The world of finance is no stranger to upheavals, and with the emergence of cryptocurrencies, the industry is once again facing an existential threat. Three banks, Silicon Valley Bank, Silvergate Bank, and Signature Bank, have reportedly gone bankrupt, leading many to question whether crypto is to blame. However, experts argue that it is too soon to blame crypto for the downfall of traditional banks.

While the risks associated with crypto investments cannot be overlooked, the potential benefits of cryptocurrencies cannot be denied. With its decentralized nature, cryptocurrencies offer a level of security and efficiency that traditional finance cannot match. The current market trend seems to be in favor of cryptocurrencies, with Bitcoin’s recent surge in value.

According to data by CryptoQuant, Bitcoin still has the potential to increase in price until it hits the nearest resistance level in the price range of $29.2k – $32.3k. The Long-term SOPR indicator also suggests that Long Term Hodlers are still holding onto their Bitcoin and haven’t sold it in large quantities. The Net Unrealized Profit/Loss (NUPL) indicator shows that investors are in profit, but this profit has not been realized yet.

Technical analysis of Bitcoin using Elliott Waves also shows a great potential for an increase in price. By adding the 365-day and 60-day moving average lines to the chart, we can see that the blue line broke above the yellow line after a gap of 21 months. This pattern has been repeated many times since 2013, and each time Bitcoin has experienced strong bullish rallies.

While crypto may still be considered risky by some, its potential to disrupt the traditional financial system cannot be ignored. The current situation presents the first significant test for Bitcoin to prove its superiority as a store of value over traditional assets. However, macroeconomic uncertainty remains a potential disruptor to any scenario.

With markets being polarized with FOMO (Fear Of Missing Out) and drop fears happening simultaneously, it’s essential to consider all the possibilities before jumping to conclusions.

Santiment reports 2.4x more profit transactions than loss transactions on Bitcoin network since Wednesday as markets experience simultaneous FOMO and drop fears after Bitcoin jumps above $27k for the first time since June 12th.

#Bitcoin #BTC #btcsoaring #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

Bitcoin has been making headlines once again, with data from Glassnode revealing that the amount of open interest in Bitcoin options contracts has surpassed that held in futures contracts for the first time ever. The open interest in Bitcoin options contracts has reached an astounding $10.3 billion, while the open interest in futures contracts stands at $10.0 billion, according to Glassnode.

The rise in Bitcoin options contracts can be attributed to significant call option buys by investors who are speculating on higher Bitcoin prices. As more investors enter the cryptocurrency market, the demand for more complex financial instruments such as options is also increasing. This trend is further fueled by the rise in Bitcoin’s price over the past few years, which has made the cryptocurrency a more attractive investment for mainstream investors.

In another development, data from CryptoQuant shows that minerals position on the Bitcoin network has been on the rise as the cryptocurrency’s price continues to soar. The high conversion rate on the network has made miners the most gainful entity through the activity of traders, according to CryptoQuant.

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With their reserves having dropped previously, minerals in the occasional ring are likely to see a profit made by them to cover some costs. This has boosted network security as miners are incentivized to continue mining Bitcoin, ensuring the stability and security of the network.

The surge in minerals position on the Bitcoin network is a positive development for the cryptocurrency, as it indicates that more miners are joining the network and contributing to its security. With the price of Bitcoin showing no signs of slowing down, it’s likely that we’ll see even more miners join the network in the coming months.

Overall, these developments demonstrate the continued growth and evolution of the cryptocurrency market, as investors and miners alike seek to capitalize on the opportunities presented by Bitcoin’s rise in value. As the market matures, it’s likely that we’ll see even more innovative financial instruments and developments emerge in the world of cryptocurrency.

#bitcoin #BTC #btcsoaring #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

#Launchpad #GPT-4 #Binance #btcsoaring #ExchangeWithKindness

"MicroStrategy Continues Bitcoin Buying Spree and Pays Off $161M Silvergate Loan"

MicroStrategy, led by CEO Michael Saylor, is doubling down on its commitment to Bitcoin with yet another major purchase of 6,455 BTC for $150 million. This comes on the heels of the company's recent payoff of its remaining $161 million loan from now-defunct Silvergate Bank. As part of the loan satisfaction, MicroStrategy also regained custody of 34,619 BTC that had been held as collateral. With this latest acquisition, MicroStrategy's total BTC holdings now stand at 138,955, worth around $3.88 billion at current Bitcoin prices.

In addition to its Bitcoin purchases, MicroStrategy also revealed raising $339.4 million this year through its at-the-market share sale program, which fully funded the loan payoff. The move signals MicroStrategy's unwavering commitment to Bitcoin, as the company continues to add to its already substantial BTC holdings and explore innovative ways to leverage the leading cryptocurrency.

In the world of cryptocurrency, Bitcoin is undoubtedly the king. Its value has been the subject of much speculation and interest from investors all over the world. Recently, there has been news that Bitcoin still has a long way to go before it reaches its next bull run, according to data by CryptoQuant.

The report suggests that the value in the pockets of short-term holders is more profitable near the price bottom, and the need for continued price growth of Bitcoin depends on the behavior of these players and their profitability process. In other words, understanding how much value Bitcoin holders hold based on the realized price is one of the best and most valuable ways to determine their behavior.

The report indicates that long-term holders usually hold their coins for a long time and tolerate more loss. Bitcoin profit days often begin with the short-term holder’s profitability, and the more the profit in the pockets of these holders increases, the more interested they will be in keeping their coins and the less pressure to sell.

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According to the metric and description above, when the 1m-6m age band realized price passes the 6m-12m age bands, new BTC investors have more value in their pocket and more profit. This indicates that short-term holders are more valuable at present.

However, the report notes that the situation is different now, and more new investors are needed to cause more value in the short-term holders’ pockets to create a more long-term attitude in short-term holders and convert them into long-term ones. For these reasons, the process of the BTC bull run can be time-consuming.

The report draws on previous Bitcoin price cycles in 2015-2016 and 2018-2019, where the 1m-6m age bands’ realized price value passed the 6m-12m age bands realized price. After the pre-bull run price correction, the bull run began. While the situation now is different, this historical data provides valuable insights into how the market might move in the future.

In conclusion, the report by CryptoQuant suggests that Bitcoin still has a long way to go before its next bull run. Short-term holders play a crucial role in the profitability of Bitcoin, and more new investors are needed to create a more long-term attitude among these holders. While the process may be time-consuming, past Bitcoin price cycles provide some insights into how the market may behave in the future. As always, investors should exercise caution and do their due diligence before making any investment decisions.

#Bitcoin #BTC #btcsoaring #CryptoQuant #azcoinnews

This article was republished from azcoinnews.com

Morgan Stanley Investment Bank recently stated that Bitcoin will rise in price as uncertainty in the banking sector increases.

Despite macroeconomic support factors yesterday, Bitcoin faced resistance at $25,000 but quickly broke through. Meanwhile, DXY reached 105 for the first time since the Silicon Valley bank collapse on March 11th. Market commentator Tedtalksmacro believes this is due to lower euro bond yields leading to a decrease in the EUR, which has pushed DXY higher as it measures the USD.

Bitcoin reserves on exchanges continue to trend upwards, according to findings from CryptoQuant analysts. However, they note that the increase in Bitcoin on exchanges could lead to selling pressure. Coinbase is the only exchange with net outflows in recent days, which could be related to buying pressure from US investors.

Bitcoin dipped to $24,700 after macro data, but quickly climbed to $27,000, up 4.4% in the past 24 hours at the time of writing. BlockchainCenter.net, a blockchain and cryptocurrency data analytics platform, noted that “Bitcoin season is here” as only 13 out of the top 50 cryptocurrencies have outperformed Bitcoin in the past three months.

As the banking collapse spreads, high-risk assets may be at risk of loss in the short term. However, Edward Moya, a senior market analyst at Oanda, said Credit Suisse is a bigger story than Silicon Valley Bank and Wall Street is “extremely worried.”

He added that despite the drop in Bitcoin, it is not significant compared to the pressures that stocks, oil prices, and the euro face. Earlier today, oil prices hit their lowest levels since 2021, with WTI crude oil falling to $66 and European Brent crude oil falling to $73.

#Bitcoin #btcsoaring #crypto2023 #azcoinnews #morganstanley

This article was republished from azcoinnews.com

Radiant Capital's (RNDT) recent listing on Binance, one of the world's largest and most reputable cryptocurrency exchanges, has generated a lot of excitement in the crypto community. In this article, we will take a closer look at the RNDT token, its utilities, and price prediction.

RNDT Token Details

RNDT is an ERC-20 token that is the native currency of the Radiant Capital ecosystem. Its maximum supply is set at 10,000,000 tokens, and it has a current circulating supply of 2,127,525 tokens.

The RNDT token is used for a variety of purposes within the Radiant Capital platform, including staking, governance, and liquidity provision. Users can stake their RNDT tokens to earn a portion of the network's transaction fees, and they can also use their tokens to vote on governance proposals.

Utilities of RNDT Token

Staking: Radiant Capital allows users to stake their RNDT tokens in exchange for a portion of the transaction fees generated by the network. This provides users with a passive income stream and helps to incentivize them to hold onto their RNDT tokens.

Governance: RNDT holders also have the ability to vote on governance proposals within the Radiant Capital ecosystem. This gives them a say in the direction of the project and helps to ensure that the platform remains decentralized.

Liquidity Provision: RNDT tokens can also be used to provide liquidity on decentralized exchanges (DEXs) such as Uniswap. By providing liquidity, users can earn a share of the trading fees generated by the exchange.

Price Prediction

Predicting the future price of any cryptocurrency is a challenging task, and there are many factors that can influence the value of RNDT. However, there are a few things we can look at to make an educated guess.

The recent listing of RNDT on Binance is a positive sign for the project and has likely helped to increase its visibility and credibility. As more investors and traders become aware of Radiant Capital and the RNDT token, it is possible that demand for the token will increase, leading to a price increase.

Another factor that could impact the price of RNDT is the adoption and use of the Radiant Capital platform. If the platform proves to be successful and attracts a large number of users, it is likely that demand for RNDT will increase, leading to a price increase.

However, it is important to remember that cryptocurrency markets are highly volatile, and the price of RNDT could fluctuate wildly based on a variety of factors, including market sentiment, regulatory changes, and technological developments.

In conclusion, the recent listing of RNDT on Binance is a positive sign for the Radiant Capital project and could help to increase the value of the RNDT token. However, investors should always conduct their own research and due diligence before investing in any cryptocurrency project.

#Binance #RNDT #crypto2023 #btcsoaring