #Bitcoin holdings. Its ratio compared to other countries is rising, driven by spot ETF demand. Only known entities are included. pic.twitter.com/a9XOb5134E
— Ki Young Ju (@ki_young_ju) September 26, 2024
It’s interesting to note that although BlackRock’s ETF performs well, other ETFs, including Ark 21Shares Bitcoin ETF and Fidelity’s Wise Bitcoin Origin Fund, have seen large withdrawals of $33.2 million and $47.4 million, respectively.
The Investment Landscape For Bitcoin In The Future
As Bitcoin’s value and popularity continue to grow, analysts are keeping a careful eye on how these inflows could affect future price moves.
Over 90% of Bitcoin holders are currently in profit due to this price surge, which raises concerns about potential sell-offs as investors look to realize gains. Based on past patterns, significant price adjustments could take place should a sizeable fraction of holders show gains.
To make matters more complicated, there are about $5.8 billion worth of options contracts that are about to expire. Traders will be watching $66,000 and other important resistance levels closely, as a break over this level may spark additional positive momentum.
Featured image from WIRED, chart from TradingView
Source: NewsBTC.com
The post Bitcoin Breaks $65K With $365 Million In Spot ETF Inflows Fueling The Rally appeared first on Crypto Breaking News.
Shiba Inu Breakout Eyes $0.00002631 Level After Rallying Over 19%
Shiba Inu is experiencing a notable price breakout, surging over 19% and positioning itself toward the critical resistance level of $0.00002631. This significant rally indicates a shift in market momentum, characterized by robust buying pressure and increased trading volume. Technical indicators suggest that SHIB is establishing a bullish trend, with key support levels solidifying its upward trajectory.
As Shiba Inu approaches this pivotal resistance zone, we will navigate its recent 19% breakout and its approach toward the critical resistance level of $0.00002631. By examining the underlying technical indicators, market sentiment, and key support levels, we will assess the strength of SHIB’s upward trajectory and explore whether this rally can sustain its upward trajectory in the face of market resistance.
Bullish Momentum Builds As Shiba Inu Targets Key Resistance
On the 4-hour chart, Shiba Inu trades above the SMA, showcasing strong bullish momentum as it approaches the $0.00002045 resistance level. Solid buying pressure combined with the formation of bullish candlesticks indicates a robust upward trajectory, making a test of this level highly likely.
An analysis of the 4-hour Relative Strength Index (RSI) indicates the potential for continued upward movement, with the RSI surpassing the 90% threshold and showing no signs of a near-term decline. This suggests that recent resilience is gaining strength and the positive trend may persist.
Also, SHIB has successfully crossed above the 100-day Simple Moving Average (SMA) on the daily chart, indicating a significant shift in its price momentum. Holding its position above this indicator demonstrates the asset’s resilience and reinforces its optimistic sentiment. The upward movement is not merely a momentary spike, it reflects strong buying interest and market confidence, suggesting that SHIB is poised for further gains.
On the daily chart, the RSI is positioned at 81%, reflecting that Shiba Inu is approaching overbought levels. While this shows robust buying pressure, it also raises the possibility of a potential pullback if the current upsurge weakens.
Will SHIB Break Through The $0.00002631 Barrier?
It is important to note that the $0.00002045 level serves as a critical junction for SHIB’s current surge. Should the meme coin manage to maintain its upward momentum and break through this barrier, it could pave the way for further gains toward the $0.00002631 resistance level and beyond.
Nonetheless, failure to break through the barrier could lead to a retracement to the previous support level of $0.00001272. When this level is breached, it may trigger deeper declines, potentially dropping toward $0.00000847 and other lower ranges.
With a market capitalization exceeding $11 billion and a trading volume of over $1.3 billion, SHIB was trading at approximately $0.00001951, reflecting a 19.6% increase at the time of writing. Over the last 24 hours, its market cap has risen by 19.6%, while trading volume experienced a 101.33% increase.
Source: NewsBTC.com
The post Shiba Inu Breakout Eyes $0.00002631 Level After Rallying Over 19% appeared first on Crypto Breaking News.
As Shiba Inu approaches this pivotal resistance zone, we will navigate its recent 19% breakout and its approach toward the critical resistance level of $0.00002631. By examining the underlying technical indicators, market sentiment, and key support levels, we will assess the strength of SHIB’s upward trajectory and explore whether this rally can sustain its upward trajectory in the face of market resistance.
Bullish Momentum Builds As Shiba Inu Targets Key Resistance
On the 4-hour chart, Shiba Inu trades above the SMA, showcasing strong bullish momentum as it approaches the $0.00002045 resistance level. Solid buying pressure combined with the formation of bullish candlesticks indicates a robust upward trajectory, making a test of this level highly likely.
An analysis of the 4-hour Relative Strength Index (RSI) indicates the potential for continued upward movement, with the RSI surpassing the 90% threshold and showing no signs of a near-term decline. This suggests that recent resilience is gaining strength and the positive trend may persist.
Also, SHIB has successfully crossed above the 100-day Simple Moving Average (SMA) on the daily chart, indicating a significant shift in its price momentum. Holding its position above this indicator demonstrates the asset’s resilience and reinforces its optimistic sentiment. The upward movement is not merely a momentary spike, it reflects strong buying interest and market confidence, suggesting that SHIB is poised for further gains.
On the daily chart, the RSI is positioned at 81%, reflecting that Shiba Inu is approaching overbought levels. While this shows robust buying pressure, it also raises the possibility of a potential pullback if the current upsurge weakens.
Will SHIB Break Through The $0.00002631 Barrier?
It is important to note that the $0.00002045 level serves as a critical junction for SHIB’s current surge. Should the meme coin manage to maintain its upward momentum and break through this barrier, it could pave the way for further gains toward the $0.00002631 resistance level and beyond.
Nonetheless, failure to break through the barrier could lead to a retracement to the previous support level of $0.00001272. When this level is breached, it may trigger deeper declines, potentially dropping toward $0.00000847 and other lower ranges.
With a market capitalization exceeding $11 billion and a trading volume of over $1.3 billion, SHIB was trading at approximately $0.00001951, reflecting a 19.6% increase at the time of writing. Over the last 24 hours, its market cap has risen by 19.6%, while trading volume experienced a 101.33% increase.
Source: NewsBTC.com
The post Shiba Inu Breakout Eyes $0.00002631 Level After Rallying Over 19% appeared first on Crypto Breaking News.
Dogwifhat Rally Far From Over As Analysts Predicts 1,600% Jump
Shiba Inu Killer Dogwifhat (WIF) has rallied substantially since the middle of September. Notably, the meme coin has rallied by about 32% in the past seven days, allowing it to outperform many cryptocurrencies and meme coins. Notably, this rally has prompted many bullish forecasts for the cryptocurrency.
Dogwifhat Back In The Spotlight
Dogwifhat’s rise to prominence began in early 2024, as the meme coin community embraced it as a “Shiba Inu Killer.” Dogwifhat, which started the year around $0.15, was shot into the spotlight in March and April as part of the craze surrounding Solana-based meme coins in the first half of 2024. This saw the meme coin surging by over 3,100% to peak at $4.84. Although the meme coin’s price has corrected since then, it continues to be popular among meme coin investors and is supported by a strong online community.
Dogwifhat has posted incredible gains in September and is currently up by 9.5% in the past 24 hours. Renowned crypto analyst Rekt Capital suggests that Dogwifhat’s recent breakout of its multi-month downtrend is just the beginning. According to him, this move is one of the first signals of a broader altcoin rally, which he forecasted in a previous analysis. Furthermore, the analyst noted that WIF is on the cusp of beginning a new macro uptrend.
The only other time $WIF broke out of it’s downtrend and flipped the 4H 200’s was back in February.
After that the price of $WIF gained 1600% over the course of 48 days.
Looks like we’re about to find out if history does repeat itself. pic.twitter.com/MhvWjHA9SS
— Sito (@0xyusu) September 26, 2024
Adding to the positive sentiment, another crypto expert, Gumshoe, highlighted a key development in WIF’s market activity. According to him, $35 million worth of Dogwifhat has been transferred from crypto exchange Binance into self-custody wallets in the past seven days. Such withdrawal transfers suggest growing investor confidence in holding WIF long-term.
According to a WIFUSDT chart posted on social media platform X by another crypto trader going by the name Sito, WIF’s breakout has seen the crypto flipping the 4-hour 200-moving average. The last time this technical move occurred was back in February, and it led to a staggering 1,600% gain over 48 days. Sito speculated that if history were to repeat itself, Dogwifhat could once again experience a massive price surge, potentially reaching $25 in the coming weeks.
The only other time $WIF broke out of it’s downtrend and flipped the 4H 200’s was back in February.
After that the price of $WIF gained 1600% over the course of 48 days.
Looks like we’re about to find out if history does repeat itself. pic.twitter.com/MhvWjHA9SS
— Sito (@0xyusu) September 26, 2024
What’s Next For Dogwifhat?
At the time of writing, Dogwifhat (WIF) is trading at $2.4. Replicating a 1,600% jump might be more challenging this time around. Given the current price levels, it would require a much larger influx of capital to achieve such a dramatic increase in value compared to earlier this year.
However, this doesn’t take away the fact that the meme coin is at the cusp of a continued momentum to the upside. The first step is breaking above a July order block around $2.665. A successful break above this would set the stage for additional price gains up until its recent all-time high of $4.84.
Source: NewsBTC.com
The post Dogwifhat Rally Far From Over As Analysts Predicts 1,600% Jump appeared first on Crypto Breaking News.
Dogwifhat Back In The Spotlight
Dogwifhat’s rise to prominence began in early 2024, as the meme coin community embraced it as a “Shiba Inu Killer.” Dogwifhat, which started the year around $0.15, was shot into the spotlight in March and April as part of the craze surrounding Solana-based meme coins in the first half of 2024. This saw the meme coin surging by over 3,100% to peak at $4.84. Although the meme coin’s price has corrected since then, it continues to be popular among meme coin investors and is supported by a strong online community.
Dogwifhat has posted incredible gains in September and is currently up by 9.5% in the past 24 hours. Renowned crypto analyst Rekt Capital suggests that Dogwifhat’s recent breakout of its multi-month downtrend is just the beginning. According to him, this move is one of the first signals of a broader altcoin rally, which he forecasted in a previous analysis. Furthermore, the analyst noted that WIF is on the cusp of beginning a new macro uptrend.
The only other time $WIF broke out of it’s downtrend and flipped the 4H 200’s was back in February.
After that the price of $WIF gained 1600% over the course of 48 days.
Looks like we’re about to find out if history does repeat itself. pic.twitter.com/MhvWjHA9SS
— Sito (@0xyusu) September 26, 2024
Adding to the positive sentiment, another crypto expert, Gumshoe, highlighted a key development in WIF’s market activity. According to him, $35 million worth of Dogwifhat has been transferred from crypto exchange Binance into self-custody wallets in the past seven days. Such withdrawal transfers suggest growing investor confidence in holding WIF long-term.
According to a WIFUSDT chart posted on social media platform X by another crypto trader going by the name Sito, WIF’s breakout has seen the crypto flipping the 4-hour 200-moving average. The last time this technical move occurred was back in February, and it led to a staggering 1,600% gain over 48 days. Sito speculated that if history were to repeat itself, Dogwifhat could once again experience a massive price surge, potentially reaching $25 in the coming weeks.
The only other time $WIF broke out of it’s downtrend and flipped the 4H 200’s was back in February.
After that the price of $WIF gained 1600% over the course of 48 days.
Looks like we’re about to find out if history does repeat itself. pic.twitter.com/MhvWjHA9SS
— Sito (@0xyusu) September 26, 2024
What’s Next For Dogwifhat?
At the time of writing, Dogwifhat (WIF) is trading at $2.4. Replicating a 1,600% jump might be more challenging this time around. Given the current price levels, it would require a much larger influx of capital to achieve such a dramatic increase in value compared to earlier this year.
However, this doesn’t take away the fact that the meme coin is at the cusp of a continued momentum to the upside. The first step is breaking above a July order block around $2.665. A successful break above this would set the stage for additional price gains up until its recent all-time high of $4.84.
Source: NewsBTC.com
The post Dogwifhat Rally Far From Over As Analysts Predicts 1,600% Jump appeared first on Crypto Breaking News.
Avalanche (AVAX) 25% Surge Fueled By New Initiatives To Support Developers
As the market continues its bullish climb, Avalanche (AVAX) keeps on garnering investor interest as new developments drive growth on the platform. These developments have since placed AVAX on the crosshairs of the bulls leading to a 25% surge in price in the last two weeks, reinforcing the token’s position as a long-term asset.
Avalanche’s focus on on-chain growth is made apparent by a recent announcement that will cement the platform’s position in the DeFi space. As time lets these developments mature, investors and traders holding AVAX might be in for a treat.
$40 Million Allotted For Retro9000 To Encourage L1 Growth
In an official X post, Avalanche reveals its new grants program named Retro9000. The program will reward developers who build projects on the Avalanche9000 testnet and deploy the finished product on the mainnet. This move comes as a way to “empower developers” on the platform, ensuring that development on Avalanche won’t cease.
Retro9000: Up to $40m in retroactive grants for Avalanche L1s
This new grant program aims to reward developers who contribute to the testnet and launch their project on mainnet, empowering developers to do what they do best–innovate and build.
More on Retro9000 pic.twitter.com/qNXzosMV14
— Avalanche (@avax) September 26, 2024
“While the current blockchain landscape offers countless opportunities, it comes with technical roadblocks, creating economic and logistical limitations that make building and deploying projects challenging,” stated Avalanche in a recent blog post.
The program works by ranking submissions in a public leaderboard, allowing developers to build publicly, and allowing a community to form around their projects. However, the main focal point for the rewards system is the developers that test and ship their finished projects on the mainnet, further enhancing on-chain growth on the platform.
Retro9000 is mainly concerned on the upcoming Avalanche9000 network upgrade. The program allows developers of all sizes to keep try the new developer environment whilst keeping the economic barrier low through funding using the $40 million allotted for the program.
The cryptocurrency wallet and portfolio protocol, Core, said it would support its upcoming network upgrade, Avalanche9000, which will feature the Interchain Messaging Protocol (ICM). It promises much easier crosschain communication, thereby improving the user experience on this platform.
Testnet builders, as you’re building out your L1 or L1 tooling on testnet, keep in mind that Core is helping cut your dev time by optimizing for the ability to move assets between chains and providing easy access to testnet support.
Read more about Core’s support of the ICM…
— Core | Crypto Wallet & Portfolio (@coreapp) September 26, 2024
Avalanche: Investors Aim To Break Through $30.11 – Is This Possible?
With solid on-chain development occurring on Avalanche, AVAX bulls have set their eyes on the $30.11 resistance level which will open the door for a return on the $33.08 price level. If this occurs, investors and traders are in with huge gains in the medium to long-term.
Although the market environment is inherently bullish, the relative strength index (RSI) of the token remains strained by the near-constant upward trajectory that AVAX has followed in the past two weeks, possibly putting AVAX’s short term gains at risk.
If the token does get rejected by the $30.11 resistance, the bulls can rely on AVAX’s present support level at $26.79 for long-term movement.
Featured image from Medium, chart from TradingView
Source: NewsBTC.com
The post Avalanche (AVAX) 25% Surge Fueled By New Initiatives To Support Developers appeared first on Crypto Breaking News.
Avalanche’s focus on on-chain growth is made apparent by a recent announcement that will cement the platform’s position in the DeFi space. As time lets these developments mature, investors and traders holding AVAX might be in for a treat.
$40 Million Allotted For Retro9000 To Encourage L1 Growth
In an official X post, Avalanche reveals its new grants program named Retro9000. The program will reward developers who build projects on the Avalanche9000 testnet and deploy the finished product on the mainnet. This move comes as a way to “empower developers” on the platform, ensuring that development on Avalanche won’t cease.
Retro9000: Up to $40m in retroactive grants for Avalanche L1s
This new grant program aims to reward developers who contribute to the testnet and launch their project on mainnet, empowering developers to do what they do best–innovate and build.
More on Retro9000 pic.twitter.com/qNXzosMV14
— Avalanche (@avax) September 26, 2024
“While the current blockchain landscape offers countless opportunities, it comes with technical roadblocks, creating economic and logistical limitations that make building and deploying projects challenging,” stated Avalanche in a recent blog post.
The program works by ranking submissions in a public leaderboard, allowing developers to build publicly, and allowing a community to form around their projects. However, the main focal point for the rewards system is the developers that test and ship their finished projects on the mainnet, further enhancing on-chain growth on the platform.
Retro9000 is mainly concerned on the upcoming Avalanche9000 network upgrade. The program allows developers of all sizes to keep try the new developer environment whilst keeping the economic barrier low through funding using the $40 million allotted for the program.
The cryptocurrency wallet and portfolio protocol, Core, said it would support its upcoming network upgrade, Avalanche9000, which will feature the Interchain Messaging Protocol (ICM). It promises much easier crosschain communication, thereby improving the user experience on this platform.
Testnet builders, as you’re building out your L1 or L1 tooling on testnet, keep in mind that Core is helping cut your dev time by optimizing for the ability to move assets between chains and providing easy access to testnet support.
Read more about Core’s support of the ICM…
— Core | Crypto Wallet & Portfolio (@coreapp) September 26, 2024
Avalanche: Investors Aim To Break Through $30.11 – Is This Possible?
With solid on-chain development occurring on Avalanche, AVAX bulls have set their eyes on the $30.11 resistance level which will open the door for a return on the $33.08 price level. If this occurs, investors and traders are in with huge gains in the medium to long-term.
Although the market environment is inherently bullish, the relative strength index (RSI) of the token remains strained by the near-constant upward trajectory that AVAX has followed in the past two weeks, possibly putting AVAX’s short term gains at risk.
If the token does get rejected by the $30.11 resistance, the bulls can rely on AVAX’s present support level at $26.79 for long-term movement.
Featured image from Medium, chart from TradingView
Source: NewsBTC.com
The post Avalanche (AVAX) 25% Surge Fueled By New Initiatives To Support Developers appeared first on Crypto Breaking News.
Bitcoin Futures Under Pressure: $64,000 Support Critical To Avert Long Squeeze
With Bitcoin (BTC) hitting a near three-month high of $66,000 on Friday, technical analyst InspoCrypto suggests that the BTC futures market is at a critical juncture, with the potential for further short squeezes and the importance of maintaining support around the $64,000 level.
Divergence Despite BTC Uptrend
The analyst recently noted in his writing that the latest data shows that the BTC/USDT price chart hit a Friday high of $66,106, reflecting bullish sentiment as the cryptocurrency continues to climb.
Over the past 24 hours, Bitcoin has seen a steady price increase, indicating optimism among investors. The True Strength Index (TSI) shows a slight divergence, indicating indecision in the market, but the upward trend remains intact.
Trading volume also plays a key role in understanding market dynamics, and current figures show a volume delta of $675.457 million, indicating a higher volume of buy orders than sell orders. This suggests buyers are currently dominating the market, supporting the bullish momentum.
Notably, there has been a significant amount of short liquidations, totaling $331.24 million. This indicates that as Bitcoin’s price rises, many short positions are forced to close, further driving the price upward. In contrast, long liquidations remain comparatively low, suggesting that those holding long positions are confident in the market’s direction.
InspoCrypto’s heatmap analysis of Hyblock Capital shows a concentration of short liquidation levels around the $63,000 to $64,000 area. This clustering indicates a likely short squeeze that could push prices even higher.
However, the analyst shows that long liquidation levels appear more scattered, presenting a lower risk of cascading liquidations on the long side.
Analyst Predicts Further Bitcoin Price Surge
InspoCrypto further found that open interest (OI) in Bitcoin futures is rising, indicating increased interest in the market and a potential buildup for significant price movements.
The heatmap shows strong concentrations of open interest around the $64,000 to $65,000 range, suggesting that any price movement beyond these levels could trigger volatility as traders adjust their positions.
The funding ratio currently stands at 763.8, indicating that the longs are paying off the shorts, adding to the bullish sentiment in the market. However, the analyst warns that a high funding ratio also signals a risk of long liquidation if the market unexpectedly shifts.
Looking ahead, InspoCrypto anticipates that the next 24 hours could see continued upward momentum as shorts are squeezed. However, the elevated funding rates could lead to long liquidations if the market is downturned.
By the end of the week, InspoCrypto believes that if the current buying pressure continues, the Bitcoin price could reach prices around $68,000, inching closer to its all-time high of $73,700 in March this year.
At the time of writing, BTC has seen a slight retracement to its current trading price of $65,800.
Featured image from DALL-E, chart from TradingView.com
Source: NewsBTC.com
The post Bitcoin Futures Under Pressure: $64,000 Support Critical To Avert Long Squeeze appeared first on Crypto Breaking News.
Divergence Despite BTC Uptrend
The analyst recently noted in his writing that the latest data shows that the BTC/USDT price chart hit a Friday high of $66,106, reflecting bullish sentiment as the cryptocurrency continues to climb.
Over the past 24 hours, Bitcoin has seen a steady price increase, indicating optimism among investors. The True Strength Index (TSI) shows a slight divergence, indicating indecision in the market, but the upward trend remains intact.
Trading volume also plays a key role in understanding market dynamics, and current figures show a volume delta of $675.457 million, indicating a higher volume of buy orders than sell orders. This suggests buyers are currently dominating the market, supporting the bullish momentum.
Notably, there has been a significant amount of short liquidations, totaling $331.24 million. This indicates that as Bitcoin’s price rises, many short positions are forced to close, further driving the price upward. In contrast, long liquidations remain comparatively low, suggesting that those holding long positions are confident in the market’s direction.
InspoCrypto’s heatmap analysis of Hyblock Capital shows a concentration of short liquidation levels around the $63,000 to $64,000 area. This clustering indicates a likely short squeeze that could push prices even higher.
However, the analyst shows that long liquidation levels appear more scattered, presenting a lower risk of cascading liquidations on the long side.
Analyst Predicts Further Bitcoin Price Surge
InspoCrypto further found that open interest (OI) in Bitcoin futures is rising, indicating increased interest in the market and a potential buildup for significant price movements.
The heatmap shows strong concentrations of open interest around the $64,000 to $65,000 range, suggesting that any price movement beyond these levels could trigger volatility as traders adjust their positions.
The funding ratio currently stands at 763.8, indicating that the longs are paying off the shorts, adding to the bullish sentiment in the market. However, the analyst warns that a high funding ratio also signals a risk of long liquidation if the market unexpectedly shifts.
Looking ahead, InspoCrypto anticipates that the next 24 hours could see continued upward momentum as shorts are squeezed. However, the elevated funding rates could lead to long liquidations if the market is downturned.
By the end of the week, InspoCrypto believes that if the current buying pressure continues, the Bitcoin price could reach prices around $68,000, inching closer to its all-time high of $73,700 in March this year.
At the time of writing, BTC has seen a slight retracement to its current trading price of $65,800.
Featured image from DALL-E, chart from TradingView.com
Source: NewsBTC.com
The post Bitcoin Futures Under Pressure: $64,000 Support Critical To Avert Long Squeeze appeared first on Crypto Breaking News.
XRP Struggles Below $0.60 – Metrics Reveal Growing Selling Pressure
XRP has struggled to keep pace with the broader crypto market rally that began last week following the Federal Reserve’s interest rate cut.
While other cryptocurrencies have seen impressive gains, XRP has only managed a modest 2% increase. Analysts and investors suggest this underperformance is due to growing interest in other projects, diverting attention and capital from the token. Adding to this concern, user participation in the XRP Ledger blockchain has declined, raising questions about the project’s long-term prospects.
Key data from on-chain analytics firm Santiment reveals a notable drop in user engagement on the Ledger, contributing to a sense of unease among investors. As they watch other altcoins posting double-digit gains, fear and uncertainty are mounting within the XRP community.
Investors are now looking for signs of a turnaround, but until the price can reignite user interest and regain momentum, it risks falling further behind in this bullish market cycle. With the market in flux, all eyes are on XRP to see if it can overcome these challenges and join the broader crypto rally.
XRP Facing Serious Risk
XRP is trading below the critical $0.60 mark, a psychological level that has acted as resistance for the past few months. Despite a recent surge in the crypto market, XRP shows signs of a potential retracement. While the altcoin initially benefited from the broader bullish sentiment, its weakening market signals suggest it may struggle to sustain this momentum soon.
One concerning indicator is the decline in user engagement on the XRP Ledger blockchain. Key metrics from Santiment show that XRP’s price Daily Active Addresses (DAA) divergence dropped to -74.46% yesterday.
The price DAA divergence measures whether user participation is increasing alongside the price. A declining DAA, especially when the price is rising, is a bearish signal because fewer users interact with the network despite the price increase. This divergence suggests that the recent uptrend could be weak and unsustainable.
If XRP continues to struggle and fails to close above the $0.60 resistance, it may face a more significant downturn. The altcoin could see a deep correction, potentially falling to lower demand levels around $0.55. Investors are now closely monitoring XRP’s price action to see if it can reclaim the $0.60 level and regain momentum or if further declines are on the horizon.
Price Levels To Watch
XRP trades at $0.589 after two weeks of sideways movement, fluctuating between $0.57 and $0.59. Despite several attempts, the price has failed to break above the crucial $0.60 resistance level, leaving it at risk of a downturn. XRP is now approximately 6% above its daily 200 moving average (MA), which sits at $0.548—a critical support that has provided stability in the past.
For bullish momentum to build, XRP must break past the $0.60 barrier and aim for higher supply levels around $0.65. This move would signal renewed strength and potentially trigger a more substantial rally. However, the current price action appears weak, with limited upward momentum. If XRP fails to hold above the $0.60 level, a retest of lower demand zones around $0.55 is expected.
The worst-case scenario for XRP would be an extended period of this sideways range, lacking a decisive breakout in either direction. Such prolonged consolidation could increase selling pressure, driving the price lower.
Investors and analysts are watching closely to see if XRP can reclaim the $0.60 level, initiate a new uptrend, or face further declines.
Featured image from Dall-E, chart from TradingView
Source: NewsBTC.com
The post XRP Struggles Below $0.60 – Metrics Reveal Growing Selling Pressure appeared first on Crypto Breaking News.
While other cryptocurrencies have seen impressive gains, XRP has only managed a modest 2% increase. Analysts and investors suggest this underperformance is due to growing interest in other projects, diverting attention and capital from the token. Adding to this concern, user participation in the XRP Ledger blockchain has declined, raising questions about the project’s long-term prospects.
Key data from on-chain analytics firm Santiment reveals a notable drop in user engagement on the Ledger, contributing to a sense of unease among investors. As they watch other altcoins posting double-digit gains, fear and uncertainty are mounting within the XRP community.
Investors are now looking for signs of a turnaround, but until the price can reignite user interest and regain momentum, it risks falling further behind in this bullish market cycle. With the market in flux, all eyes are on XRP to see if it can overcome these challenges and join the broader crypto rally.
XRP Facing Serious Risk
XRP is trading below the critical $0.60 mark, a psychological level that has acted as resistance for the past few months. Despite a recent surge in the crypto market, XRP shows signs of a potential retracement. While the altcoin initially benefited from the broader bullish sentiment, its weakening market signals suggest it may struggle to sustain this momentum soon.
One concerning indicator is the decline in user engagement on the XRP Ledger blockchain. Key metrics from Santiment show that XRP’s price Daily Active Addresses (DAA) divergence dropped to -74.46% yesterday.
The price DAA divergence measures whether user participation is increasing alongside the price. A declining DAA, especially when the price is rising, is a bearish signal because fewer users interact with the network despite the price increase. This divergence suggests that the recent uptrend could be weak and unsustainable.
If XRP continues to struggle and fails to close above the $0.60 resistance, it may face a more significant downturn. The altcoin could see a deep correction, potentially falling to lower demand levels around $0.55. Investors are now closely monitoring XRP’s price action to see if it can reclaim the $0.60 level and regain momentum or if further declines are on the horizon.
Price Levels To Watch
XRP trades at $0.589 after two weeks of sideways movement, fluctuating between $0.57 and $0.59. Despite several attempts, the price has failed to break above the crucial $0.60 resistance level, leaving it at risk of a downturn. XRP is now approximately 6% above its daily 200 moving average (MA), which sits at $0.548—a critical support that has provided stability in the past.
For bullish momentum to build, XRP must break past the $0.60 barrier and aim for higher supply levels around $0.65. This move would signal renewed strength and potentially trigger a more substantial rally. However, the current price action appears weak, with limited upward momentum. If XRP fails to hold above the $0.60 level, a retest of lower demand zones around $0.55 is expected.
The worst-case scenario for XRP would be an extended period of this sideways range, lacking a decisive breakout in either direction. Such prolonged consolidation could increase selling pressure, driving the price lower.
Investors and analysts are watching closely to see if XRP can reclaim the $0.60 level, initiate a new uptrend, or face further declines.
Featured image from Dall-E, chart from TradingView
Source: NewsBTC.com
The post XRP Struggles Below $0.60 – Metrics Reveal Growing Selling Pressure appeared first on Crypto Breaking News.
Here’s Who Has Been Driving The Bitcoin Price Recovery Above $65,000
Bitcoin is now trading above the $65,000 price level for the first time in two months, leaving the $63,000 resistance level behind. This interesting increase has seen Bitcoin increase by almost 23% from a September low of $53,400 on September 6, pushing many holders into profitability.
According to Santiment, this price action has been mostly fueled by increased activity from whales and sharks, with the on-chain analytics platform noting a huge accumulation trend among them.
Sharks And Whales Continue To Accumulate BTC
Recent shifts in market dynamics worldwide have propelled Bitcoin back to the forefront of investor portfolios since mid-September. According to data from Santiment, Bitcoin’s upward price movement has been largely supported by increased accumulation from investors. The on-chain analytics platform revealed that many wallets holding ten or more BTC have been steadily accumulating additional Bitcoin over the past six months. This consistent buying behavior has played a critical role in stabilizing and propping up the price, especially during market corrections when Bitcoin has faced downward pressure.
Notably, these addresses have accumulated $4.08 billion worth of BTC in the past six months, and their collective holdings currently stand at 16.19 million. Santiment’s data also shows that this accumulation trend gained significant momentum starting in mid-September just after the Fed reduced the base interest rate, indicating a renewed wave of confidence among these Bitcoin investors.
Current State Of Bitcoin
As noted by NewsBTC, September has always been a crucial month for Bitcoin’s price performance in the last quarter of the year. Interestingly, what looked to be a bearish month for Bitcoin in the first two weeks has now played out as a forerunner for a potential surge in the last quarter of 2024.
At the time of writing, Bitcoin is trading at $65,470 and has been up by 2.6% in the past 24 hours. Institutional investors have resumed their investments in Bitcoin since the beginning of the week. This has seen spot Bitcoin funds witness consecutive days of inflows since the beginning of the week. Particularly, they received $365.7 million in net inflows in the past 24 hours.
Bitcoin has also seen a notable increase in open interest as investors pile up. According to Coinglass, the Bitcoin open interest now stands at $35.90 billion across multiple exchanges, reflecting a 3.53% increase in the past 24 hours. As Bitcoin’s price continues to attract attention from traders across the globe, the surge in open interest could act as a catalyst for further price increases.
The next step for Bitcoin’s price is a bullish break above the July high of $70,162. Surpassing this level and keeping the momentum could open the stage for Bitcoin to easily break into new all-time highs in October.
Source: NewsBTC.com
The post Here’s Who Has Been Driving The Bitcoin Price Recovery Above $65,000 appeared first on Crypto Breaking News.
According to Santiment, this price action has been mostly fueled by increased activity from whales and sharks, with the on-chain analytics platform noting a huge accumulation trend among them.
Sharks And Whales Continue To Accumulate BTC
Recent shifts in market dynamics worldwide have propelled Bitcoin back to the forefront of investor portfolios since mid-September. According to data from Santiment, Bitcoin’s upward price movement has been largely supported by increased accumulation from investors. The on-chain analytics platform revealed that many wallets holding ten or more BTC have been steadily accumulating additional Bitcoin over the past six months. This consistent buying behavior has played a critical role in stabilizing and propping up the price, especially during market corrections when Bitcoin has faced downward pressure.
Notably, these addresses have accumulated $4.08 billion worth of BTC in the past six months, and their collective holdings currently stand at 16.19 million. Santiment’s data also shows that this accumulation trend gained significant momentum starting in mid-September just after the Fed reduced the base interest rate, indicating a renewed wave of confidence among these Bitcoin investors.
Current State Of Bitcoin
As noted by NewsBTC, September has always been a crucial month for Bitcoin’s price performance in the last quarter of the year. Interestingly, what looked to be a bearish month for Bitcoin in the first two weeks has now played out as a forerunner for a potential surge in the last quarter of 2024.
At the time of writing, Bitcoin is trading at $65,470 and has been up by 2.6% in the past 24 hours. Institutional investors have resumed their investments in Bitcoin since the beginning of the week. This has seen spot Bitcoin funds witness consecutive days of inflows since the beginning of the week. Particularly, they received $365.7 million in net inflows in the past 24 hours.
Bitcoin has also seen a notable increase in open interest as investors pile up. According to Coinglass, the Bitcoin open interest now stands at $35.90 billion across multiple exchanges, reflecting a 3.53% increase in the past 24 hours. As Bitcoin’s price continues to attract attention from traders across the globe, the surge in open interest could act as a catalyst for further price increases.
The next step for Bitcoin’s price is a bullish break above the July high of $70,162. Surpassing this level and keeping the momentum could open the stage for Bitcoin to easily break into new all-time highs in October.
Source: NewsBTC.com
The post Here’s Who Has Been Driving The Bitcoin Price Recovery Above $65,000 appeared first on Crypto Breaking News.
Maximizing Bitcoin Gains with ETF Data
Maximizing Bitcoin Gains with ETF Data
Since the introduction of Bitcoin Exchange Traded Funds (ETFs) in early 2024, Bitcoin has reached new all-time highs, with multiple months of double-digit gains. However, as impressive as this performance is, there’s a way to significantly outperform Bitcoin’s returns by utilizing ETF data to guide your trading decisions.
Bitcoin ETFs and Their Influence
Bitcoin ETFs, launched in January 2024, have quickly amassed large amounts of Bitcoin. These ETFs, tracked by various funds, allow institutional and retail investors to gain exposure to Bitcoin without directly owning it. These ETFs have accumulated billions of USD worth of BTC, and tracking this cumulative flow is essential for monitoring institutional activity in Bitcoin markets, helping us gauge whether institutional players are buying or selling.
Figure 1: BTC ETF Cumulative Flows (USD) have surpassed $18.5b. View Live Chart
ETF daily inflows denominated in BTC indicate that large-scale investors are accumulating Bitcoin, while daily outflows suggest they are exiting positions during that trading period. For those looking to outperform Bitcoin’s already strong 2024 performance, this ETF data offers a strategic entry and exit point for Bitcoin trades.
Figure 2: BTC ETF Daily Flows (BTC) show regular accumulation of over 10,000 BTC per day. View Live Chart
A Simple Strategy Based on ETF Data
The strategy is relatively straightforward: buy Bitcoin when ETF inflows are positive (green bars) and sell when outflows occur (red bars). Surprisingly, this method allows you to outperform even during Bitcoin’s bullish periods.
This strategy, while simple, has consistently outperformed the broader Bitcoin market by capturing price momentum at the right moments and avoiding potential downturns by following institutional trends.
Figure 3: Each trade following this institutional inflow/outflow strategy.
The Power of Compounding
The real secret to this strategy lies in compounding. Compounding gains over time significantly boosts your returns, even during periods of consolidation or minor volatility. Imagine starting with $100 in capital. If your first trade yields a 10% return, you now have $110. On the next trade, another 10% gain on $110 brings your total to $121. Compounding these gains over time, even modest wins, accumulate into significant profits. Losses are inevitable, but compounding wins far outweigh the occasional dip.
Since the launch of the Bitcoin ETFs, this strategy has provided over 100% returns during a period in which just holding BTC has returned roughly 37%, or even compared to buying Bitcoin on the ETF launch day and selling at the exact all-time high, which would have returned approximately 59%.
Figure 4: Over 100% compounded gains since ETF launch following this strategy.
Can Further Upside Be Expected?
Recently, we’ve begun to see a sustained trend of positive ETF inflows, suggesting that institutions are once again heavily accumulating Bitcoin. Since September 19th, every day has seen positive inflows, which, as we can see, have often preceded price rallies. BlackRock and their IBIT ETF alone have accumulated over 379,000 BTC since inception.
Figure 5: BlackRock alone has accumulated over 379,000 BTC in just a few months. View Live Chart
Conclusion
Market conditions can change, and there will inevitably be periods of volatility. However, the consistent historical correlation between ETF inflows and Bitcoin price increases makes this a valuable tool for those looking to maximize their Bitcoin gains. If you’re looking for a low-effort, set-it-and-forget-it approach, buy-and-hold may still be suitable. However, if you want to try and actively increase your returns by leveraging institutional data, tracking Bitcoin ETF inflows and outflows could be a game-changer.
For a more in-depth look into this topic, check out a recent YouTube video here: Using ETF Data to Outperform Bitcoin [Must Watch]
Source: Bitcoin Magazine
The post Maximizing Bitcoin Gains with ETF Data appeared first on Crypto Breaking News.
Since the introduction of Bitcoin Exchange Traded Funds (ETFs) in early 2024, Bitcoin has reached new all-time highs, with multiple months of double-digit gains. However, as impressive as this performance is, there’s a way to significantly outperform Bitcoin’s returns by utilizing ETF data to guide your trading decisions.
Bitcoin ETFs and Their Influence
Bitcoin ETFs, launched in January 2024, have quickly amassed large amounts of Bitcoin. These ETFs, tracked by various funds, allow institutional and retail investors to gain exposure to Bitcoin without directly owning it. These ETFs have accumulated billions of USD worth of BTC, and tracking this cumulative flow is essential for monitoring institutional activity in Bitcoin markets, helping us gauge whether institutional players are buying or selling.
Figure 1: BTC ETF Cumulative Flows (USD) have surpassed $18.5b. View Live Chart
ETF daily inflows denominated in BTC indicate that large-scale investors are accumulating Bitcoin, while daily outflows suggest they are exiting positions during that trading period. For those looking to outperform Bitcoin’s already strong 2024 performance, this ETF data offers a strategic entry and exit point for Bitcoin trades.
Figure 2: BTC ETF Daily Flows (BTC) show regular accumulation of over 10,000 BTC per day. View Live Chart
A Simple Strategy Based on ETF Data
The strategy is relatively straightforward: buy Bitcoin when ETF inflows are positive (green bars) and sell when outflows occur (red bars). Surprisingly, this method allows you to outperform even during Bitcoin’s bullish periods.
This strategy, while simple, has consistently outperformed the broader Bitcoin market by capturing price momentum at the right moments and avoiding potential downturns by following institutional trends.
Figure 3: Each trade following this institutional inflow/outflow strategy.
The Power of Compounding
The real secret to this strategy lies in compounding. Compounding gains over time significantly boosts your returns, even during periods of consolidation or minor volatility. Imagine starting with $100 in capital. If your first trade yields a 10% return, you now have $110. On the next trade, another 10% gain on $110 brings your total to $121. Compounding these gains over time, even modest wins, accumulate into significant profits. Losses are inevitable, but compounding wins far outweigh the occasional dip.
Since the launch of the Bitcoin ETFs, this strategy has provided over 100% returns during a period in which just holding BTC has returned roughly 37%, or even compared to buying Bitcoin on the ETF launch day and selling at the exact all-time high, which would have returned approximately 59%.
Figure 4: Over 100% compounded gains since ETF launch following this strategy.
Can Further Upside Be Expected?
Recently, we’ve begun to see a sustained trend of positive ETF inflows, suggesting that institutions are once again heavily accumulating Bitcoin. Since September 19th, every day has seen positive inflows, which, as we can see, have often preceded price rallies. BlackRock and their IBIT ETF alone have accumulated over 379,000 BTC since inception.
Figure 5: BlackRock alone has accumulated over 379,000 BTC in just a few months. View Live Chart
Conclusion
Market conditions can change, and there will inevitably be periods of volatility. However, the consistent historical correlation between ETF inflows and Bitcoin price increases makes this a valuable tool for those looking to maximize their Bitcoin gains. If you’re looking for a low-effort, set-it-and-forget-it approach, buy-and-hold may still be suitable. However, if you want to try and actively increase your returns by leveraging institutional data, tracking Bitcoin ETF inflows and outflows could be a game-changer.
For a more in-depth look into this topic, check out a recent YouTube video here: Using ETF Data to Outperform Bitcoin [Must Watch]
Source: Bitcoin Magazine
The post Maximizing Bitcoin Gains with ETF Data appeared first on Crypto Breaking News.
DogWifHat Whale Doubling Down, Buys More WIF: All-Time High Incoming?
Meme coins are bouncing higher, looking at CoinMarketCap data as of September 27. Dogecoin, the world’s largest meme coin by market cap, is up 16% over the last trading week. Shiba Inu and Pepe rallied in the same period, adding 37% and 27%, respectively.
The expansion of meme coin prices has also been a boom to DogWifHat (WIF). Solana’s largest meme coin by market cap is up 14% on the last day, pushing weekly gains to over 31%. At the current valuation, WIF is the fourth most valuable coin, trailing Dogecoin, Shiba Inu, and Pepe.
DogWifHat Whale Accumulating, Meme Coin Soaring
Lookonchain data reveals that a meme coin whale accumulates as WIF prices tick higher. Tracking the address’ movements, the largest WIF holder, data shows, appears to be steadily accumulating.
By buying as prices begin to recover from their August and September lows, the move is an endorsement of the meme coin’s potential in the coming months.
On September 26, the whale borrowed 2 million USDC and bought 894,854 WIF at $2.24. Adding to his stash, the address now controls over 32 million WIF. This holding, Lookonchain analysts estimate, pushes the whale’s profits to over $86 million.
However, the whale’s borrowing of USDC and purchase of WIF is not the first time. Mid this week, the same address borrowed 4.5 million USDC from Kamino and bought 2.55M WIF at $1.76.
Looking at this trend, it is evident that the whale expects prices to continue printing higher highs. The daily chart shows that the meme coin is picking up steam.
After sinking to March 2024 lows, the meme coin has recovered, doubling to spot rates. If WIF prices soar above $2.8 and July highs, there could be more room for growth.
Ultimately, the medium-term target would be $4.8, a level last printed in March. However, for this to happen, WIF prices must more than double from spot rates.
Will WIF Follow Popcat And Register Fresh Highs?
The likelihood of WIF printing new all-time highs in the coming weeks or months cannot be discounted. Popcat, another meme coin on Solana, recently broke higher, registering new all-time highs above $1. At spot rates, the token is up nearly 120% in Q3 2024, attracting interest from whales.
After exiting for a loss, losing $611,000, Lookonchain data shows that the whale re-entered the Popcat market, spending $1.29 million worth of SOL to buy 1.3 million POPCAT at around $1. From the daily chart, a close above $1 will be crucial in sustaining the upside momentum.
Source: NewsBTC.com
The post DogWifHat Whale Doubling Down, Buys More WIF: All-Time High Incoming? appeared first on Crypto Breaking News.
The expansion of meme coin prices has also been a boom to DogWifHat (WIF). Solana’s largest meme coin by market cap is up 14% on the last day, pushing weekly gains to over 31%. At the current valuation, WIF is the fourth most valuable coin, trailing Dogecoin, Shiba Inu, and Pepe.
DogWifHat Whale Accumulating, Meme Coin Soaring
Lookonchain data reveals that a meme coin whale accumulates as WIF prices tick higher. Tracking the address’ movements, the largest WIF holder, data shows, appears to be steadily accumulating.
By buying as prices begin to recover from their August and September lows, the move is an endorsement of the meme coin’s potential in the coming months.
On September 26, the whale borrowed 2 million USDC and bought 894,854 WIF at $2.24. Adding to his stash, the address now controls over 32 million WIF. This holding, Lookonchain analysts estimate, pushes the whale’s profits to over $86 million.
However, the whale’s borrowing of USDC and purchase of WIF is not the first time. Mid this week, the same address borrowed 4.5 million USDC from Kamino and bought 2.55M WIF at $1.76.
Looking at this trend, it is evident that the whale expects prices to continue printing higher highs. The daily chart shows that the meme coin is picking up steam.
After sinking to March 2024 lows, the meme coin has recovered, doubling to spot rates. If WIF prices soar above $2.8 and July highs, there could be more room for growth.
Ultimately, the medium-term target would be $4.8, a level last printed in March. However, for this to happen, WIF prices must more than double from spot rates.
Will WIF Follow Popcat And Register Fresh Highs?
The likelihood of WIF printing new all-time highs in the coming weeks or months cannot be discounted. Popcat, another meme coin on Solana, recently broke higher, registering new all-time highs above $1. At spot rates, the token is up nearly 120% in Q3 2024, attracting interest from whales.
After exiting for a loss, losing $611,000, Lookonchain data shows that the whale re-entered the Popcat market, spending $1.29 million worth of SOL to buy 1.3 million POPCAT at around $1. From the daily chart, a close above $1 will be crucial in sustaining the upside momentum.
Source: NewsBTC.com
The post DogWifHat Whale Doubling Down, Buys More WIF: All-Time High Incoming? appeared first on Crypto Breaking News.
Polkadot (DOT) Poised For A Move Past $12—Is Now The Time To Buy?
Following a long six-month corrective phase, Polkadot (DOT) is attracting interest once more; some analysts think the token might be about to undergo a major bullish reversal.
Among these, a market analyst referred to as “Worlds of Charts” notes that there has been an emerging pattern of a falling wedge at times interpreted as a sign of an imminent upward break.
Polkadot’s technical configuration has been consistently gathering steam. investors are attentively observing what might be a notable rise coming for the thriving altcoin.
$Dot#Dot Polkadot Is Exhibiting Signs Of Reversal After A Six-Month Corrective Phase. The Formation Of A Falling Wedge Pattern, Coupled With Pronounced Bullish Divergence On Key Indicators, Suggests A High Probability Of A Successful Breakout. Upon Confirmation, DOT May Target… pic.twitter.com/1JpVUM0oHJ
— World Of Charts (@WorldOfCharts1) September 25, 2024
As long as the bigger crypto market starts to revive, this prediction does not seem unreasonable because Polkadot is important for blockchain interoperability and has the potential to attract renewed investor attention.
Falling Wedge: Bullish Reversal Pattern
Among the most consistent technical indications for identifying reversals is the falling wedge formation. The token has been moving in two downward-sloping trends, therefore decreasing the price range.
The trajectory normally points to a declining bearish attitude; as the negative momentum fades, the likelihood of a breakout to the upside is more intense. For Polkadot, the trend has been developing over several months indicating that the token might be getting ready for a significant price ascent.
Added to this is the relative strength index, another familiar momentum indicator, that has recently made higher lows even as the price of DOT has trended lower.
Price and momentum divergence, which always indicates decreasing selling pressure, suggests bulls are about to reclaim control. The technical setup favors a rally despite expected volatility.
Price Growth Potential And Market Sentiment
Given that the token has increased 13% over the past week and shows a remarkable 2.47% growth just in the last 24 hours, Polkadot’s present market mood is rather positive.
These increases show a growing demand for DOT even if more general market conditions are yet unknown. Currently trading at $4.92, the cryptocurrency has a market capitalization of $7.51 billion and a minor increase in trading volume.
The optimistic projection for the next years is even more motivating. Should DOT breach its wedge formation, experts think the price may move toward the $12 resistance level.
Reaching that would be a major turn from the current decline in the token and would create conditions for even further increases in the next months.
Polkadot: Long-Term Projections
Looking ahead, Polkadot’s development promise seems even more remarkable. In six months, CoinCheckup projects a 311% price growth; over the next year, it forecasts a more impressive 425% climb.
These figures fit Polkadot’s continuous network changes, including new alliances and its emphasis on increasing its cross-chain capacity.
Featured image from Polkadot, chart from TradingView
Source: NewsBTC.com
The post Polkadot (DOT) Poised For A Move Past $12—Is Now The Time To Buy? appeared first on Crypto Breaking News.
Among these, a market analyst referred to as “Worlds of Charts” notes that there has been an emerging pattern of a falling wedge at times interpreted as a sign of an imminent upward break.
Polkadot’s technical configuration has been consistently gathering steam. investors are attentively observing what might be a notable rise coming for the thriving altcoin.
$Dot#Dot Polkadot Is Exhibiting Signs Of Reversal After A Six-Month Corrective Phase. The Formation Of A Falling Wedge Pattern, Coupled With Pronounced Bullish Divergence On Key Indicators, Suggests A High Probability Of A Successful Breakout. Upon Confirmation, DOT May Target… pic.twitter.com/1JpVUM0oHJ
— World Of Charts (@WorldOfCharts1) September 25, 2024
As long as the bigger crypto market starts to revive, this prediction does not seem unreasonable because Polkadot is important for blockchain interoperability and has the potential to attract renewed investor attention.
Falling Wedge: Bullish Reversal Pattern
Among the most consistent technical indications for identifying reversals is the falling wedge formation. The token has been moving in two downward-sloping trends, therefore decreasing the price range.
The trajectory normally points to a declining bearish attitude; as the negative momentum fades, the likelihood of a breakout to the upside is more intense. For Polkadot, the trend has been developing over several months indicating that the token might be getting ready for a significant price ascent.
Added to this is the relative strength index, another familiar momentum indicator, that has recently made higher lows even as the price of DOT has trended lower.
Price and momentum divergence, which always indicates decreasing selling pressure, suggests bulls are about to reclaim control. The technical setup favors a rally despite expected volatility.
Price Growth Potential And Market Sentiment
Given that the token has increased 13% over the past week and shows a remarkable 2.47% growth just in the last 24 hours, Polkadot’s present market mood is rather positive.
These increases show a growing demand for DOT even if more general market conditions are yet unknown. Currently trading at $4.92, the cryptocurrency has a market capitalization of $7.51 billion and a minor increase in trading volume.
The optimistic projection for the next years is even more motivating. Should DOT breach its wedge formation, experts think the price may move toward the $12 resistance level.
Reaching that would be a major turn from the current decline in the token and would create conditions for even further increases in the next months.
Polkadot: Long-Term Projections
Looking ahead, Polkadot’s development promise seems even more remarkable. In six months, CoinCheckup projects a 311% price growth; over the next year, it forecasts a more impressive 425% climb.
These figures fit Polkadot’s continuous network changes, including new alliances and its emphasis on increasing its cross-chain capacity.
Featured image from Polkadot, chart from TradingView
Source: NewsBTC.com
The post Polkadot (DOT) Poised For A Move Past $12—Is Now The Time To Buy? appeared first on Crypto Breaking News.
Tornado Cash Loses Motion to Dismiss
The judge in the Tornado Cash case delivered an oral ruling today, rejecting both the Defense’s motion to compel discovery and their motion to dismiss the charges. This represents a massive setback for the Defense, and the judge’s reasoning may not bode well for developers and projects going forward.
Motion to Compel
The Defense’s motion to compel discovery sought to access a broad range of government communications, including exchanges with foreign authorities under the Mutual Legal Assistance Treaty (MLAT) and with domestic agencies like the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN). Citing Federal Rule of Criminal Procedure 16, the Defense argued that these materials were essential to understanding the government’s case and could potentially include exculpatory evidence. The judge, however, made it clear that Rule 16 imposes a stringent requirement: the Defense must show that the requested information is material to their case, not merely speculate on its potential usefulness.
The court dismissed the Defense’s arguments as speculative, noting that references to what the information “might” or “could” reveal do not meet the necessary standard for materiality. For example, the Defense argued that MLAT communications with the Dutch government might shed light on the evidence against Tornado Cash or reveal the government’s investigative theories. The judge found this reasoning unpersuasive, emphasizing that materiality cannot be established through conjecture or vague assertions.
The court similarly rejected the Defense’s request for all communications between the government and OFAC and FinCEN. Although the Defense claimed these documents were necessary to understand the government’s theories and potential witnesses, the judge concluded that the Defense failed to demonstrate how these communications were directly relevant to the charges at hand. The court reiterated that the burden is on the Defense to show a specific link between the requested documents and their defense strategy, a burden they did not meet.
When the Defense suggested an in-camera review—a private examination by the judge of the requested documents—to determine their materiality, the court refused. The judge argued that granting such a request based on speculative assertions would set a dangerous precedent, effectively forcing in-camera reviews in all criminal cases when a defendant speculates about the relevance of certain documents. This, the judge stressed, would undermine the purpose of Rule 16 and transform the pretrial discovery process into an unrestrained search for potentially helpful evidence.
The Defense also raised concerns under Brady v. Maryland, arguing that the government might be withholding exculpatory or impeachable evidence. While the court acknowledged the government’s obligations under Brady, it found no indication that these duties had been neglected. Without concrete evidence suggesting the government was withholding information, the court saw no reason to compel additional disclosures. The judge cautioned that while the Defense’s arguments were theoretically possible, they lacked the factual support needed to warrant the court’s intervention. She did say, however, that if she later finds that the government has “interpreted its obligations too narrowly” then there will be “unfortunate consequences for their case.”
Motion to Dismiss
The motion to dismiss presented a much more significant set of issues. Central to the Defense’s argument was the definition of a “money transmitter” under the Bank Secrecy Act (BSA). The Defense contended that Tornado Cash did not qualify as a money transmitter because it did not exercise control over users’ funds; it merely facilitated the movement of cryptocurrencies. The court, however, rejected this narrow interpretation. The judge clarified that the BSA’s scope does not require the control of the funds; Tornado Cash’s role in facilitating, anonymizing, and transferring cryptocurrency was sufficient to bring it within the statute’s ambit. The judge likened Tornado Cash to custodial mixers, which have been deemed money transmitting businesses.
Further complicating the Defense’s argument was their reliance on the 2019 FinCEN guidance, which uses a four-factor test to determine whether a wallet provider is a money transmitter. The Defense claimed this guidance, which includes a “total independent control” standard, should apply to Tornado Cash. The court disagreed, stating that this standard is specific to wallet providers and does not extend to mixers like Tornado Cash. Consequently, Tornado Cash’s lack of “total independent control” over funds was irrelevant to its classification as a money transmitter.
Another key point in the court’s analysis was the distinction between expressive and functional code under the First Amendment. The Defense argued that prosecuting Storm for his involvement with Tornado Cash was tantamount to punishing him for writing code, which they claimed was protected speech. The judge acknowledged that while code can be considered expressive, the specific use of code to facilitate illegal activities—such as money laundering or sanctions evasion—falls outside the bounds of First Amendment protection. The judge emphasized that the court must focus on the conduct enabled by the code, not merely the code itself. Even under intermediate scrutiny, which applies to content-neutral restrictions on speech, the judge found that the government’s interests in preventing money laundering and regulating unlicensed money transmission justified the restrictions imposed by the relevant statutes.
The court also addressed concerns about the immutability of Tornado Cash’s smart contracts, an issue raised by both parties. The judge acknowledged the existence of a factual dispute but noted that it was not a decisive factor in the current motion. However, the issue of immutability may play a role at trial in determining the extent of Storm’s control over the service and his responsibility for its operations.
In concluding remarks, the judge underscored that while the use of code to communicate ideas may be protected under the First Amendment, using that code to facilitate illegal activities is not. This distinction is critical in the context of emerging technologies like blockchain, where the line between speech and conduct can be blurred. The court’s ruling serves as a reminder that the legal system is prepared to hold participants in the digital economy accountable, even as it grapples with the complexities of applying traditional legal principles to new and evolving technologies.
The full transcript of the ruling will be released once prepared by the court reporter.
This is a guest post by Colin Crossman. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Source: Bitcoin Magazine
The post Tornado Cash Loses Motion to Dismiss appeared first on Crypto Breaking News.
Motion to Compel
The Defense’s motion to compel discovery sought to access a broad range of government communications, including exchanges with foreign authorities under the Mutual Legal Assistance Treaty (MLAT) and with domestic agencies like the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN). Citing Federal Rule of Criminal Procedure 16, the Defense argued that these materials were essential to understanding the government’s case and could potentially include exculpatory evidence. The judge, however, made it clear that Rule 16 imposes a stringent requirement: the Defense must show that the requested information is material to their case, not merely speculate on its potential usefulness.
The court dismissed the Defense’s arguments as speculative, noting that references to what the information “might” or “could” reveal do not meet the necessary standard for materiality. For example, the Defense argued that MLAT communications with the Dutch government might shed light on the evidence against Tornado Cash or reveal the government’s investigative theories. The judge found this reasoning unpersuasive, emphasizing that materiality cannot be established through conjecture or vague assertions.
The court similarly rejected the Defense’s request for all communications between the government and OFAC and FinCEN. Although the Defense claimed these documents were necessary to understand the government’s theories and potential witnesses, the judge concluded that the Defense failed to demonstrate how these communications were directly relevant to the charges at hand. The court reiterated that the burden is on the Defense to show a specific link between the requested documents and their defense strategy, a burden they did not meet.
When the Defense suggested an in-camera review—a private examination by the judge of the requested documents—to determine their materiality, the court refused. The judge argued that granting such a request based on speculative assertions would set a dangerous precedent, effectively forcing in-camera reviews in all criminal cases when a defendant speculates about the relevance of certain documents. This, the judge stressed, would undermine the purpose of Rule 16 and transform the pretrial discovery process into an unrestrained search for potentially helpful evidence.
The Defense also raised concerns under Brady v. Maryland, arguing that the government might be withholding exculpatory or impeachable evidence. While the court acknowledged the government’s obligations under Brady, it found no indication that these duties had been neglected. Without concrete evidence suggesting the government was withholding information, the court saw no reason to compel additional disclosures. The judge cautioned that while the Defense’s arguments were theoretically possible, they lacked the factual support needed to warrant the court’s intervention. She did say, however, that if she later finds that the government has “interpreted its obligations too narrowly” then there will be “unfortunate consequences for their case.”
Motion to Dismiss
The motion to dismiss presented a much more significant set of issues. Central to the Defense’s argument was the definition of a “money transmitter” under the Bank Secrecy Act (BSA). The Defense contended that Tornado Cash did not qualify as a money transmitter because it did not exercise control over users’ funds; it merely facilitated the movement of cryptocurrencies. The court, however, rejected this narrow interpretation. The judge clarified that the BSA’s scope does not require the control of the funds; Tornado Cash’s role in facilitating, anonymizing, and transferring cryptocurrency was sufficient to bring it within the statute’s ambit. The judge likened Tornado Cash to custodial mixers, which have been deemed money transmitting businesses.
Further complicating the Defense’s argument was their reliance on the 2019 FinCEN guidance, which uses a four-factor test to determine whether a wallet provider is a money transmitter. The Defense claimed this guidance, which includes a “total independent control” standard, should apply to Tornado Cash. The court disagreed, stating that this standard is specific to wallet providers and does not extend to mixers like Tornado Cash. Consequently, Tornado Cash’s lack of “total independent control” over funds was irrelevant to its classification as a money transmitter.
Another key point in the court’s analysis was the distinction between expressive and functional code under the First Amendment. The Defense argued that prosecuting Storm for his involvement with Tornado Cash was tantamount to punishing him for writing code, which they claimed was protected speech. The judge acknowledged that while code can be considered expressive, the specific use of code to facilitate illegal activities—such as money laundering or sanctions evasion—falls outside the bounds of First Amendment protection. The judge emphasized that the court must focus on the conduct enabled by the code, not merely the code itself. Even under intermediate scrutiny, which applies to content-neutral restrictions on speech, the judge found that the government’s interests in preventing money laundering and regulating unlicensed money transmission justified the restrictions imposed by the relevant statutes.
The court also addressed concerns about the immutability of Tornado Cash’s smart contracts, an issue raised by both parties. The judge acknowledged the existence of a factual dispute but noted that it was not a decisive factor in the current motion. However, the issue of immutability may play a role at trial in determining the extent of Storm’s control over the service and his responsibility for its operations.
In concluding remarks, the judge underscored that while the use of code to communicate ideas may be protected under the First Amendment, using that code to facilitate illegal activities is not. This distinction is critical in the context of emerging technologies like blockchain, where the line between speech and conduct can be blurred. The court’s ruling serves as a reminder that the legal system is prepared to hold participants in the digital economy accountable, even as it grapples with the complexities of applying traditional legal principles to new and evolving technologies.
The full transcript of the ruling will be released once prepared by the court reporter.
This is a guest post by Colin Crossman. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Source: Bitcoin Magazine
The post Tornado Cash Loses Motion to Dismiss appeared first on Crypto Breaking News.
MicroStrategy’s Bitcoin Bet Pays Off In Multiple Ways As Stock Surges 317%
MicroStrategy was shot into the limelight when it began publicly buying Bitcoin back in 2020. While it is not the only publicly listed company to do this, the company’s aggressive Bitcoin strategy set it apart from the rest. Four years later, MicroStrategy is now the public company with the largest BTC holdings in the world, recording over $5 billion in profit so far. However, the profit on the BTC holdings is not the only positive that has come from the company’s Bitcoin investment strategy.
MicroStrategy’s Stock Price Blows Up
MicroStrategy’s MSTR stock price has completed an incredibly successful year that has seen it perform the big hitters in the stock market. A year ago, the MSTR stock price was sitting at a low of $45. However, as the Bitcoin price recovered and the company’s BTC portfolio grew, so did the company’s stock price.
In only one year, the price surged more than 317% to reach a new all-time high of $192 back in March 2024, according to data from TradingView. This put it above its previous February 2000 peak of $139, making it its highest level in more than two decades. Interestingly, the surge to the $192 all-time high in March coincided with the the Bitcoin all-tine high of $73,750 in the same month.
This suggests that the MicroStrategy stock price is closely correlated with the Bitcoin price performance. It’s understandable given that Bitcoin has become the company’s largest holdings, meaning that as the Bitcoin price rises, so does the valuation of the company, translating to an increase in the stock price.
Currently sitting at $167 at the time of this writing, meaning it’s 16% down from its $192 all-time high. However, it is still 250% higher than its $45 price level a year ago. This puts it ahead of the likes of Apple which is up only 24% year to date and Amazon, with a 34% year-to-date increase. Even NVIDIA’s outstanding performance falls behind MicroStrategy, with a 155% year-to-date increase.
Padding Up With Bitcoin
Despite being four years in, MicroStrategy is not letting up on its Bitcoin purchases, with major purchases this year. In 2024 alone, the company has bought 63,079 BTC which cost around $4.04 billion to acquire. The most recent purchase was on September 20, when former CEO Michael Saylor announced that the company had purchased 7,420 BTC for $489 million. This has brought the company’s total BTC holdings to 252,200 for a whopping cost price of $9.9 billion.
Despite the already massive Bitcoin holding, accounting for more than 1.166% of the total supply, MicroStrategy plans to continue buying BTC. The company announced it was offering $700 million in convertible notes, which was later amended to $1 billion, the proceeds of which would be used to purchase more BTC.
As for the company’s plan for its massive BTC stash, Saylor has previously revealed that the company has no plans of selling soon. For now, the plan looks to be to buy as much BTC as possible to hold as a treasury asset.
Source: NewsBTC.com
The post MicroStrategy’s Bitcoin Bet Pays Off In Multiple Ways As Stock Surges 317% appeared first on Crypto Breaking News.
MicroStrategy’s Stock Price Blows Up
MicroStrategy’s MSTR stock price has completed an incredibly successful year that has seen it perform the big hitters in the stock market. A year ago, the MSTR stock price was sitting at a low of $45. However, as the Bitcoin price recovered and the company’s BTC portfolio grew, so did the company’s stock price.
In only one year, the price surged more than 317% to reach a new all-time high of $192 back in March 2024, according to data from TradingView. This put it above its previous February 2000 peak of $139, making it its highest level in more than two decades. Interestingly, the surge to the $192 all-time high in March coincided with the the Bitcoin all-tine high of $73,750 in the same month.
This suggests that the MicroStrategy stock price is closely correlated with the Bitcoin price performance. It’s understandable given that Bitcoin has become the company’s largest holdings, meaning that as the Bitcoin price rises, so does the valuation of the company, translating to an increase in the stock price.
Currently sitting at $167 at the time of this writing, meaning it’s 16% down from its $192 all-time high. However, it is still 250% higher than its $45 price level a year ago. This puts it ahead of the likes of Apple which is up only 24% year to date and Amazon, with a 34% year-to-date increase. Even NVIDIA’s outstanding performance falls behind MicroStrategy, with a 155% year-to-date increase.
Padding Up With Bitcoin
Despite being four years in, MicroStrategy is not letting up on its Bitcoin purchases, with major purchases this year. In 2024 alone, the company has bought 63,079 BTC which cost around $4.04 billion to acquire. The most recent purchase was on September 20, when former CEO Michael Saylor announced that the company had purchased 7,420 BTC for $489 million. This has brought the company’s total BTC holdings to 252,200 for a whopping cost price of $9.9 billion.
Despite the already massive Bitcoin holding, accounting for more than 1.166% of the total supply, MicroStrategy plans to continue buying BTC. The company announced it was offering $700 million in convertible notes, which was later amended to $1 billion, the proceeds of which would be used to purchase more BTC.
As for the company’s plan for its massive BTC stash, Saylor has previously revealed that the company has no plans of selling soon. For now, the plan looks to be to buy as much BTC as possible to hold as a treasury asset.
Source: NewsBTC.com
The post MicroStrategy’s Bitcoin Bet Pays Off In Multiple Ways As Stock Surges 317% appeared first on Crypto Breaking News.
Render (RENDER) Shows 23% Surge As Sharks & Whales Continue To Buy
Render has shown a sharp jump of more than 23% during the last week as on-chain data shows the large hands have continued to buy.
Render Has Enjoyed Bullish Momentum Over The Past Week
The cryptocurrency sector as a whole has witnessed an uplift recently, but Render has been among the altcoins that have really stood out from the rest. Whereas Bitcoin (BTC) and Ethereum (ETH) have only seen weekly profits of around 3% and 9%, respectively, RENDER has shown an impressive 23% jump.
The below chart shows how the recent performance of the asset has been like.
Following this sharp growth, Render’s price has now neared the $6.5 mark for the first time in four weeks. In terms of the market cap, the asset has seen its valuation touch $3.3 billion, placing it at the 29th place on the top cryptocurrencies list.
The coin is now chasing Pepe (PEPE), which is the 28th largest asset in the sector with a market cap of around $3.9 billion. Though, considering the 18% difference in their valuations, it wouldn’t be an easy task for RENDER, especially since PEPE generally shows a notable rise of its own when the market goes up.
As for what could be behind the latest growth that the cryptocurrency has enjoyed, perhaps on-chain data can provide some hints.
Sharks & Whales Have Been Busy Buying The Token Recently
According to data from the on-chain analytics firm Santiment, the Render sharks and whales have participated in some considerable accumulation during the last eleven weeks.
The indicator of relevance here is the “Supply Distribution,” which tells us about the amount of supply that a given wallet group on the network is holding right now.
In the context of the current topic, the cohort containing addresses who own at least 100,000 tokens is of interest. At the current price of the coin, this cutoff is equivalent to just under $650,000, which is a significant amount.
As such, this group corresponds to the large hands of the market, popularly known as the sharks and whales. Below is the chart shared by the analytics firm, which shows how the Supply Distribution for these investors carrying 100,000+ coins has changed over the last few months:
From the graph, it’s apparent that the supply held by the Render sharks and whales has witnessed a considerable increase over the last eleven or so weeks. More specifically, these investors have added 20.54 million tokens to their wallets, equivalent to 3.7% of the total supply.
The buying spree from this cohort has continued during the latest price surge and thus, could be at least a factor behind why it has taken place.
Source: NewsBTC.com
The post Render (RENDER) Shows 23% Surge As Sharks & Whales Continue To Buy appeared first on Crypto Breaking News.
Render Has Enjoyed Bullish Momentum Over The Past Week
The cryptocurrency sector as a whole has witnessed an uplift recently, but Render has been among the altcoins that have really stood out from the rest. Whereas Bitcoin (BTC) and Ethereum (ETH) have only seen weekly profits of around 3% and 9%, respectively, RENDER has shown an impressive 23% jump.
The below chart shows how the recent performance of the asset has been like.
Following this sharp growth, Render’s price has now neared the $6.5 mark for the first time in four weeks. In terms of the market cap, the asset has seen its valuation touch $3.3 billion, placing it at the 29th place on the top cryptocurrencies list.
The coin is now chasing Pepe (PEPE), which is the 28th largest asset in the sector with a market cap of around $3.9 billion. Though, considering the 18% difference in their valuations, it wouldn’t be an easy task for RENDER, especially since PEPE generally shows a notable rise of its own when the market goes up.
As for what could be behind the latest growth that the cryptocurrency has enjoyed, perhaps on-chain data can provide some hints.
Sharks & Whales Have Been Busy Buying The Token Recently
According to data from the on-chain analytics firm Santiment, the Render sharks and whales have participated in some considerable accumulation during the last eleven weeks.
The indicator of relevance here is the “Supply Distribution,” which tells us about the amount of supply that a given wallet group on the network is holding right now.
In the context of the current topic, the cohort containing addresses who own at least 100,000 tokens is of interest. At the current price of the coin, this cutoff is equivalent to just under $650,000, which is a significant amount.
As such, this group corresponds to the large hands of the market, popularly known as the sharks and whales. Below is the chart shared by the analytics firm, which shows how the Supply Distribution for these investors carrying 100,000+ coins has changed over the last few months:
From the graph, it’s apparent that the supply held by the Render sharks and whales has witnessed a considerable increase over the last eleven or so weeks. More specifically, these investors have added 20.54 million tokens to their wallets, equivalent to 3.7% of the total supply.
The buying spree from this cohort has continued during the latest price surge and thus, could be at least a factor behind why it has taken place.
Source: NewsBTC.com
The post Render (RENDER) Shows 23% Surge As Sharks & Whales Continue To Buy appeared first on Crypto Breaking News.
Ethereum: Analyst Sets $2,820 As ETH’s Next Key Level to Watch, Here’s Why
Following the market’s recent pump, the leading cryptocurrencies have seen a remarkable performance. Bitcoin is trading above the $64,000 mark, while Ethereum (ETH) has surged 9% in the last week to consolidate above a key support level.
Despite the bullish sentiment, some crypto investors remain cautious about ETH’s performance as the second-largest cryptocurrency faces the next crucial resistance level.
Ethereum Consolidates Above $2,600
Ethereum recorded a 13% price jump in the last seven days after the US Federal Reserve (Fed) announced its decision to cut the interest rate by 50 basis points (bps). The bullish momentum propelled the ETH’s price to ranges not seen in a month, triggering a positive sentiment among many investors.
Over the weekend, the “King of Altcoins” surged from the $2,300 support zone to the $2,500 mark before reclaiming the $2,600 resistance level as the week started. Since then, the cryptocurrency has hovered between the $2,600-$2,684 price range, momentarily dropping below the key support level on Wednesday afternoon.
Nonetheless, Ethereum has faced resistance today after recovering from the recent drop to $2,500. Market analyst Crypto Yapper noted that ETH had been “running into critical resistance on the Daily chart,” as it had been unable to break successfully above the $2,650 mark since Tuesday.
This performance worried some investors, who considered that not breaking above this level could hinder the cryptocurrency’s run and send the price toward the previous support zones.
However, Ethereum’s price jumped 1% in the last hour to trade above $2,650. As of this writing, ETH exchnges hands at $2,660, recording a 2.1% and 9.3% price increase in the daily and weekly timeframes.
ETH To Reach New Highs In October?
Crypto Trader Daan highlighted that Ethereum’s price made a higher low (HL) but has not been able to make a higher high (HH) yet. The trader noted that an HH would occur above the $2,820 mark, which was lost over a month ago, and it would signify a trend reversal for the cryptocurrency.
This level corresponds with the horizontal level that kickstarted the February-March run to $4,090 after the breakout. Additionally, it coincides with the Daily 200 Exponential Moving Average (EMA) around that area, which makes it “an important level to watch.”
A breakout above this mark could further propel ETH’s price toward the $3,000 resistance level. Julien Bittel, Head of Macro Research at Global Macro Investor (GMI), noted that Ethereum’s chart is “looking a lot like a 2023 redux.”
Per the Chart, the cryptocurrency’s current market structure resembles its 2023 movements very closely. A repeat of ETH’s previous bullish trajectory suggests that ETH’s price is about to break out and hit a new all-time high (ATH) mid to late October.
Additionally, the chart shows that if it follows the same bullish trend, Ethereum’s price has the potential to reach somewhere between the $10,000 to $20,000 targets by Q1 2025, which would represent a 669% surge from its current price and a 300% jump from its ATH.
Source: NewsBTC.com
The post Ethereum: Analyst Sets $2,820 As ETH’s Next Key Level to Watch, Here’s Why appeared first on Crypto Breaking News.
Despite the bullish sentiment, some crypto investors remain cautious about ETH’s performance as the second-largest cryptocurrency faces the next crucial resistance level.
Ethereum Consolidates Above $2,600
Ethereum recorded a 13% price jump in the last seven days after the US Federal Reserve (Fed) announced its decision to cut the interest rate by 50 basis points (bps). The bullish momentum propelled the ETH’s price to ranges not seen in a month, triggering a positive sentiment among many investors.
Over the weekend, the “King of Altcoins” surged from the $2,300 support zone to the $2,500 mark before reclaiming the $2,600 resistance level as the week started. Since then, the cryptocurrency has hovered between the $2,600-$2,684 price range, momentarily dropping below the key support level on Wednesday afternoon.
Nonetheless, Ethereum has faced resistance today after recovering from the recent drop to $2,500. Market analyst Crypto Yapper noted that ETH had been “running into critical resistance on the Daily chart,” as it had been unable to break successfully above the $2,650 mark since Tuesday.
This performance worried some investors, who considered that not breaking above this level could hinder the cryptocurrency’s run and send the price toward the previous support zones.
However, Ethereum’s price jumped 1% in the last hour to trade above $2,650. As of this writing, ETH exchnges hands at $2,660, recording a 2.1% and 9.3% price increase in the daily and weekly timeframes.
ETH To Reach New Highs In October?
Crypto Trader Daan highlighted that Ethereum’s price made a higher low (HL) but has not been able to make a higher high (HH) yet. The trader noted that an HH would occur above the $2,820 mark, which was lost over a month ago, and it would signify a trend reversal for the cryptocurrency.
This level corresponds with the horizontal level that kickstarted the February-March run to $4,090 after the breakout. Additionally, it coincides with the Daily 200 Exponential Moving Average (EMA) around that area, which makes it “an important level to watch.”
A breakout above this mark could further propel ETH’s price toward the $3,000 resistance level. Julien Bittel, Head of Macro Research at Global Macro Investor (GMI), noted that Ethereum’s chart is “looking a lot like a 2023 redux.”
Per the Chart, the cryptocurrency’s current market structure resembles its 2023 movements very closely. A repeat of ETH’s previous bullish trajectory suggests that ETH’s price is about to break out and hit a new all-time high (ATH) mid to late October.
Additionally, the chart shows that if it follows the same bullish trend, Ethereum’s price has the potential to reach somewhere between the $10,000 to $20,000 targets by Q1 2025, which would represent a 669% surge from its current price and a 300% jump from its ATH.
Source: NewsBTC.com
The post Ethereum: Analyst Sets $2,820 As ETH’s Next Key Level to Watch, Here’s Why appeared first on Crypto Breaking News.
Stacks: New Network Upgrades Push STX Price Up By 18% – Details
Stacks (STX) has regained and built up its momentum over two weeks after a bloody September start. Since then, the token has garnered much-deserved attention as developments on the platform mount up. According to CoinGecko, STX surged over 18% since last week, representing a strong flip in investor sentiment.
Stacks continue to make noise as more partnerships are unveiled this week; several of which might open a new reality on Stacks. With the hyped potential of the so-called Bitcoin economy underneath Stacks, investors and traders might see a lot of green in the coming days.
New Developments Fuel STX Growth
In an X post by the official Stacks account, the platform has announced that Hermetica.fi, a stablecoin provider in the Stack’s ecosystem, has deployed USDh. The stablecoin has been described as the first “Bitcoin-backed, yield-bearing” synthetic dollar available on the retail market. Hermetica’s marketing of the new stablecoin is aggressive, with a time-limited staking APR of 25%.
Stacks’ leading Bitcoin L2 ecosystem continues to grow
Congratulations to @HermeticaFi for the official launch of their USDh stablecoin on Stacks.
To celebrate, Hermetica is offering a prize pool to early movers. More information is available below. 1/2 pic.twitter.com/3EYmefYEPI
— stacks.btc (@Stacks) September 25, 2024
Institutional investors might also be around the corner as Anchorage Digital, an institutional wallet provider, has announced their support for Stacks, opening the door for the platform to be exposed to institutional entities, possibly improving the Stacks’s future development. Introducing institutional investors will push the platform to develop at a faster pace.
With the final step in activating the Nakamoto upgrade, several SX users have released posts regarding the benefits of the network upgrade. All in all, the conclusion is the same: the Nakamoto upgrade will significantly improve user experience while simultaneously allowing developers to access the $1 trillion in liquidity under Bitcoin, with sBTC, a 1-to-1 Bitcoin-backed asset in Stacks, integrated with Solana and Aptos for quicker distribution and adoption.
Investors Should Watch Stacks On These Levels
STX retains some of its momentum, breaking any short term possibility of a reversal as it breaks through $2.02 in the short term. This price action nets the bulls some serious gains, but this triumph might only be temporary as the bulls lose momentum to maintain a steady trajectory.
The relative strength index (RSI) of the token suggests that the bulls may encounter a wall around $2.2 in the short term, possibly letting the bears gain strength equaling the current bullishness. A movement like this will keep the token’s price stable, possibly giving the bulls enough time and room to maneuver upwards in the medium term.
If STX remains at its current support level of $2.02, we might see a surge upward in the coming days; that’s if the the pullback the market is currently experiencing to flip bullish. However, if the bulls fail to hold this position for a medium term movement, the bears might pull the token towards $1.885 or lower if they build up enough momentum.
Featured image from Stacks, chart from TradingView
Source: NewsBTC.com
The post Stacks: New Network Upgrades Push STX Price Up By 18% – Details appeared first on Crypto Breaking News.
Stacks continue to make noise as more partnerships are unveiled this week; several of which might open a new reality on Stacks. With the hyped potential of the so-called Bitcoin economy underneath Stacks, investors and traders might see a lot of green in the coming days.
New Developments Fuel STX Growth
In an X post by the official Stacks account, the platform has announced that Hermetica.fi, a stablecoin provider in the Stack’s ecosystem, has deployed USDh. The stablecoin has been described as the first “Bitcoin-backed, yield-bearing” synthetic dollar available on the retail market. Hermetica’s marketing of the new stablecoin is aggressive, with a time-limited staking APR of 25%.
Stacks’ leading Bitcoin L2 ecosystem continues to grow
Congratulations to @HermeticaFi for the official launch of their USDh stablecoin on Stacks.
To celebrate, Hermetica is offering a prize pool to early movers. More information is available below. 1/2 pic.twitter.com/3EYmefYEPI
— stacks.btc (@Stacks) September 25, 2024
Institutional investors might also be around the corner as Anchorage Digital, an institutional wallet provider, has announced their support for Stacks, opening the door for the platform to be exposed to institutional entities, possibly improving the Stacks’s future development. Introducing institutional investors will push the platform to develop at a faster pace.
With the final step in activating the Nakamoto upgrade, several SX users have released posts regarding the benefits of the network upgrade. All in all, the conclusion is the same: the Nakamoto upgrade will significantly improve user experience while simultaneously allowing developers to access the $1 trillion in liquidity under Bitcoin, with sBTC, a 1-to-1 Bitcoin-backed asset in Stacks, integrated with Solana and Aptos for quicker distribution and adoption.
Investors Should Watch Stacks On These Levels
STX retains some of its momentum, breaking any short term possibility of a reversal as it breaks through $2.02 in the short term. This price action nets the bulls some serious gains, but this triumph might only be temporary as the bulls lose momentum to maintain a steady trajectory.
The relative strength index (RSI) of the token suggests that the bulls may encounter a wall around $2.2 in the short term, possibly letting the bears gain strength equaling the current bullishness. A movement like this will keep the token’s price stable, possibly giving the bulls enough time and room to maneuver upwards in the medium term.
If STX remains at its current support level of $2.02, we might see a surge upward in the coming days; that’s if the the pullback the market is currently experiencing to flip bullish. However, if the bulls fail to hold this position for a medium term movement, the bears might pull the token towards $1.885 or lower if they build up enough momentum.
Featured image from Stacks, chart from TradingView
Source: NewsBTC.com
The post Stacks: New Network Upgrades Push STX Price Up By 18% – Details appeared first on Crypto Breaking News.
Altcoin Market Cap Surges Past 200-Day EMA: Is Altseason Finally Here?
Several indicators point to renewed strength in altcoins, suggesting a potential altcoin season on the horizon. However, for confirmation, Bitcoin (BTC) dominance needs to drop further.
Altcoin Market Cap Crosses 200-Day EMA
Crypto analysts are closely monitoring various indicators that track altcoin behavior, with one critical metric being the 200-day exponential moving average (EMA).
According to the following chart, the OTHERS index – an index that tracks the market cap of cryptocurrencies excluding the top 10 digital assets by market capitalization – has surged past both the 100-day EMA and the 200-day EMA.
For the uninitiated, the 200-day EMA is a commonly used technical indicator that shows the average price of an asset over the past 200 days, with more weightage given to recent prices. It’s used to identify long-term trends – when the price is above the 200-day EMA, it suggests the asset may be in an upward trend, while being below it signals a potential downtrend.
At present, the OTHERS index sits at $227.5 billion, while the 200-day EMA and the 100-day EMA are at $221.8 billion and $212.9 billion, respectively. According to crypto analyst Caleb Franzen, the last time this occurred was in July 2023. At the time, altcoins established firm support at these EMAs to achieve higher-highs.
Another cryptocurrency analyst, Ali Martinez, alluded to the altcoin market cap – excluding BTC and Ethereum (ETH) – breaking out of what appears to be a long downward trend. Although Martinez is not fully convinced of a full-blown altcoin season yet, he dubs the breakout as a “good start.”
Bitcoin Dominance Must Crash Before Altseason
While the altcoin market cap breaking out of a sustained downtrend raises hope for an imminent altseason, BTC dominance (BTC.D) must drop significantly from its current levels.
Currently, Bitcoin dominance sits at 57.5%. From the chart below, it is evident that BTC.D has been on a sustained upward trajectory since at least November 2022. According to crypto analyst Yoddha, BTC.D looks poised to crash into the mid-40s, potentially paving the way for a full-blown altseason.
Negentropic, co-founder at on-chain data platform Glassnode, remarked that the market seems to be on the verge of an altcoin season. Referring to the Bitcoin-Altcoin Cycle chart from Swissblock, Negentropic notes that once BTC breaks its all-time high (ATH) and enters price discovery mode, altcoin should follow suit.
The Bitcoin-Altcoin Cycle chart displays the inverse relationship between BTC and altcoin price movements throughout the year. Any reading above 50 indicates the market has entered an altcoin-dominated phase, whereas a reading below 50 signals a BTC-led market.
Despite these promising indicators, it’s important for the leading altcoin, ETH, to rebound against BTC before capital flows into mid-cap and small-cap altcoins. As previously reported, the ETH/BTC trading pair is currently at its lowest since April 2021. At press time, BTC trades at $64,481, up 1.5% in the past 24 hours.
Source: NewsBTC.com
The post Altcoin Market Cap Surges Past 200-Day EMA: Is Altseason Finally Here? appeared first on Crypto Breaking News.
Altcoin Market Cap Crosses 200-Day EMA
Crypto analysts are closely monitoring various indicators that track altcoin behavior, with one critical metric being the 200-day exponential moving average (EMA).
According to the following chart, the OTHERS index – an index that tracks the market cap of cryptocurrencies excluding the top 10 digital assets by market capitalization – has surged past both the 100-day EMA and the 200-day EMA.
For the uninitiated, the 200-day EMA is a commonly used technical indicator that shows the average price of an asset over the past 200 days, with more weightage given to recent prices. It’s used to identify long-term trends – when the price is above the 200-day EMA, it suggests the asset may be in an upward trend, while being below it signals a potential downtrend.
At present, the OTHERS index sits at $227.5 billion, while the 200-day EMA and the 100-day EMA are at $221.8 billion and $212.9 billion, respectively. According to crypto analyst Caleb Franzen, the last time this occurred was in July 2023. At the time, altcoins established firm support at these EMAs to achieve higher-highs.
Another cryptocurrency analyst, Ali Martinez, alluded to the altcoin market cap – excluding BTC and Ethereum (ETH) – breaking out of what appears to be a long downward trend. Although Martinez is not fully convinced of a full-blown altcoin season yet, he dubs the breakout as a “good start.”
Bitcoin Dominance Must Crash Before Altseason
While the altcoin market cap breaking out of a sustained downtrend raises hope for an imminent altseason, BTC dominance (BTC.D) must drop significantly from its current levels.
Currently, Bitcoin dominance sits at 57.5%. From the chart below, it is evident that BTC.D has been on a sustained upward trajectory since at least November 2022. According to crypto analyst Yoddha, BTC.D looks poised to crash into the mid-40s, potentially paving the way for a full-blown altseason.
Negentropic, co-founder at on-chain data platform Glassnode, remarked that the market seems to be on the verge of an altcoin season. Referring to the Bitcoin-Altcoin Cycle chart from Swissblock, Negentropic notes that once BTC breaks its all-time high (ATH) and enters price discovery mode, altcoin should follow suit.
The Bitcoin-Altcoin Cycle chart displays the inverse relationship between BTC and altcoin price movements throughout the year. Any reading above 50 indicates the market has entered an altcoin-dominated phase, whereas a reading below 50 signals a BTC-led market.
Despite these promising indicators, it’s important for the leading altcoin, ETH, to rebound against BTC before capital flows into mid-cap and small-cap altcoins. As previously reported, the ETH/BTC trading pair is currently at its lowest since April 2021. At press time, BTC trades at $64,481, up 1.5% in the past 24 hours.
Source: NewsBTC.com
The post Altcoin Market Cap Surges Past 200-Day EMA: Is Altseason Finally Here? appeared first on Crypto Breaking News.
Worldcoin Soars 31%: Will Network Upgrades Push WLD Price Higher?
Worldcoin (WLD) is taking investors by storm as the token performs extremely well in the present market environment. Despite the market experiencing a slight pullback today, WLD surged 31% since last week, representing a huge jump in value as the protocol continues to expand its services.
Worldcoin’s identity-proving technology continues to expand. Just this week, several developments continue to arouse curiosity in the minds of retail investors. If the trend keeps up with the market’s seemingly continuous bullishness, WLD will cover ground in the long term.
Worldcoin Services Expand To Three New Countries
In a blog post, Worldcoin’s World ID services were announced to be available in three new countries: Guatemala, Poland, and Malaysia. The decision was made against the backdrop of the surprisingly quick advancement of artificial intelligence technology and its possible use in fraud worldwide.
Wordlcoin’s proactive technology concerning individual privacy in the world aims to combat this providing a decentralized way to check someone’s identity using the platform’s novel proof-of-personhood approach which is detailed in their whitepaper.
In Guatemala alone, majority of the population have a growing need to know whether the thing they’re communicating with is either human or a bot.
According to Worldcoin, 83% of the country desires to know whether the content they’re viewing was made by AI, 84% is concerned with the fast advancement in AI technology making it harder for them to discern humans from bots, and 88% support technologies that check whether the “person” they’re interacting with is a human or a bot.
With the growing need for AI in every facet of a person’s daily life, Worldcoin’s technology might have a place in keeping individual privacy safe.
Beginning September 25, orbs, physical locations where people can verify their identity, will become available in Guatemala. As of now, no word of further deployment in Poland, but the World ID service has been announced on Malaysia earlier this week.
Possible Pullback To Occur Later This Week
WLD has experienced exponential growth, but it may be hindered by the fact that the bulls have exhausted their momentum which leaves only room for the token to either stagnate or fall in the coming days.
The token’s relative strength index (RSI) shows that WLD might show weakness withnen the next 72 hours as continuing the upward trajectory will only hurt future gains even more. With this in mind, investors who are holding WLD in the long-term still have a great anchor to rely on as continued development of the platform maintains its relevance in an ever AI-reliant world.
Featured image from Forkast News, chart from TradingView
Source: NewsBTC.com
The post Worldcoin Soars 31%: Will Network Upgrades Push WLD Price Higher? appeared first on Crypto Breaking News.
Worldcoin’s identity-proving technology continues to expand. Just this week, several developments continue to arouse curiosity in the minds of retail investors. If the trend keeps up with the market’s seemingly continuous bullishness, WLD will cover ground in the long term.
Worldcoin Services Expand To Three New Countries
In a blog post, Worldcoin’s World ID services were announced to be available in three new countries: Guatemala, Poland, and Malaysia. The decision was made against the backdrop of the surprisingly quick advancement of artificial intelligence technology and its possible use in fraud worldwide.
Wordlcoin’s proactive technology concerning individual privacy in the world aims to combat this providing a decentralized way to check someone’s identity using the platform’s novel proof-of-personhood approach which is detailed in their whitepaper.
In Guatemala alone, majority of the population have a growing need to know whether the thing they’re communicating with is either human or a bot.
According to Worldcoin, 83% of the country desires to know whether the content they’re viewing was made by AI, 84% is concerned with the fast advancement in AI technology making it harder for them to discern humans from bots, and 88% support technologies that check whether the “person” they’re interacting with is a human or a bot.
With the growing need for AI in every facet of a person’s daily life, Worldcoin’s technology might have a place in keeping individual privacy safe.
Beginning September 25, orbs, physical locations where people can verify their identity, will become available in Guatemala. As of now, no word of further deployment in Poland, but the World ID service has been announced on Malaysia earlier this week.
Possible Pullback To Occur Later This Week
WLD has experienced exponential growth, but it may be hindered by the fact that the bulls have exhausted their momentum which leaves only room for the token to either stagnate or fall in the coming days.
The token’s relative strength index (RSI) shows that WLD might show weakness withnen the next 72 hours as continuing the upward trajectory will only hurt future gains even more. With this in mind, investors who are holding WLD in the long-term still have a great anchor to rely on as continued development of the platform maintains its relevance in an ever AI-reliant world.
Featured image from Forkast News, chart from TradingView
Source: NewsBTC.com
The post Worldcoin Soars 31%: Will Network Upgrades Push WLD Price Higher? appeared first on Crypto Breaking News.
Bitcoin’s Liquidation Data Signals a Possible Trend Reversal—Here’s Why
Bitcoin price movements and market sentiment have often been tied to the positions held by traders across the board. Regarding that, an insight shared by CryptoQuant analyst Amr Taha sheds light on the potential significance of Bitcoin’s long/short liquidation delta, hinting at a shift in market stance.
This indicator, according to the shared insight provides a deep dive into how the balance between long and short positions can often foreshadow significant price corrections or rallies.
Bitcoin Liquidation Suggest Imminent Market Shift
Taha’s analysis centers around Bitcoin’s delta value, which is derived from comparing long versus short liquidations. In simple terms, if the delta is positive, there is a larger proportion of long positions, whereas a negative delta implies dominance by short positions.
By examining the spikes in this delta, Taha identifies crucial points where notable liquidation events occurred, suggesting market sentiment shifts and potential corrections.
According to Taha’s observations, a particularly significant event occurred when Bitcoin’s price was hovering around $63.8,000. At this point, the delta value indicated a substantial liquidation of short positions, exceeding roughly -$664 million.
The analyst notes that such a sharp spike in short liquidations may indicate a shift in market sentiment. In other words, the sudden liquidation of short positions might have forced retail investors to close their positions at unfavorable prices.
Historically, these notable liquidation events tend to cause sharp changes in market direction. A significant influx of liquidated long or short positions can either reinforce or reverse a price trend, driven by the sentiment of traders who may be compelled to exit their positions under pressure.
Taha’s analysis suggests that the sizable liquidation of short positions during Bitcoin’s upward trajectory hints at a broader correction phase, signaling that the asset’s price may face volatility and potentially adjust downward before any clear direction is established.
Detailing The Implications Of The Liquidation Delta
To further understand the implications of the long/short liquidation delta, it is worth grasping the role of leverage trading within the crypto market.
Notably, traders often take leveraged positions to maximize potential returns, but this also comes with heightened risks. When the market moves against their positions, liquidations can occur rapidly, leading to amplified price movements.
In the case of Bitcoin, the spike in liquidated short positions at $63.8K suggests that a wave of traders holding short bets were squeezed out, potentially adding upward momentum to Bitcoin’s price movement.
However, such short-term volatility can be an indication of a potential market correction, as overleveraged traders on either side can be swiftly wiped out when prices move against their expectations.
Featured image created with DALL-E, Chart from TradingView
Source: NewsBTC.com
The post Bitcoin’s Liquidation Data Signals a Possible Trend Reversal—Here’s Why appeared first on Crypto Breaking News.
This indicator, according to the shared insight provides a deep dive into how the balance between long and short positions can often foreshadow significant price corrections or rallies.
Bitcoin Liquidation Suggest Imminent Market Shift
Taha’s analysis centers around Bitcoin’s delta value, which is derived from comparing long versus short liquidations. In simple terms, if the delta is positive, there is a larger proportion of long positions, whereas a negative delta implies dominance by short positions.
By examining the spikes in this delta, Taha identifies crucial points where notable liquidation events occurred, suggesting market sentiment shifts and potential corrections.
According to Taha’s observations, a particularly significant event occurred when Bitcoin’s price was hovering around $63.8,000. At this point, the delta value indicated a substantial liquidation of short positions, exceeding roughly -$664 million.
The analyst notes that such a sharp spike in short liquidations may indicate a shift in market sentiment. In other words, the sudden liquidation of short positions might have forced retail investors to close their positions at unfavorable prices.
Historically, these notable liquidation events tend to cause sharp changes in market direction. A significant influx of liquidated long or short positions can either reinforce or reverse a price trend, driven by the sentiment of traders who may be compelled to exit their positions under pressure.
Taha’s analysis suggests that the sizable liquidation of short positions during Bitcoin’s upward trajectory hints at a broader correction phase, signaling that the asset’s price may face volatility and potentially adjust downward before any clear direction is established.
Detailing The Implications Of The Liquidation Delta
To further understand the implications of the long/short liquidation delta, it is worth grasping the role of leverage trading within the crypto market.
Notably, traders often take leveraged positions to maximize potential returns, but this also comes with heightened risks. When the market moves against their positions, liquidations can occur rapidly, leading to amplified price movements.
In the case of Bitcoin, the spike in liquidated short positions at $63.8K suggests that a wave of traders holding short bets were squeezed out, potentially adding upward momentum to Bitcoin’s price movement.
However, such short-term volatility can be an indication of a potential market correction, as overleveraged traders on either side can be swiftly wiped out when prices move against their expectations.
Featured image created with DALL-E, Chart from TradingView
Source: NewsBTC.com
The post Bitcoin’s Liquidation Data Signals a Possible Trend Reversal—Here’s Why appeared first on Crypto Breaking News.
