Massive Ethereum Outflow from Coinbase Raises Questions
On August 23, 2024, at 06:00 AM local time, Coinbase witnessed a significant outflow of 681,318 Ethereum, marking the largest movement of the year. During this period, a net total of 296,355 Ethereum, valued at approximately $781 million, exited the exchange.
Despite no current evidence linking this outflow to Spot Ether ETFs, Ethereum's MVRV score of 1.32 suggests that institutional investors may be anticipating a price increase. This substantial movement is unlikely to be driven by individual investors, indicating that large institutional players or whales are likely behind the transactions.
Further updates will follow as more information becomes available.
Successful Breakout in #metis/usdt : Capitalizing on a Strong Bullish Momentum with 1:2 Risk Reward Ratio
$METIS
{spot}(METISUSDT)
{future}(METISUSDT)
The METIS/USDT trading pair has shown a strong bullish breakout, as depicted in the 4-hour chart. After a period of consolidation around the $32.89 level, the price successfully broke above the resistance at $34.53, reaching a high of $38.77 before pulling back slightly to $35.56. This movement highlights a well-structured trade with a favorable risk-reward ratio.
The red zone around $32.89 to $34.53 represents the risk area, where traders would have set their stop-loss levels. The breakout above $34.53 triggered a sharp rally, with the price quickly advancing into the green reward zone, offering a reward that significantly outweighs the initial risk.
The breakout was accompanied by an increase in trading volume, which further validates the strength of this upward move. The Ichimoku Cloud also indicates a bullish trend, with the price moving decisively above the cloud after the breakout.
For traders who executed this plan, the move from the consolidation phase to the breakout and subsequent rally represents a textbook example of a successful trade setup. The key support level now lies at $34.53, which could act as a strong base for further upside if the price retests this level.
Disclaimer:
This analysis is for educational purposes only and should not be taken as financial advice. Always perform your own research before making any investment decisions.
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Bitcoin Transaction Fees Surge 10x Amid Network Demand Spike
The sharp increase was primarily driven by heightened network demand.
Bitcoin transaction fees skyrocketed on August 22, with the average cost per transaction surging by a staggering 937.7%, rising from $0.74 to $7.679.
The sharp increase was primarily driven by heightened network demand, a significant shift from the relatively stable fees that had been observed since July.
Until mid-August, Bitcoin transaction fees had consistently remained below the $2 mark, reaching as low as $0.558 on August 18.
Lower Fees Led to Reduced Miner Revenues
While low fees made Bitcoin transactions more accessible to the general public, they simultaneously threatened to reduce minersâ revenues, as lower fees translate to lower earnings for miners who validate transactions on the network.
The sudden spike in fees on August 22 was linked to an overwhelming demand for network bandwidth, which led to a substantial increase in the cost of sending and receiving Bitcoin.
$BTC #Laraxen #LaraxenFamily #Laraxenteam
{spot}(BTCUSDT)
Krakenâs Legal Battle in Australia âïž
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Krakenâs Australian subsidiary, Bit Trade, has recently found itself at the center of a legal storm. The company has been found in violation of local laws related to product offerings and the provision of credit facilities. This court ruling could have far-reaching consequences, not just for Kraken's operations in Australia, but potentially for its global business as well.
The legal challenges highlight the growing scrutiny that cryptocurrency exchanges face as regulators worldwide tighten their oversight of the industry. For Kraken, this could mean changes to how it operates in Australia, including potential modifications to its product offerings and financial services.
The outcome of this legal battle may also serve as a precedent, influencing how other crypto exchanges conduct their business in markets with strict regulatory environments.
As the situation unfolds, all eyes are on Kraken to see how it will navigate these legal challenges and what this means for its future in the Australian market.
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URGENT UPDATE ON $ALPACA, $TRB, $PEPE:
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1ïžâŁ ALPACA:
ALPACA is seeing a strong surge of 9.86%, now trading at 0.2462. To maintain this upward momentum, it needs to break above 0.25 and close above 0.26. If successful, more gains could follow. However, failing to hold this momentum may lead to a correction.
2ïžâŁ TRB:
TRB is showing an impressive increase of 19.43%, reaching 67.81, driven by significant buying pressure. To continue this rise, TRB must break above 70 and close above 72. If it achieves this, further gains are likely. On the other hand, if it fails to overcome the resistance level, it may enter a consolidation phase.
3ïžâŁ PEPE:
PEPE is experiencing a moderate increase of 2.77%, now trading at 0.00000817. To build on this trend, PEPE needs to break above 0.000009 and close above 0.00001. Success could lead to further growth, while failure to break the resistance might slow the momentum.
KEY LEVELS TO WATCH:
- ALPACA: 0.24 (support), 0.25 (resistance)
- TRB: 65 (support), 70 (resistance)
- PEPE: 0.0000075 (support), 0.000009 (resistance)
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#MarketSentimentToday $BTC Bitcoin's price today (August 23, 2024) is approximately $61,075.00 USD with a 24-hour trading volume of $25,953,527,459 USD. đ
This represents a slight increase of 0.09% from yesterday's closing price. đ€
The overall market sentiment for Bitcoin seems to be cautiously optimistic, as indicated by the modest price appreciation and increased trading activity.đ
However, it's important to note that cryptocurrency markets are highly volatile, and sudden price swings are not uncommon. Therefore, investors should be prepared for potential đ„fluctuations and exercise caution when making investment decisions.
#bitcoin #BinanceSquareCreatorAwards
{future}(BTCUSDT)
$PEPE is gaining momentum and could be on the verge of breaking through key resistance levels. After recently escaping a descending channel, the coin surged 11% following its listing on the Upbit exchange. Now, all eyes are on $PEPE as it approaches the 20-day EMA, signaling a potential upward trend.
The technical analysis paints a promising pictureâPEPE has been climbing steadily since February, smashing through both horizontal and diagonal resistance barriers. If this bullish trajectory continues, we could see even more impressive gains on the horizon.
#MtGoxRepayments #BinanceLaunchpoolDOGS #PowellAtJacksonHole #CryptoMarketMoves #BinanceBlockchainWeek
{spot}(PEPEUSDT)
đžđ„What is the CoCo project that has been talked about a lot lately?đ±đ„
Chinese name of #CoCo : Virus Frog is an innovative project combining meme culture, social media and digital currency. At present, participants come from 2,800 regional cities in more than 170 countries around the world, and have attracted 52.59 million users' attention.
Total issue: 34.2 billion pieces
80.41% donated airdrops
10.23% initial flow cell
9.36 Airdrop Marketing
Slippage: buying and selling 1%
10% operation and maintenance
30% returned to ambassador CoCo
60% rewards direct sharers.
(Transfer between wallet addresses can be bound into a recommendation relationship)
Altonomy, the world's top market maker, manages the market value, Floki operation team participates in the operation, a billion-level super-strong financial team, and authoritative audit certification.
Fair launch at the opening, lock the pool at the opening, no authority, no white list, openness and transparency, and the world's top advertisements are announced.
Contract address:
0xF563E86e461dE100CfCfD8b65dAA542d3d4B0550
Official website: https://www.cocoin.tech.
Telegraph: https://t.me/cococoinfi
Twitter: https://x.com/cococoinbsc
#memecoins #binance #BSC
đšđšIf youâre looking to make $3,000 a month in cryptocurrency without diving into trading, there are several exciting and legitimate ways to achieve your goalđšđš
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1. Investing in Cryptocurrency:Putting your money into top cryptocurrencies like Bitcoin or Ethereum can be a rewarding venture. But remember, investing comes with its share of risks. Do your homework, focus on projects with solid fundamentals, and be patientâsometimes the biggest rewards come with time.
2. Staking: Staking is like putting your crypto to work for you. By holding a certain amount of a cryptocurrency in your wallet, you help secure the network and, in return, earn extra tokens. Itâs a popular way to generate passive income with minimal effort.
3. Cryptocurrency Mining:If youâre tech-savvy and up for a challenge, mining might be your thing. This involves solving complex problems to validate transactions on the blockchain, earning you crypto rewards. Just be aware that it requires specialized hardware and can be resource-intensiveâso weigh the costs and potential gains carefully.
4. Decentralized Finance (DeFi) Projects:The DeFi world is buzzing with opportunities to earn. From lending your assets for interest to providing liquidity on decentralized exchanges and earning fees, the possibilities are vast. The DeFi space is rapidly expanding, making it an exciting avenue for passive income.
5.Freelancing in the Crypto Space: With the rise of blockchain technology, thereâs a growing demand for experts in the crypto field. Whether youâre a writer, marketer, developer, or consultant, leveraging your skills in the crypto industry can lead to lucrative opportunities.
Stay tuned for more tips and insights.
#MtGoxRepayments #BinanceLaunchpoolDOGS #PowellAtJacksonHole #CryptoMarketMoves #BinanceBlockchainWeek
About Flow (FLOW)
Flow (FLOW) is a decentralized blockchain network developed primarily as a foundation for Web3 and metaverse operations. It is known as an interactive network that supports the creation and scaling of decentralized apps (DApps), non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and more.
Dapper Labs, the team behind Flow, has reportedly worked on projects and decentralized ecosystems like CryptoKitties, NBS Top Shot, and NFL All Day.
Flow was developed using the programming language Cadence. While opportunities for developers to build on the decentralized network are currently live, the Flow mainnet itself is still in its Beta phase at the time of writing. Validators on the Flow network can assist in transaction validation in exchange for rewards and stake FLOW to satisfy the blockchainâs proof-of-stake (PoS) consensus model. #FLOW $FLOW
URGENT UPDATE REGARDING $RARE $SUN $TRX
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1ïžâŁ RARE
RARE is experiencing a slight decline of 0.55% to 0.2546, indicating a minor correction. To regain momentum, RARE must break above the 0.26 level and close above 0.27. Failure to do so could lead to further consolidation.
2ïžâŁ SUN
SUN is witnessing a remarkable surge of 31.36% to 0.02312, showcasing significant buying pressure. To sustain this trend, SUN must break above the 0.024 level and close above 0.025. Achieving this could lead to further gains.
3ïžâŁ TRX
TRX is experiencing a moderate increase of 0.91% to 0.1552, indicating a gentle upward trend. To build upon this momentum, TRX must break above the 0.16 level and close above 0.17. Success in doing so could lead to further growth.
KEY LEVELS TO WATCH:
- RARE: 0.25 (support), 0.26 (resistance)
- SUN: 0.022 (support), 0.024 (resistance)
- TRX: 0.15 (support), 0.16 (resistance)
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Altcoins Rally Alongside Bitcoin đ
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As Bitcoin gains momentum, the altcoin market is riding the wave. Polygon (MATIC) has surged by an impressive 11%, breaking past the $0.50 mark. Not to be outdone, Chainlink (LINK) and Uniswap (UNI) have also posted strong gains, contributing to the overall bullish sentiment in the crypto market.
With the total crypto market cap bouncing back to $2.25 trillion, the stage is set for a potential altcoin season. Historically, when Bitcoin rallies, altcoins often follow suit, leading to significant price movements across the board. Could this resurgence signal the beginning of a new altcoin season? Investors are watching closely, as the next few weeks could be pivotal for altcoins to shine.
#Altcoins ! #CryptoNews #Binance
C.R.E.A.M. Finance is a decentralized DeFi lending platform, enabling financial services to a broad range of entitiesâfrom individuals to institutions. As an integral part of the yearn.finance family, it aims to differentiate itself with its open-source, permissionless nature and compatibility with multiple blockchains, including Ethereum, BNB Chain, Polygon, and Fantom. Users holding assets like Ether or wBTC and seeking avenues to optimize them, can position these assets onto C.R.E.A.M. to earn yields.Â
Emerging from its origins as a fork of Compound Finance, C.R.E.A.M Finance's vision revolves around fostering an inclusive network development. It plans to achieve this by providing yield farming incentives to its user base.
The intriguing acronym, C.R.E.A.M., encapsulates the ethos of "Crypto Runs Everything Around Me." Its inception on the Ethereum network was a rather spontaneous event, materializing on August 3, 2020, through the YOLO liquidity pool. A month later, in September 2020, the protocol marked its footprint on the BNB Chain. At the core of its functionalities, the CREAM token has multifaceted uses. It is designed to empower users to lend, borrow, and stake assets. Furthermore, it's instrumental in the governance of the network, granting users the autonomy to vote on potential assets for listing or removal. #CREAMUSDT
Ethereum Set for a Turnaround? â analysis by AMBCrypto
Market activity for Ethereum (ETH) has been subdued, showing only a slight increase of 2.45% in price, now trading around the $2,600 level.
This kind of price behavior is typical when an asset is trading within a symmetrical triangleâa pattern characterized by converging diagonal upper and lower lines.
Previous instances of such trading patterns have often led to significant price movements, either upwards or downwards.
Momentum among Ethereum traders is increasing, as indicated by the Moving Average Convergence and Divergence (MACD).Â
This tool tracks the relationship between two moving averages of ETHâs price, helping to spot changes in momentum and direction.Â
Recently, the MACD signaled a bullish crossover, suggesting that buyers are actively entering the market and may continue to push the price upward.
Additionally, Ethereumâs momentum has been on the rise, with the MACD trending toward positive territory. This suggests a strong likelihood of continued price increases.
The Chaikin Money Flow (CMF) also supports this bullish outlook. It has been rising since the 18th of August, indicating that buying pressure was mounting.Â
If this trend persists, it could further propel ETHâs price higher to the $2,800 target.Â
#MtGoxRepayments #PowellAtJacksonHole #BinanceLaunchpoolDOGS #CryptoMarketMoves #ETHđ„đ„đ„đ„
$ETH
$AVAX Enters a Pre-Bull Run Accumulation Zone - CoinPedia Analytics
Hence, the positive market sentiments have lit up as the AVAX price makes a bullish move towards the interim resistance zone between $28.29 and $30 from the lows below $20. However, the price is believed to have entered a preparation period which could be followed by a massive upswing.Â
The long-term price action suggests the price is heading towards the end of the accumulation phase. The token has undergone a similar consolidation that it displayed before the beginning of the 2021 bull run. Hence, a breakout from the current range could attract massive bullish attention, eventually triggering a fine rise, which may further transform into a bull run. However, the target remains slightly elevated, as the bulls do not appear to be well in position at the moment.Â
The Bollinger bands have begun to converge but are not showing the possibility of an expansion, which indicates a breakout. Besides, the levels of the DMI are approaching each other for a bullish crossover, which may consume some more time. Therefore, the AVAX price may continue to maintain an ascending consolidation and surpass the interim resistance zone. However, after surpassing the average bands of the Bollinger and rising above 0.236, this may validate a surge above the bearish influence.Â
The role of investors and the lessons of the NFT hype cycle
Despite the impressive growth of Magic Eden, it is essential to reflect on the lessons of the recent past in the bull and bear market of NFTs.Â
Between 2021 and 2022, the NFT market experienced an unprecedented hype cycle. With collections like CryptoPunks and Bored Apes gaining enormous traction.
However, this euphoria was followed by a sharp decline, with the market capitalization of NFTs dropping drastically from a peak of 526 billion dollars in May 2022 to only 18 billion dollars in August 2023, a 97% decrease in value.
This collapse has highlighted the risks associated with investing in NFT. With a report from dappGambl from September 2023 revealing that 95% of NFT collections, among the 73,257 analyzed, had a market capitalization of zero Ether.Â
These data show how volatile and unpredictable the NFT market is. Furthermore, they highlight the need for more sustainable and long-term approaches, such as the one proposed by the Magic Eden Foundation with the ME token.
Exponential growth of the Magic Eden platform
The growth of Magic Eden has been impressive, and the launch of the ME token represents a further step forward in its expansion.Â
The platform has surpassed 6 billion dollars in total trading volume, a figure that represents over 60% of all revenue generated by NFTs.
This success was partly due to Magic Edenâs ability to surpass its competitors, such as Blur and Yuga Labs, with a volume of NFT trades that reached 756.5 million dollars in March 2023.Â
Marking therefore an increase of 194.4% compared to the previous month.Â
This significant increase in trading volume has not only solidified Magic Eden as a leader in the NFT market, but has also demonstrated the robustness of its infrastructure and the trust of users in the platform.Â
Want to build wealth? Consider holding onto these cryptocurrencies.
#CryptoNews
Hereâs a list of 10 digital assets with strong growth potential that could significantly boost your earnings in the future:
1. Bitcoin ($BTC ): The original and most prominent cryptocurrency in the market.
2. #Ethereum (ETH): A leading platform for smart contracts, driving the DeFi revolution.
3. **Polkadot (DOT):** A protocol enabling seamless communication between different blockchains.
4. Solana ($SOL ): Known for its speed and scalability, it's gaining traction in the DeFi space.
5. Cardano (ADA): A proof-of-stake blockchain focused on delivering secure and scalable solutions.
6. Chainlink ($LINK ): A decentralized network that provides reliable data to smart contracts.
7. Stellar (XLM): An efficient network designed for fast and affordable cross-border transactions.
8. VeChain (VET): Tailored for enterprise use, this blockchain is revolutionizing supply chain management.
9. Avalanche (AVAX): A high-performance blockchain tailored for DeFi and enterprise applications.
10. Cosmos (ATOM): A decentralized ecosystem of independent, yet interconnected blockchains.
A few things to keep in mind:
- Cryptocurrency investments come with risks.
- Always research and understand the fundamentals, use cases, and potential of each project.
- Diversify your investments to spread risk.
- Never invest more than you can afford to lose.
- Stay updated on market trends and new developments.
Remember, historical performance doesnât guarantee future returns. Itâs essential to make informed decisions based on your research and risk appetite.
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