Ripple sellers have struggled to push the price below the critical $0.47 mark and the lower boundary of a triangle pattern for an extended period.

However, a bearish breakout could trigger a cascade, liquidating numerous long positions.

XRP Analysis

By Shayan

The Daily Chart

A detailed examination of the daily chart shows that Ripple sellers have been attempting to breach a significant support region that has aided the asset since mid-April. This crucial zone includes the $0.47 static support and the dynamic support of the triangle’s lower boundary.

Given the overall bearish sentiment in the market, a bearish breakout could lead to a substantial crash, liquidating many long positions in the perpetual markets. However, if market activity remains low, there is still potential for the current consolidation stage to continue with minimal volatility.

The 4-Hour Chart

On the 4-hour chart, recent price action indicates that following a sideways consolidation stage and the formation of an ascending flag pattern, sellers gained momentum, pushing XRP below the flag’s lower boundary.

This suggests a bearish market state, with sellers eager to drive the price toward lower thresholds. Ripple is currently hovering around a critical support region at $0.47. If sellers breach this crucial mark, a massive plummet is likely. However, Ripple’s upcoming trend direction will depend on the price action near this crucial support zone.

The post XRP Has to Defend This Crucial Support Zone Amid Severe Selling Pressure (Ripple Price Analysis) appeared first on CryptoPotato.

Polkadot’s price has shown a slight reversal, accompanied by a minor bullish retracement toward the previously breached lower trendline of the triangle pattern.

However, if the pullback to this broken trendline is successful, the continuation of the bearish trend is likely.

Technical Analysis

By Shayan

The Daily Chart

A close look at Polkadot’s daily chart reveals a slight reversal in price, followed by a minor bullish retracement toward the previously breached lower trendline of a multi-month triangle. This uptick is attributed to increased demand near the $5.4 mark and diminishing bearish momentum. The asset is now aiming to complete a pullback to this broken trendline.

If the pullback is successful and bearish momentum resumes, Polkadot is likely to continue its initial bearish trend, with the next target around the crucial $5 support range. However, in the broader context, the price remains confined within a critical range, bounded by the $6 resistance and the $5 support, awaiting a valid breakout to determine the next major move.

The 4-Hour Chart

On the 4-hour chart, Polkadot’s price action indicates a potential bullish revival, marked by a notable surge after multiple supports at the crucial $5.4 threshold. This surge has led to a break above the short-term descending price channel, suggesting a temporary bullish retracement phase. The price is currently oscillating within a decisive range, defined by the $6.2 critical resistance and the $5.5 substantial support.

Considering the current price action and the apparent bullish divergence between the price and the RSI indicator in the 4-hour timeframe, Polkadot may aim for the range’s upper boundary at $6.2 in the short term. The price action at this level will be crucial in determining the cryptocurrency’s forthcoming trajectory.

Sentiment Analysis

By Shayan

Polkadot has recently seen an uptick in demand and is nearing the previously broken $6 level. Assessing the supply near this pivotal mark is crucial for making informed trading decisions.

The accompanying chart highlights potential liquidation levels in Polkadot’s price action, offering valuable insights into focus areas for smart money in the mid-term. A significant amount of liquidity is positioned above the crucial $6 resistance region, aligning with the triangle’s lower boundary.

This area is likely to act as a strong resistance, validating the pullback. Therefore, if sellers overcome buyers around this pivot as anticipated, the price may initiate a new bearish trend in the mid-term.

The post Polkadot Price Analysis: Where Is DOT Heading Next After Losing the $6 Level? appeared first on CryptoPotato.

Earlier on Wednesday, the blockchain data analytics account Lookonchain revealed details of a potential rug pull involving the Solana-based meme coin Doraemon.

This alleged rug pull caused a dramatic collapse in the price of DORAE, the native token of Doraemon, which plummeted by over 99% within hours.

DORAE Rug Pull

In a post on X, Lookonchain reported that a wallet identified as 3TQYNN…yFAccW dumped approximately 2.5 million DORAE, exchanging them for 10,538 SOL, valued at $1.45 million.

Doraemon( $DORAE ) rug!

Someone dumped all 2.5M $DORAE for 10,538 $SOL($1.45M), causing the price to drop by more than 99%!

1/ Some on-chain data suggests that this person is likely the developer. pic.twitter.com/5sMPwILkR0

— Lookonchain (@lookonchain) June 26, 2024

According to the post, on-chain data suggests that the wallet is likely owned by the project’s developer. This analysis indicates that the address originally received about 304 SOL from a Kucoin-based wallet CEHgjR…Y45a9z. This entity used the SOL to purchase 2.5 million DORAE before the upsurge.

The wallet later sold the entire DORAE stash for 10,538 SOL, making 34x gains after less than six hours of holding the tokens.

The on-chain analysis traces the origin of the 304 SOL to a deployer wallet with the address CKEfb2…HQWuUR. Based on this evidence, on-chain analysts, including Lookonchain, conclude that the wallet responsible for dumping is closely linked to the deployer of DORAE tokens. Following the mass dumping of DORAE tokens, the price plummeted by a staggering 99%.

A crypto enthusiast on X speculated about DORAE, suggesting that the developer behind it may be the same individual responsible for launching other tokens with rapid price increases, often followed by rug pulls. The sentiment expressed was that DORAE might create an illusion of generating significant wealth, while in reality, the developer could rug pull it multiple times.

Earlier, some in the community celebrated the rise of DORAE, terming it “the first cat coin to a billion.” However, the community immediately reacted, with some calling DORAE “the greatest RUG of all time.”

The Rug Pull Problem in Crypto

Since the start of the Solana meme coin season earlier this year, such occurrences have been a commonality. For instance, the Solana-based meme coin Catwifhat (CIF) has suffered multiple rug pulls since its birth.

In April, on-chain sleuth ZachXBT highlighted that about 12 Solana-based crypto meme coins, which raised a cumulative $26 million, had gone dead. Zach even listed a few founders and X accounts that everyone should avoid projects associated with.

The desire by crypto investors to look for relatively new and low market cap coins exposes them to high risks of being rug pulled.

The post Was Doraemon (DORAE) the Latest Solana-Based Meme Coin to Be Rug-Pulled? appeared first on CryptoPotato.

Bitcoin’s price has been on the decline over the last couple of weeks, as it failed to create a new all-time high once again. However, the asset is now approaching a key support level.

Technical Analysis

By TradingRage

The Daily Chart

With the BTC price dropping fast, it is approaching the 200-day moving average on the daily timeframe. But first, for the asset to drop to that level, which is situated at around $57K, the $60K support level has to be broken decisively to the downside.

Meanwhile, the RSI is also reaching the oversold region, which could result in a bullish reversal soon.

The 4-Hour Chart

The 4-hour timeframe shows a more clear picture of the recent price action. The BTC price dropped below the $65K level a few days ago and quickly crashed under the $60K level before recovering above it.

This fake breakout below the $60K support zone has caused tons of long liquidations and could indicate that the asset would soon reverse higher. Yet, this heavily relies on whether the cryptocurrency can hold the $60K and $57K support levels.

On-Chain Analysis

By TradingRage

Bitcoin Long-Term Holder SOPR

With the price failing to continue above $70K once again, many investors are worried that BTC might be creating a local top. Looking at some of the fundamental metrics of the Bitcoin network, their concerns seem justified.

This chart presents the Bitcoin Long-Term Holder SOPR metric, which shows the profit realization ratio by investors who have held their coins for more than six months. It is evident that these holders are realizing profits at a rate higher than the $69K all-time high, even while the price has been trading lower than that level for the past few days.

One might assume that this profit realization behavior is natural for a bull market, but its magnitude can be a worrying sign. If this trend continues, the subsequent selling pressure could overwhelm the price, causing it to drop even lower and potentially end the bull market, at least for the mid-term.

The post BTC Recovers Above $61K But Danger Still Looms if it Breaks Below This Key Support Level: Bitcoin Price Analysis appeared first on CryptoPotato.

In an interview at the Bloomberg Investment Summit, SEC Chair Gary Gensler expressed confidence in the approval process for spot Ethereum ETFs, though he did not provide a specific timeline.

He also declined to comment on how the current administration’s stance on cryptocurrency might influence the upcoming election.

Spot Ethereum ETF Approval Process Running Smoothly

Gensler highlighted that the main focus now is on asset managers. He stated, “It’s really about the asset managers making full disclosure so that those registration statements can go effective.” Despite the ongoing work, Gensler mentioned the process remains smooth, saying, “I don’t know the timing, but it’s going smoothly.”

Initially, Gensler suggested that spot Ethereum ETFs would go live in the summer. Last month, the SEC approved the 19b-4 forms, paving the way for this investment class. Currently, the SEC and issuers are working on S-1 filings, which need approval before the products can begin trading. Some expert analysts predict that spot Ethereum ETFs will go live on July 2.

In recent days, some asset managers have been reviewing their applications for these financial vehicles. For instance, investment giant BlackRock recently issued amended statements with key details on fees and seed funds. Additionally, VanEck, another prospective issuer, filed the 8-A form, moving closer to approval.

Earlier this month, while speaking before the US Senate Appropriations Subcommittee on Financial Services, Gensler discussed Ethereum ETFs and the approval process. There is high anticipation for spot Ethereum ETFs, with some expecting them to replicate the performance seen after the approval of spot Bitcoin ETFs. However, banking giant JPMorgan recently expressed skepticism about this likelihood.

Politics and Crypto

Gary Gensler was also allowed to comment about the state of crypto and its relationship to the upcoming elections. Gensler responded outrightly, “I don’t speak about elections.”

Just recently, Mark Cuban, owner of the Dallas Mavericks, said that Trump might win the upcoming elections owing to the anti-crypto stance of the Biden regime. Cuban even outrightly mentioned that Gensler makes it “nearly impossible for legitimate crypto companies to operate.”

However, the SEC Chair does not see the need for regulators to improve their already existing laws. He said: “There’s nothing inconsistent about crypto securities and the securities laws.”

The regulator also openly aired his criticism of digital assets. He mentioned the use of non-compliant rails outside of the ETPs. In several cases, the SEC chief termed some cryptos as securities.

The post SEC Chair Gensler: Spot Ethereum ETF Approval Process Progressing Smoothly appeared first on CryptoPotato.

Bitcoin’s price recovery after the recent market-wide crash continued in the past 24 hours as the asset jumped to just under $62,500 but failed there and retraced by several hundred dollars.

The altcoins are also slightly in the green on a daily scale, with ETH nearing $3,400 and BNB closing down at $580.

BTC Eyes $62K

It was less than a week ago – last Thursday, when bitcoin’s price stood tall at over $66,000. However, it started to lose ground on Friday, slipped below $64,000 and bounced off to just over that level during the weekend. Saturday and Sunday went quietly, with little to no action.

The landscape changed for the worse on Monday when the bears took control of the market amid disturbing Mt. Gox news and pushed BTC south hard. In a matter of hours, the cryptocurrency slumped to $58,450 for the first time in nearly two months.

As warning signs started to appear that the asset might dump to $50,000 and even $45,000, BTC actually reversed its trajectory and jumped to $61,000 yesterday morning. It kept rising during the day and touched $62,400 (on Bitstamp) later on.

Nevertheless, bitcoin failed there and has retraced by almost a grand. Its market cap stands below $1.220 trillion, and its dominance over the alts has taken a hit to 50.7%.

Bitcoin/Price/Chart 26.06.2024. Source: TradingView PEPE on the Rise

The altcoins suffered just as badly as BTC at the start of the week and saw multi-month lows of their own. The situation is slightly better now, with minor gains from the likes of ETH, BNB, SOL, TRX, and DOT.

DOE, SHIB, AVAX, and LINK have jumped by about 3%, while XRP, TON, and ADA are with insignificant losses.

PEPE and STX have emerged as the top performers from the largest 36 crypto assets, with increases of 9%. NOT has shot up even more, having surged by 14% in the past day.

The total crypto market cap has risen by 1.1% in the past 24 hours to $2.4 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

The post Pepe Soars 9% Daily, Bitcoin Price Eyes $62K After Recent Crash (Market Watch) appeared first on CryptoPotato.

US spot Bitcoin ETFs finally reversed their streak of net outflows, bringing in $31 million in net inflows. This positive shift followed a seven-day period of continuous net outflows across almost all funds.

Three funds attracted inflows, two experienced outflows, and the rest recorded no flows for the day.

US Bitcoin ETFs Break Week-Long Outflow

According to the data compiled by SoSoValue, Fidelity’s FBTC led, with inflows of $49 million, followed by Bitwise’s BITB, which reported $15 million. VanEeck’s HODL also experienced net inflows of $4 million.

However, not all funds saw positive movements. Grayscale’s GBTC faced net outflows of $30.3 million, while ARK Invest and 21Shares’ ARKB recorded $6 million in net outflows.

Interestingly, BlackRock’s IBIT – which happens to be the largest spot Bitcoin ETF in terms of net asset value – saw no net flows yet again despite a significant daily trading volume of $1.1 billion.

Following IBIT’s suit were other funds such as BTCO, BRRR, EZBC, and BTCW, managed by Invesco and Galaxy Digital, Valkyrie, Franklin Templeton, and WisdomTree, respectively, which also reported zero net flows for the day.

Data further suggests that the 11 spot ETFs have so far attracted a total net inflow of more than $14.4 billion.

All Eyes on Spot Ether ETF

It has been almost six months since the spot Bitcoin ETFs started trading. But their Ether counterparts are yet to hit the floor. Experts had previously weighed in on a potential July launch, but the US Securities and Exchange Commission (SEC) has been extremely tight-lipped about it.

SEC Chief Gary Gensler, too, refrained from sharing a timeline but updated that the process of spot Ether ETF in the US is “going smoothly.” During a Bloomberg conference, Gensler reiterated his previous statement that the final registration steps, known as S-1 filings, are currently being handled at the staff level.

The securities watchdog greenlit the 19b-4 filings from eight ETF bidders on May 23, but the asset managers are still working on their Form S-1s, which represents the final requirement for approval before trading.

The post Fidelity’s FBTC Leads the Pack as US Spot Bitcoin ETFs Break Negative Streak appeared first on CryptoPotato.

The lawsuit between Ripple Labs and the US Securities and Exchange Commission started all the way back in 2020 and is currently in its trial phase. There’s no telling when it might end and who the winner would be, even though Ripple had scored a few victories before the trial started.

The main objective of the court is to determine whether or not XRP should be classified as a security and, therefore, if Ripple (the company behind it) conducted an unregistered sale of securities when distributing its tokens to investors.

That’s a big decision that will likely impact XRP’s legal status in the eyes of regulators, and therefore, it’s entirely possible that many investors are taking it into account.

We decided to ask ChatGPT what would have happened to the XRP price if this lawsuit had never happened.

Would XRP Price Be Higher?

ChatGPT acknowledges that this is a speculative subject and mentions that there are several factors to consider before determining whether the price would have been higher.

First, market sentiment. The AI says that the lawsuit has created significant uncertainty and has impacted investor confidence negatively. WIthout it, the market sentiment would have probably been more positive.

Additionally, without legal issues, Ripple would likely have been able to forge more partnerships with enterprises and financial institutions, leading to greater adoption.

Many exchanges also delisted XRP or restricted it for trading back in the days when the lawsuit first took place. While a lot of them have since put it back up for trading, this definitely hurt XRP’s accessibility and trading volumes.

The absence of the lawsuit would provide more regulatory clarity for XRP, making it a more attractive investment institutions wary of legal uncertainties.

The chatbot concludes:

To quantify this, one could look at historical data from periods before the lawsuit and compare them with other major cryptocurrencies’ performance. However, any estimation remains speculative. Generally, experts believe that without the lawsuit, XRP’s price would likely be significantly higher, reflecting its potential and adoption in the market without the legal overhang.

The post What Would the XRP Price be if the Ripple v. SEC Lawsuit Didn’t Happen? appeared first on CryptoPotato.

Ethereum core developer Tim Beiko reported that the Ethereum Foundation’s mailing list was leaked due to a vulnerability in SendPulse, the email automation service used by the foundation.

An attacker exploited this to send phishing emails from updates@ethereum.org to subscribers.

The foundation has since restricted access to the mailing list, according to the latest update by Bieko, who further urged users not to click any links sent from that email.

“PSA: it seems like the mailing list provider the EF uses for “updates@ethereum.org” has been compromised. We are currently trying to reach @SendPulseCom to resolve the issue. Please don’t click any links sent from that email. “

Users, too, confirmed receiving fraudulent emails.

Phishing attacks have become increasingly common. Last year, the X account of Ethereum co-founder Vitalik Buterin was hacked by scammers who posted a fake NFT giveaway prompting users to click a malicious link, resulting in victims losing around $800,000.

Buterin later confirmed that the hack was the result of a SIM swap attack.

More recently, cryptocurrency portfolio tracker CoinStats disclosed that it had experienced a phishing attack affecting 1,590 cryptocurrency wallets, which represented 1.3% of all its wallets. As a result, the company temporarily shut down its application.

Additionally, SlowMist founder Yu Xian revealed that the TON blockchain ecosystem had become an appealing target for phishing attacks due to its explosive surge this year.

The exec explained that Telegram accounts that were opened using anonymous numbers are more prone to such attacks.

The post Ethereum Foundation’s Mailing List Leaked: Vulnerability in SendPulse Flagged appeared first on CryptoPotato.

Bitcoin’s price took a steep tumble early this week, driving over $300 million in crypto market liquidations in a single day. Why the sudden volatility?

Gayatri Choudhury, Quantitative Research Analyst at Bitwise, says there have been two key drivers of the selloff – and neither relates to the Bitcoin ETFs.

Miners Are Dumping

The analyst first noted on Tuesday that the activity of Bitcoin miners – a cohort “often overlooked” by market watchers. Since the fourth Bitcoin halving in April, the network’s miners have been consistently selling their BTC amid much lower revenues and historically high competition from global competitors.

“On June 9, >3000 BTC were transferred from mining pools to Binance, marking a two-month peak,” Choudhury said. Citing a CryptoQuant dashboard, the analyst noted that heavy selloffs of the sort tend to correlate with downward price action, such as in mid April directly after the halving, or in late May.

CryptoQuant published a report earlier this month addressing the aggressive minder selloff, crediting it largely to Marathon Digital (MARA) – the largest publicly traded mining firm. The company offloaded 1400 BTC at the time throughout June, representing 8% of its total BTC holdings.

Both Bitwise and CryptoQuant also noted that miners sold 1200 BTC via OTC desks on June 10 – their highest daily volume since March. As for regular exchanges, Choudry said over $4.5 billion in assets moved from miner balances to exchanges in June.

Regarding motivations for their sales, Choudry highlighted miners’ tight profit margins since the halving. “Average miner revenue per terahash of energy invested in securing the network has dropped by 56% since the halving,” she said.

Mt. Gox Fears

Adding to market concerns was an announcement on Monday from Mt. Gox confirming that it would finally repay customers their long-lost Bitcoin in July after ten years of dormancy. The exchange holds over 141,000 BTC worth more than $8.5 billion, scaring investors into expecting an abrupt wave of BTC sell pressure.

“The going may seem tough right now, but remember that just a year ago Bitcoin was trading at $30,000. A year before that? $10,000,” concluded Choudhury.

While the bearish effect of Mt. Gox sell pressure are yet to be seen, crypto investors are currently looking forward to the launch of Ethereum ETFs in the United States in the same month. Analysts at K33 Research believe the ETFs will haul $4 billion in their first five months on the market.

The post The Two Reasons Bitcoin’s Price Is Taking A Beating: Bitwise appeared first on CryptoPotato.

Nvidia’s stock has experienced a sharp decline over the past three consecutive trading days, resulting in a loss of over $430 billion in market capitalization and a 13% drop from its peak.

Despite this downturn, popular AI crypto tokens have shown significant surges in the last 24 hours.

AI Tokens Rally as NVDA Plunges

Crypto traders closely monitor Nvidia as a key indicator for the AI cryptocurrency market. While there have been instances of parallel movement, such as during Nvidia’s Q4 2023 earnings report, this correlation did not manifest in the latest assessment.

Over the past five trading days, Nvidia’s stock price has declined by 11.16%, currently trading at $118.11, according to Google Finance data.

Monday marked the chipmaker’s second steepest drop this year, with its stock falling 6.7%. Despite this recent decline, Nvidia’s value has nearly tripled over the past year. Just last week, it surpassed Apple and Microsoft to become the most valuable U.S. company. However, data from Ycharts shows Nvidia’s market cap has decreased by $430 billion, falling from $3.3 trillion to $2.9 trillion, relinquishing its top position.

Despite Nvidia, a leader in Artificial Intelligence Computing, experiencing a notable decline in its stock prices, crypto AI tokens have shown steady increases over the past hours. The Artificial Intelligence (AI) market cap is currently slightly over $29 billion, reflecting an 8.7% change in the last 24 hours.

Top players such as Near Protocol, Fetch.ai, Internet Computer, Render, and The Graph have recorded significant gains ranging from 3% to 25%.

During the same period, the largest gainers included Nosana and Commune AI, with increases of 37% and 35%, respectively, despite their mid-to-low market capitalizations.

No Negative News

Although Nvidia’s stock fall did not coincide with any significant negative news or catalysts, concerns arose over President Jensen Huang and other executives selling a substantial amount of shares recently.

Since June 13, Huang has liquidated $79.38 million worth of Nvidia stock, as reported in a June 21 filing with the SEC, drawing significant attention.

Global Market Insider highlighted in a recent post that Nvidia executives are selling shares at their fastest pace ever. Additionally, Barchart reported that Nvidia executives have collectively sold shares totaling $796 million throughout the year.

Nvidia $NVDA insiders have now cashed out for more than $796 million this year pic.twitter.com/pji98W9UXy

— Barchart (@Barchart) June 24, 2024

However, analysts like Oguz O countered that “most of them are pre-planned and don’t bother me,” suggesting the sales were anticipated and not alarming.

The post AI Tokens Surge Despite Nvidia’s $430 Billion Market Cap Loss appeared first on CryptoPotato.

A popular Republican congressman introduced legislation that would require the United States Treasury to accept tax payments in bitcoin.

Pay Taxes With Bitcoin

The bill, authored by Rep. Matt Gaetz (R-Florida), would order the Treasury Secretary to “develop and implement a method to allow for the payment with bitcoin of any tax imposed on an individual.”

The legislation marks the first official national-level efforts from a U.S. politician to bring bitcoin closer to being a form of legal tender. The state of Colorado already has the use of crypto for tax payments.

The other half of that equation would involve scrapping capital gains taxes on BTC sales – something Presidential candidate Robert F. Kennedy Jr. has made one of his campaign promises.

According to Gaetz, enabling bitcoin tax payments would promote innovation while increasing flexibility and payment efficiency for American citizens.

“This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring that the U.S. remains at the forefront of technological advancement,” the congressman said over Twitter.

The legislation would allow the Treasury to prescribe regulations to best assist its accommodation of bitcoin payments, including a requirement that all payments immediately be converted into US dollars.

The bill follows Gaetz’s recent visit to El Salvador to attend the second inauguration of President Nayib Bukele, who established Bitcoin as legal tender alongside the US dollar back in 2021.

In a press release, Gaetz said he was inspired by El Salvador’s vision for the digital currency, which has “helped promote financial stability and job creation in Central America.”

The Bitcoin Election

With U.S. Presidential elections only five months away, candidates are ramping up their appeals to crypto investors and the broader industry.

Ex-president Donald Trump has repeatedly promised to end President Biden and Senator Elizabeth Warren’s “war on crypto” if elected, promising to guarantee citizens’ rights to control their own coins. He has also called for the United States to dominate the Bitcoin mining industry and help make the nation “energy dominant.”

Biden’s appeals have been less consistent. While recently vetoing a pro-crypto-banking bill passed by both chambers of Congress, he recently opened his campaign to crypto donations in partnership with crypto exchange Coinbase – an effort thoroughly lambasted by the online community.

Featured Image Courtesy Of Politico.

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Julian Assange, the founder of the non-profit media organization and publisher of leaked documents WikiLeaks, has been released from a United Kingdom prison after five years of staying behind bars.

According to a tweet from the official WikiLeaks account, a high court in London granted Assange bail. The authorities released him at the Stansted airport on Monday afternoon, where he boarded a plane and left the UK.

Assange Freed From Jail

Due to his plea deal with the United States Justice Department, Assange will no longer be extradited to the country. Although the agreement is yet to be formally concluded, the WikiLeaks founder has agreed to plead guilty to one count of conspiracy to obtain and disclose U.S. national defense information and will most likely be sentenced to the five years and three months already served in London’s Belmarsh Prison.

Assange’s troubles began in 2010 when he published roughly 700,000 classified U.S. military documents on Washington’s wars against Afghanistan and Iraq. Leaked by former U.S. military intelligence analyst Chelsea Manning, the documents contained swaths of diplomatic cables and battlefield accounts, including killings that took place in Iraq.

While Assange fled to London’s Ecuador embassy in 2010 to avoid contact with Swedish authorities over sexual misconduct allegations, which were later dropped, the U.S. sought his arrest. Traditional payment giants like PayPal closed WikiLeaks’ account, which the company used to raise funds for its founder’s legal fees.

Assange turned to Bitcoin to raise funds, despite its pseudonymous founder, Satoshi Nakamoto’s protests, and was eventually pulled out of the Ecuador embassy in 2019. Since Assange was jailed in Belmarsh for skipping bail, he has remained there fighting extradition to the U.S. until yesterday.

Millions of Dollars Raised in Crypto

The WikiLeaks founder’s arrest riled up press freedom advocates, who argued and protested that the actions taken against him threatened free speech. The protests led to the creation of the AssangeDAO, a decentralized autonomous organization geared toward restoring Assange’s freedom. The DAO raised millions of dollars in ether from thousands of users.

Evidently, the efforts of the DAO and several freedom advocates have paid off as Assange has been freed from jail. He is due to be sentenced on the island of Saipan by 11:00 pm UTC on June 25, which is 9:00 am Chamorro Standard Time on June 26.

“As he returns to Australia, we thank all who stood by us, fought for us, and remained utterly committed in the fight for his freedom. Julian’s freedom is our freedom,” said WikiLeaks.

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During previous bull markets, the Ethereum Foundation has demonstrated a keen ability to time the market with its ETH holdings.

However, the foundation appears to have departed from this established pattern.

Ethereum Foundation’s Unexpected Selling Restraint

The Ethereum Foundation was found to have executed large sales of ETH near peak valuations in the past. This strategy has allowed the organization to capitalize on high prices and potentially secure funding for ongoing development and operations.

According to IntoTheBlock’s latest data, the foundation has yet to engage in any significant selling activity in this current market cycle.

Such a deviation raises important questions about the organization’s current strategy as per the on-chain intelligence platform as well as the future direction of the market. Ethereum Foundation refraining from offloading ETH tokens could mean that it believes the cryptocurrency has more potential for growth.

ETH has been under significant pressure along with the broader cryptocurrency market. The asset has dropped to $3,370 this week. Hence, such a case presents bullish sentiment despite almost a 10% drawdown in its price over the past month.

Alternatively, the Foundation may have adopted a new approach to managing their assets.

“Historically, during each bull market, the Foundation has strategically sold substantial amounts, often aligning these sales almost perfectly with market peaks. In the current cycle, the Ethereum Foundation has yet to execute any significant sales. Does this mean the peak is yet to come, or has the Foundation changed its approach?”

Previous ETH Sales

In January this year, Arkham Intelligence flagged a blockchain address associated with the Ethereum Foundation that sold $1.6 million worth of ETH.

Later in April, Peckshield Alert revealed that the Foundation had converted a portion of its ETH holdings into stablecoins in April. According to the data, the foundation converted 100 ETH to 354,000 DAI. During this time, ETH was trading above $3,600.

The post Ethereum Foundation Deviates From Historical ETH Selling Patterns appeared first on CryptoPotato.

The Crypto Fear and Greed Index, which measures market sentiment for Bitcoin and the broader cryptocurrency industry, has tanked to its lowest score in nearly 18 months.

This development follows bitcoin’s drop below $60,000, reaching its lowest point since early May.

Crypto Fear & Greed Index Plummets

The index fell 21 points on June 24, plunging into the “Fear” zone with a score of 30. This marks one of the steepest day-to-day drops in recent years and a shift from the “Greed” zone, where it stood at 74 just a week ago.

Bitcoin also experienced a dramatic price drop of over 4% within the past 24 hours, reaching a seven-week low. The cryptocurrency hit a low of approximately $58,400 on June 24 before staging a recovery. According to CoinGecko data, at writing time Bitcoin is trading at $61,115.

Several factors have contributed to this surge in fear. Over the past 10 trading days, spot Bitcoin exchange-traded funds have seen significant outflows exceeding $1 billion. Furthermore, reports that the bankrupt Mt. Gox exchange may be preparing to liquidate $8.5 billion worth of BTC to its creditors have intensified the uncertainty.

On June 24, Mt. Gox’s rehabilitation trustee announced that repayments in BTC and BCH to approximately 127,000 creditors would begin in July 2024, more than a decade after the exchange’s collapse in 2014. Adding to the situation, reports from Arkham Intelligence indicated that Germany has started selling some of its bitcoin reserves.

Experts Suggest Market Overreaction

Despite these developments, some experts believe the market’s reaction might be exaggerated. Samson Mow, an executive at Galaxy Digital, addressed the situation on X, reassuring the market that there isn’t a massive dump from Germany or Gox. He emphasized that the bitcoin dip is driven purely by sentiment and fear, not by the selling of large holdings.

The masses seem to assume anytime there is news of large entities selling, it’s a market sell, because they themselves probably market sell/buy. However, we know that large entities are very good at not moving the market. Just look at the imbalance in ETF inflows a few weeks ago;…

— Samson Mow (@Excellion) June 24, 2024

Mow further elaborated that the masses tend to assume any news of large entities selling indicates a market sale because they themselves likely engage in selling or buying. However, he pointed out that large entities are skilled at not moving the market. He cited the imbalance in ETF inflows a few weeks ago, where demand was 27 times the supply, yet the price remained mostly flat.

The Crypto Fear & Greed Index takes into account various factors, including market volatility (25%), trading volume (25%), bitcoin’s dominance (10%), and trends (10%). Since reaching a peak score of 90 in the “Extreme Greed” zone on March 5, when BTC hit a high of $69,000, the index has been on a downward trend.

The post Crypto Fear & Greed Index Sees Largest Single-Day Decline in Years, Hits 18-Month Low appeared first on CryptoPotato.

Ripple’s price experienced part of the turbulence that the crypto market went through during the past 48 hours.

At the time of this writing, XRP is trading flat on the day at $0.48, a price point that has provoked temporary equilibrium over the past few days.

Is the XRP Market Fragile?

One thing to observe during times of increased volatility is the market depth.

This is a metric that indicates how much buying or selling pressure is necessary to move the price in a certain direction and by how much. It’s also based on numerous factors, such as the depth of the order book, which varies from one platform to another.

Usually, those exchanges that boast a higher trading volume and are more liquid would carry higher market depth.

For example, on Binance, it would take approximately $1.44 million worth of selling orders to push the price of XRP by a mere 2%. On the other hand, $1.2M is needed to increase the price by 2%. This is for the XRP/USDT trading pair, according to CoinMarketCap.

On Coinbase, for instance, where the volume is considerably less in comparison, only $850K would produce a 2% move in the negative direction.

This is how the market depth looks on the major exchanges:

Source: CoinMarketCap XRP Price Outlook

As CryptoPotato reported earlier, the XRP price was unable to push above $0.54, and that level has become a major obstacle for the bulls.

Since then, the price has been slowly trending toward the next important support level at $0.43.

It’s also worth noting that the bears have managed to manifest a bearish cross on the monthly timeframe, which indicates a considerable change of the dynamics of the price action.

Chart by TradingView

The monthly close is in a few days and it’s important for buyers to step in if they were to have any chances of pushing XRP back above $0.50 and beyond.

The post Here’s What it Takes to Move the Ripple (XRP) Price by 2% on Binance appeared first on CryptoPotato.

Grayscale’s GBTC has dominated in the recent wave of outflows from US spot Bitcoin ETFs, which collectively recorded a total daily net outflow of $174.45 million on Monday.

This marked a week of consecutive negative flows, with Grayscale’s GBTC alone accounting for $90 million of the outflows.

No Inflows Across Spot Bitcoin ETFs

Interestingly, BlackRock’s IBIT did not record any flows for the day. Similarly, spot Bitcoin ETFs by Valkyrie, WisdomTree, and Hashdex also recorded zero activity, according to data compiled by SosoValue. None of the funds recorded inflows.

Following Grayscale, Fidelity’s FBTC and Franklin Templeton’s EZBC saw $35 million and $21 million in net outflows on June 24th. Next up was VanEck’s HODL, which saw a $10 million outflow during the same period, while Bitwise’s BITB recorded $8 million.

Additionally, Ark Invest and 21Shares’ ARKB fund had $7 million outflows, followed by Invesco and Galaxy Digital’s BTCO with outflows of $2 million.

Ever since its conversion in mid-January, GBTC has seen $18 billion in outflows. In contrast, the other ETFs have managed to attract lots of funds, with some more than others. IBIT is clearly the leader, attracting $18 billion in inflows over the past six months.

FBTC came in second with $9 billion in inflows during the same time followed by ARKB and BITB with $2 billion each.

But bitcoin has been under tremendous pressure off late and is currently hovering near $61.2k. This level is crucial because experts believe a downfall could potentially intensify more outflows.

Outflows to Continue?

Bianco Research President and Founder, Jim Bianco, said that more than $14 billion has flowed into spot Bitcoin ETFs since January 11 with the average purchase price being around $60.6k. Bianco suggests that investors have made no profits currently, and if BTC stays below $60.5k, more outflows are expected.

He also predicted that the accelerated outflows would likely be due to the panic selling by retail investors and not institutional players.

“Should BTC prices hold below $60.5k, I expect an acceleration of outflows. These instruments are dominated by retail Degens, not wealth managers or institutional players (hedge funds). Such players are short-term momentum-driven and bail (panic) when losses occur.”

The post Grayscale’s GBTC Tops Outflow Charts With $90M Amid BTC’s Price Crash Below $60K appeared first on CryptoPotato.

Shiba Inu, alongside the rest of the cryptocurrency market, went through significant volatility during the past few days.

The meme coin is currently down 3.6% on the week and is trading at around $0.00001734. As CryptoPotato reported earlier, SHIB made new lows following the latest decline. This has confirmed the ongoing negative sentiment, and the most imminent support lies at $0.000014.

Is the SHIB Price in Danger of More Declines?

Tracking whales has always been a way to gauge perspective market movements.

Whale addresses are such that they hold a considerable number of tokens and are oftentimes capable of impacting the market not just by objectively executing trades but also by moving tokens as traders react in anticipation.

Data from Spot on Chain reveals that one whale with an address ending in 0x42a has deposited a whopping 1.088 trillion worth of SHIB. That’s around $18 million at current prices.

According to the analytics provider, the whale had been accumulating SHIB since the market bottom in November and December 2023 and currently sits on an estimated profit of around $8 million. This represents a 79% increase for the investor.

They deposited the funds to Binance.

Source: Spot on Chain, X What Does This Mean for Shiba Inu?

It’s impossible to determine whether or not the whale has decided to realize their profits or not.

However, a transaction in which tokens are transferred from off-exchange storage to a trading platform is usually indicative of intentions to sell.

Nonetheless, it’s also worth noting that SHIB’s current market depth, as calculated by CoinMarketCap, would require the market sale of $1 million worth of tokens to move the price down by 2% on Binance.

Meanwhile, SHIB is trading at a 4.4% increase over the past 24 hours, recouping some of the losses observed over the past few days.

The post Is the Shiba Inu Price in Danger? Whale Deposits Trillions of SHIB to Binance appeared first on CryptoPotato.

Famous investor and author Robert Kiyosaki said on Monday that he was eagerly waiting to buy more Bitcoin after the asset’s price fell to $61,000 to start the day.

This actually happened later on during the day, as BTC fell to a multi-month low of $58,500.

But The Bitcoin Dip, Says Robert Kiyosaki

The man behind the best-selling finance book Rich Dad Poor Dad asserted that selling in times of market turmoil is a sign of an “employee” mentality – one that he does not share.

“Bitcoin is crashing. Most people should sell. I am waiting to buy more,” Kiyosaki wrote to Twitter. “If crashes terrify you, sell and hang on tight to your job, which is what most “employees” should do.”

Kiyosaki has praised Bitcoin repeatedly for being a scarce and finite asset similar to precious metals like gold and silver, making it resistant to the inflationary pressure of fiat currencies like the dollar.

Back in March, Kiyosaki told followers that government bonds are the “biggest lie” that financial planners sell to ordinary investors as “safe investments” while calling gold, silver, and Bitcoin “real assets” that are ready to explode. Earlier this month, Kiyosaki called for Bitcoin to reach $350,000 per coin by August 2024 on the back of irresponsible monetary and fiscal policy.

Kiyosaki acknowledged that many people prefer to trade on Bitcoin’s short-term volatility, but said he isn’t one of those people.

“The problem with “trading” any asset is taxes, specifically “short term” capital gains taxes,” he said on Monday. “My strategy is similar to Warren Buffet’s “buy and hold on forever.”

“Simply said entrepreneurs and employees are opposite sides of the same coin,” he concluded. “Take care. Rough times ahead. Do what is best for you.”

Bitcoin’s Fierce Correction

Bitcoin began its Monday decline following news that Mt. Gox would begin returning its customers’ BTC next month after nearly ten years of insolvency. The 141,686 BTC gathered by the rehabilitation trustee is now worth over $8 billion, giving some Bitcoin holders concern that Mt. Gox customers could flood the market with sell pressure upon repayment.

The price further consolidated to under $59,000 on Monday, with BTC seeing more pronounced gains than even many altcoins. According to CoinGlass, there’s been over $373 million in crypto market liquidations over the past 24 hours.

Millionaire crypto trader Andrew Kang predicted on Sunday that Bitcoin was likely due for extreme corrections over the coming months before later ripping to new highs by 2025.

The post Robert Kiyosaki Says He’s Waiting to Buy The Bitcoin Dip appeared first on CryptoPotato.

The cryptocurrency market went on a rollercoaster throughout the past 24 hours. The total capitalization currently stands at around $2.36 trillion, which is more or less what it was this time yesterday.

Bitcoin’s price went through major volatility, as well as most of the altcoins, so let’s dive in.

Bitcoin Recovers Above $60K

Bitcoin bears were determined to push the cryptocurrency below $60K yesterday, and they were successful in their attempts, albeit temporarily.

The price dropped to a low of around $58,400 – something that we hadn’t seen since early May.

Source: TradingView

As seen in the chart above, the price found a local bottom at that level and bounced, currently trading at around $60,700. It’s interesting to see if the downside is exhausted or if there’s more pain ahead.

Altcoins Stage a Recovery

The majority of altcoins are currently trading in the green, charting mild gains compared to yesterday’s prices.

Source: Quantify Crypto

Polkadot is up almost 2% on the day and the bulls are attempting to push the price toward the coveted $6 level.

Chainlink (LINK) is one of the best performers, increasing by almost 6% in the last 24 hours, followed by TON, which managed to gain 4.2%.

On the meme coin front, things are looking good. The category, as a whole, is up 3.5%, while some of the larger memes chart impressive increases. PEPE is up almost 10%, WIF – 15.7%, FLOKI – 10.1%, and so forth.

All in all, it’s interesting to see if the worst is behind us or if the market has more downside prepared in the coming days.

According to the popular Fear & Greed index, which gauges emotions and sentiments from various sources, the market is in a state of fear. This might mean that there’s a temporary bottom in place but it might also mean that uncertainty is the predominant force right now.

The post Bitcoin Recovers Above $60K, Polkadot (DOT) Eyes $6 (Market Watch) appeared first on CryptoPotato.