đ„ Cardano (ADA) Price Climbs 8%, Prompting Long-Term Holders to Sell
Cardanoâs (ADA) price recovery has been strong, but it might stop before it reaches $0.38.
This is due to the surge in profits noted among ADA investors, which seems to be luring investors to sell.
đž Cardano Investors Look out for Themselves
As Cardanoâs price began recovering, it brought profits to the network. Investors had been waiting for this for a long time, as the July crash brought the price to a nine-month low. Thus, with the 8% rise in the last 24 hours, gains increased too.
An additional 12% of the ADA supply has become profitable in just three days. This sudden shift into profitability could lead to a wave of selling as investors look to secure their gains.
Thus, as more ADA holders find themselves in a profitable position, the temptation to sell may increase. This could potentially put downward pressure on Cardanoâs price, disrupt the recent uptrend, and introduce volatility into the market.
The average holding time of the transacted ADA coins has already risen to five months. This longer holding period suggests that even mid-term holders are selling now. When older coins move, they impact the price action.
This is because these holders are known for their resilience, and their actions are a sign of waning confidence. As a result, Cardanoâs price could lose the gains it has noted in the last few days.
đž #ADA Price Prediction: A Breach May Fail
Cardanoâs price is standing under the resistance of $0.37, and they are attempting to flip it into a support floor. A bounce back from this level in the past has led to gains for the investors, and the same could happen again.
However, if the aforementioned factors are considered, Cardano may not breach this barrier. As a result, the altcoin could fall back to $0.34, entering consolidation.
On the other hand, a successful breach could carry ADA to $0.40. Breaching this barrier would bring Cardano to test $0.42 as resistance, invalidating the bearish thesis.
{spot}(ADAUSDT)
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Grayscale Investments announced the launch of the Grayscale Avalanche Trust on Thursday, providing accredited investors with a new opportunity to gain exposure to cryptocurrency.
According to a Grayscale Investments press release, the newly established trust focuses on Avalanche (AVAX), a blockchain platform designed to optimize scalability, security, and decentralization.
Grayscale Brings AVAX for Accredited Investors
The Trust is now open for daily subscription and operates similarly to Grayscaleâs other single-asset investment trusts. It concentrates solely on investing in the AVAX token, which powers the Avalanche network and is also known for its role in facilitating real-world asset (RWA) tokenization. $AVAX #Laraxenteam #laraxen #LaraxenFamily
{spot}(AVAXUSDT)
đ **AVAX Bounces Back!**
- After a 6-month slump, AVAX is shaking off the blues with a 45% surge, now trading at $25.25. đ
- The altcoin hit rock bottom at $17.29 but is now on the rise, thanks to positive vibes and fewer token unlocks post-2024.
- Big news: Grayscale launched the "Grayscale Avalanche Trust," and Franklin Templeton expanded its blockchain fund to Avalanche.
- Investors are buzzing, hoping for a sustained uptick in spot buying volumes.
- Keep an eye on AVAX; it might just hit $28-$33 soon!
*Disclaimer: Do your own research before investing!*
**AVAX Price Reversal: A New Trend on the Horizon?**
After nearly six months of decline, AVAX is showing signs of a trend reversal. On August 5, it hit a nine-month low at $17.29 but has since surged 45% to $25.25.
Several factors might be driving this uptick. The Avalanche token unlock schedule reveals a significant reduction in token unlock events after 2024, which many believe reduces sell pressure and supports long-term value.
Additionally, Grayscale Investments launched the "Grayscale Avalanche Trust," and Franklin Templeton expanded its blockchain fund to the Avalanche network, boosting investor sentiment.
While these developments aren't directly related to AVAX's fundamentals, the positive news could be influencing its price. Sustained spot buying volumes and increased margined long positions could push AVAX to the $28-$33 range.
Stay tuned for more updates!
Vitalik Buterin says âEthereum is Goodâ â Is a move beyond $2.9k likely now?
Will Vitalik Buterinâs post on X help Ethereum reclaim the $2900 price level?
âą Vitalikâs post on social media sparks optimism among ETH investors.
âą Ethereum is set for major price rebound.
Ethereum [ETH]Â co-founder, Vitalik Buterin, recently responded to the mounting pressure from investors, traders, and influencers on social media.
Buterin on X affirmed how he had been urged to focus more on Ethereumâs bullish prospects rather than philosophical topics.
âI have been told that I need to âdo less philosophizing and do more ethereum bullpostingâ. Hence, here is an ethereum bullpost, courtesy of stable diffusion 3 inpainting + gimp.
Buterinâs post on X reading âEthereum is Goodâ, was well-received, boosting optimism among those who were hesitant to invest due to the stagnation in ETHâs price over the past five months
Buterinâs post on X reading âEthereum is Goodâ, was well-received, boosting optimism among those who were hesitant to invest due to the stagnation in ETHâs price over the past five months
Despite other cryptocurrencies, including Bitcoin, reaching new all-time highs in 2024, Ethereum struggled to break its ATH
Vitalikâs renewed involvement is expected to influence ETHâs price action, which has been on a downward trend since July 2024 when the daily candle closed at $3,440 price
Even though Ethereum rebounded slightly after the August 5th market crash, its price remains below the crucial $2,900 price
A breakout above this level could trigger a significant surge in ETHâs value, potentially reaching its 2024 highs.
Altcoins are set to explode
The broader altcoin market also shows promising signs. The total market cap of altcoins, excluding Bitcoin, recently bounced off a key support level, indicating potential growth.
Ethereum, as the leading altcoin, plays a crucial role in this market. The recent breakout in altcoin market cap and its rejection of previous resistance levels suggest a bullish trends.
{spot}(ETHUSDT)
đ Binance is on a hiring spree! The crypto giant plans to add 1,000 new employees this year, with a major focus on compliance roles. By the end of 2024, Binance aims to boost its compliance team from 500 to 700 members. CEO Richard Teng, currently in the US, shared these ambitious targets in a recent interview.
đŒ Binance is set to spend over $200 million on regulatory compliance this year, responding to a surge in law enforcement requests. With 63,000 inquiries already this year, compliance spending is expected to rise.
đ Despite regulatory challenges, Binance continues to expand globally, resuming operations in India and settling issues in Brazil. The future looks bright for BTC enthusiasts!
McDonaldâs Instagram Hacked to Promote Solana-Based Scam Meme Coin âGrimace
The scammer reportedly made a profit of $700,000.
McDonaldâs Instagram page was reportedly hacked on August 21, leading to a significant scam involving a Solana-based meme coin.
The perpetrators exploited the fast-food chainâs social media account to promote a fraudulent token named âGrimace,â referencing one of McDonaldâs fictional characters featured in its advertisements.
Bubblemapsâ findings reveal that the hacker acquired 75% of the Grimace tokenâs total supply using the Solana meme coin deployer pump.fun. The attacker leveraged multiple addresses to purchase the token simultaneously and then distributed the accumulated supply across approximately 100 different wallets.
The hackers reportedly siphoned over $700,000 in Solana during the scheme. Screenshots from X revealed that the McDonaldâs Instagram page was altered to endorse the token as a âMcDonaldâs experiment on Solanaâ and included a message thanking followers for their contributions, hinting at the scamâs execution.
In a statement to the New York Post, McDonaldâs said that it was aware of an âisolated incidentâ affecting its social media accounts.
We have resolved the issue on those accounts and apologize to our fans for any offensive language posted during that time.â
This event serves as a reminder for investors to be cautious with newly launched meme coins, as many of these highly volatile assets are susceptible to scams. For the Solana ecosystem, pump.fun has emerged as a prominent site for meme coin creation.
Introduced on January 14, 2024, pump.fun saw its popularity surge in March, coinciding with the peak of the meme coin season.
K33âs report reveals that the platform is approaching $100 million in total revenue. Since the start of the year, users on pump.fun have launched 1,829,747 meme coins, a number that many argue reflects the lack of seriousness in the Solana DeFi space.
$BTC $SOL #BlackRockETHOptions
#POPCAT UPDATE đš
Currently Trading at 0.58$ , Recently Launched on Binance Future ! letâs Check it out and Discuss Upcoming scenarios!
Key Levels:
Support: $0.40 is a critical support level, and holding above this level could set the stage for a potential breakout. However, if it fails, we might see a drop towards the $0.35 range.
Resistance: On the upside, the nearest resistance is around $0.60. Breaking above this level could lead to a bullish move towards $0.65 or even higher.
What can be bullish and Bearish Targets ?
Bullish Target: If the price breaks above $0.60, the next targets could be $0.65 and then $0.70.
Bearish Target: A break below $0.40 could lead to a drop towards $0.35, with $0.30 as a more extended bearish target.
Given the current market conditions, monitoring these levels closely for a potential breakout or breakdown is essential.
Ethereum ETFs Still in Red While BlackRock Bucks Trend By Topping $1 Billion Inflows
Key Takeaways
âą Cumulative outflows for the past five days are approaching $100 million.
âą BlackRockâs ETH ETF is the first to surpass $1 billion in net inflows.
âą Grayscaleâs primary Ethereum fund outflows have reached $2.5 billion.
U.S. spot Ethereum (ETH) exchange-traded funds (ETFs) have posted net outflows for yet another day, marking the longest streak since launch.
While the ETH ETF market appears to be on a losing streak, Grayscaleâs outflows are the main driver behind the negative daily flow results.
Ethereum ETFs
Per data from SoSoValue, Ethereum ETFs have seen $17.97 million in net outflows for Aug. 21, 2024, bringing their cumulative net outflows to $458 million
Fidelityâs Ethereum Fund (FETH) secured the top spot for inflows, posting $7.93 million in gains. FETH is the second-best performing fund in cumulative net inflows, which now stand at $375.43 million.
Closing the gap is the Grayscale Ethereum Mini Trust, which tallied $4.24 million in net inflows, bringing its cumulative total to $232.08 million.
After a six-day neutral flow streak, the Franklin Templeton Ethereum Trust (EZET) has emerged as an unlikely victor amid todayâs outflows. It secured a cool $1 million for its fund, bringing EZETâs cumulative net inflow to $36.33 million, ranking it sixth amongst other funds.
All other funds, except for one, posted neutral flows. The Grayscale Ethereum Trust (ETHE) saw its seventh day of outflows, shedding $31.14 million from its fund.
BlackRock ETFs Up
BlackRockâs iShares Ethereum Trust (ETHA) is still on top despite posting neutral flows. After drawing in a modest $26.77 million on Aug. 20, ETHA surpassed $1 billion in cumulative net inflows and is the first ETH ETF to do so.
Having recorded just five days of neutral flows, ETHA is yet to see a single day of net outflows.
The firmâs management fees arenât exactly competitive and sit at 0.25%, which is just above or the same as a majority of other funds. Of course.
**Crypto Campaign Buzz: Harris' Wink at Blockchain?**
- Kamala Harris' aide hinted at a crypto-friendly stance, sparking speculation about her campaign's tech policies. đȘ
- Brian Nelson, ex-Treasury official, suggested Harris might support crypto growth, a shift from her previous silence.
- Industry insiders see this as a positive sign, contrasting with Trump's bold pro-BTC claims.
- Harris' campaign has yet to detail its crypto agenda, but the absence of anti-crypto rhetoric is seen as a good sign.
- With the presidential debate looming, both candidates might soon reveal more on their crypto policies.
Stay tuned for more blockchain banter!
đ **Crypto in the Campaign Spotlight!** đ
In a surprising twist, an aide to Kamala Harris hinted at a pro-crypto stance, suggesting her campaign might support policies that foster blockchain innovation. Brian Nelson, who recently joined Harris' team, dropped this nugget at the DNC.
While Harris hasn't directly addressed crypto, the buzz is real! Could this be a shift from the Biden era? đ€
Trump, on the other hand, is all in, promising to defend BTC miners and denounce central bank digital currencies.
What do you think? Will Harris embrace the crypto wave? Comment below! đŹ
#Crypto2024 #HarrisForCrypto #BlockchainBuzz
**Crypto-Friendly Shift in Harris Campaign?**
On Aug. 21, an aide from Kamala Harris' campaign hinted at a potential shift towards supporting the crypto industry. Brian Nelson, who recently joined the campaign from the Treasury Department, suggested Harris might back policies fostering growth in emerging technologies like crypto.
This marks a departure from the campaign's previous silence on digital assets. While Harris hasn't directly commented, the move has sparked speculation about her stance on crypto regulation.
With the Democratic National Convention approaching, industry leaders are watching closely to see if Harris will outline a clearer crypto policy, potentially distancing herself from the stricter regulatory approach seen under the Biden administration.
Stay tuned for more updates as the presidential race heats up!
Exciting developments from India! đźđł The Indian government is set to unveil a crypto consultation paper between September and October 2024, marking a pivotal moment in the countryâs journey toward establishing clear and comprehensive crypto regulations. Spearheaded by the Secretary of the Department of Economic Affairs, this initiative will gather insights from industry leaders and key stakeholders, shaping the future of crypto assets in India.
As the global crypto movement gains traction, India is taking proactive steps to ensure regulatory clarity. With the Ministry of Finance highlighting the importance of global collaboration and tailored, country-specific strategies, thereâs a strong potential for transformative changes in Indiaâs crypto policy on the horizon.
Keep an eye on Indiaâs evolving crypto landscapeâthis initiative could be a significant game-changer!
#Crypto_JobsđŻ #CryptoNewss #LowestCPI2021 #BinanceLaunchpoolDOGS #BullBanter
đš Trump vs. Biden: Job Market Controversy Roils Financial Markets! đš
In a startling accusation, former President Donald Trump has claimed that the Biden administration is manipulating job market data, a charge that, if proven, could send shockwaves through financial markets. Hereâs what you need to know:mark
Market Confidence at Stake: Trump's allegations could undermine trust in the economic recovery, prompting investors to reassess the stability of their portfolios. With market confidence on the line, the ripple effects could be significant.
Political Instability: As this controversy heats up, political uncertainty could intensify, potentially leading to market volatility. The specter of a scandal has the potential to disrupt financial markets and shake investor sentiment.
Potential Investigation?: There are increasing calls for an official investigation into the Bureau of Labor Statistics, as concerns about possible corruption add to the growing unease in the markets.
Dollar Vulnerability: Ongoing uncertainty might weaken the US dollar, reflecting broader concerns about economic stability, while the turbulence could drive investors toward alternative assets.
Crypto Boom?: As traditional markets face chaos, safe-haven assets like Bitcoin might experience a surge, potentially igniting a significant rally in the crypto space.
The financial world is on edge. Will this accusation lead to a full-scale investigation, or is it merely political theater? The resolution of this controversy could have profound implications for the market landscape. Stay tuned as this situation evolves!
#donaldtrump #JoeBiden #Market_Update #CryptoMarketMoves #BinanceBlockchainWeek
Bitcoin (BTC) Attempts Break Above Bullish Pattern as Buying Pressure Gains
âą Bitcoin has formed an ascending triangle, signaling increased buying pressure despite facing resistance at $61,845.
âą BTC's rising CMF and OBV suggest the potential for a continued uptrend as buying pressure keeps strengthening.
âą A bearish taker-buy-sell ratio in BTC's derivatives market could counteract gains, risking a drop to $58,464.
Bitcoin Seeks to Break Above Resistance
An ascending triangle is a bullish chart pattern that forms when an assetâs price moves between a flat horizontal resistance line and a rising support line. This pattern signals growing buying pressure while selling activity remains concentrated at a specific price level. As demand increases, the price edges closer to breaking the resistance.
For Bitcoin, the key resistance level within this pattern is $61,845. Currently trading at $60,940, BTC is attempting to break above this resistance, indicating that buyers may soon overcome selling pressure, potentially pushing the price higher.
The Chaikin Money Flow (CMF) indicator supports this outlook. With a reading of 0.01, the CMF has moved above the zero line for the first time since August 13, reflecting increasing capital inflows that strengthen the bullish momentum.
This indicator measures the flow of money into and out of an asset. When its value is above zero, it signals liquidity entry into the market and a spike in buying activity. Traders often view it as a precursor to a price rally.Â
Additionally, BTCâs on-balance volume (OBV) has risen steadily since the ascending triangle began. This indicator measures buying and selling pressure in an assetâs market.
When it increases, it indicates that buying pressure outweighs selling activity, hinting at a bullish recovery.
BTC Price Prediction:Â Futures Traders Tread a Different Path
While BTC enjoys a growing bullish bias in its spot market, its derivatives market traders have adopted a bearish approach. This is evident in the coinâs taker-buy-sell ratio (assessed using a 14-day simple.
Analyst Predicts $XRP Peak by December 2024, Foresees Potential Supercycle
An analyst forecasts a major breakout for XRP around December 2024, following historical trends seen 228 days after Bitcoin halvings. This pattern, noted in previous cycles, suggests $XRP could begin its rise by the end of 2024. Mid-February 2025 is flagged as a key point for taking profits, with the cycle likely concluding by August 2025.
The analyst also hints at a possible supercycle, with XRP experiencing three major surges instead of two, potentially driving the price to $200. After an initial rise, a retracement is expected before another significant increase, potentially leading to a 100x gain.
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