The Solana blockchain has revealed a sobering story, adding to the turbulence in the bubbly world of memecoins, such as BEER. The coin rose to prominence in recent weeks, experienced a dramatic price swing, and raising concerns about the inherent volatility and risks associated with these internet-driven tokens.

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Whales And Rug Pulls: A Recipe For Disaster

BEER’s wild ride began with a classic memecoin scenario: a surge in popularity fueled by online hype and community buzz. However, this exuberance masked a lurking danger – the outsized influence of large token holders, often nicknamed “whales.”

When several whales decided to cash out, their massive sell orders triggered a domino effect. The price of BEER plummeted a staggering 70% in a matter of hours, pulling the token’s price down from around $0.0003 to $0.0001.

Fears of a “rug pull” – a scenario where developers create a memecoin, inflate its price through marketing, and then vanish with investor funds – ran rampant. While the BEER team vehemently denied any wrongdoing, the incident highlighted the vulnerability of memecoins to manipulation by large holders.

LATEST: Someone sold $10 million worth of Solana Memecoin $BEER (@beercoinmeme), causing its price to drop by 70%. pic.twitter.com/22H5cM5wFq

— SolanaFloor (@SolanaFloor) June 13, 2024

Unlike established cryptocurrencies with diverse ownership structures, memecoins often have a high concentration of tokens held by a small group of individuals. This creates an environment where a few whales can significantly impact the price, leading to extreme volatility.

BEER Weathers The Storm, But Questions Remain

Fortunately for some BEER holders, the token price staged a partial recovery after the initial selloff. However, the damage was done. The incident served as a stark reminder of the inherent risks associated with memecoin trading.

BEER currently sits nearly 40% lower than its pre-crash price, currently trading at $$0.00026, with a cloud of uncertainty hanging over the horizon. The question of who triggered the sell-off remains unanswered, with the BEER team pointing fingers at presale investors.

BEERUSDT trading at $0.00028 on the daily chart: TradingView.com

Solana’s Memecoin Boom: A Double-Edged Sword

The BEER episode also sheds light on the double-edged sword of Solana’s burgeoning memecoin scene. Solana, known for its faster transaction speeds compared to Ethereum, has become a breeding ground for memecoin developers.

BEER coin down in the last 24 hours. Source: Coingecko

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The ease of launching tokens on Solana has attracted a wave of new projects, but it has also led to a potential oversaturation of the market. This, coupled with the lack of inherent utility for many memecoins, creates a speculative frenzy where price movements are driven more by hype than by actual value.

Featured image from Pixabay, chart from TradingView

Source: NewsBTC.com

The post Solana Empty Glasses: BEER Coin Fizzles 70% In Alleged Rug Pull appeared first on Crypto Breaking News.

The body will aim to act as a bridge as the private sector and the government work together to supervise the industry. Its first task will be to formulate a self-regulation code that covers industry classification, listing and delisting, consumer protection, risk control, transaction monitoring and advertising solicitation, according to the blog post.

Source: CoinDesk

The post Taiwan Crypto Advocacy Body Becomes Formally Active With 24 Entities appeared first on Crypto Breaking News.

Major Wall Street firm Bernstein has made a bullish long-term prediction for Bitcoin’s price, saying it could reach $1 million by 2033.

JUST IN: $779 billion Bernstein says #Bitcoin will likely hit $1 million.

Predicts $200,000 price by 2025 pic.twitter.com/zBp3o09OoL

— Bitcoin Magazine (@BitcoinMagazine) June 14, 2024

In a new report initiating coverage of Michael Saylor‘s MicroStrategy, Bernstein analysts have raised their price target for Bitcoin to $200,000 from $150,000 by the end of 2025.

Bernstein has long been positive on Bitcoin’s prospects, but this $1 million forecast by 2033 represents one of the highest institutional projections yet. The analysts’ thesis is based on unprecedented demand from spot Bitcoin ETFs and constrained future supply.

Bernstein’s report also highlighted how Michael Saylor “has become synonymous with brand Bitcoin and has positioned MSTR as a leading Bitcoin company, attracting at-scale capital (both debt and equity) for an active Bitcoin acquisition strategy.”

“MicroStrategy positions itself as an ‘active leveraged bitcoin strategy versus passive spot exchange-traded funds (ETFs),’ the report said, noting that over the last four years, the company’s active strategy has produced a higher Bitcoin per equity share,” Bernstein wrote.

Bernstein also set a $2,890 price target on MicroStrategy shares, representing nearly double the current price.

The bold long-term Bitcoin outlook comes as institutions warm up to Bitcoin, with major asset managers like BlackRock and Fidelity offering BTC investment products. Bernstein cited inflows into these regulated vehicles as fueling this cycle’s exponential Bitcoin price gains.

The analysts see MicroStrategy maintaining its first-mover advantage as the world’s leading listed Bitcoin player. With BTC adoption still in its infancy, firms like MicroStrategy have room to grow their Bitcoin holdings for years to come.

Source: Bitcoin Magazine

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“When a market continues to sell off at a specific level, it has less to do with events, narratives, or fundamentals. Instead, a large seller perceives prices to be overvalued at that level,” Markus Thielen, founder of 10x Research, said. “The November 2021 all-time high of nearly 70,000 is a level where long-term holders are willing to sell their Bitcoins, as they are the most likely candidates to cash out.”

Source: CoinDesk

The post Here’s Why Bitcoin’s Not Keeping Pace With Nasdaq appeared first on Crypto Breaking News.

Blockchain services provider STORM Partners made a major announcement during the Web3Fest, along with Cardano (ADA), MultiversX, and other major projects in the crypto space. During the event in Switzerland’s “Crypto Valley,” the company unveiled “Lightningbox,” a new Web3 Sandbox, and relocated its headquarters from Montreux to Geneva. 

The initiative aims to enable large enterprises in Europe to harness the potential of blockchain technology and lead their digital transformation efforts.

STORM Partners Joins Cardano (ADA) To Accelerate Blockchain Adoption

The Lightningbox initiative seeks to facilitate the widespread adoption of blockchain by establishing a trusted environment equipped with institutional-grade tools. This initiative empowers large organizations to leverage Web3 tools and build new solutions. 

Initially, Lightningbox will focus on three pillars intrinsic to the Geneva landscape: Impact, Consumer, and Finance, with Life Sciences to follow shortly. The selection of these focus areas stems from substantial demand from local traditional players seeking deeper involvement in the digital economy.

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STORM Partners has also partnered with integration companies to drive innovation within the Lightningbox ecosystem. These integration partners have committed significant internal resources and technological expertise to the program, amounting to substantial support in the mid-six figures. 

Notable early contributors include stablecoin issuer Circle (USDC), cybersecurity provider Hacken, MultiversX’s infrastructure, and law firm Walder Wyss.

Lightningbox aims to transform ideas into reality through a four-phase development process. Starting with brainstorming and workshops, the initiative progresses through observation and improvements, industry and community feedback, and concludes with testing and private launch campaigns. 

Decentral House’s Web3-focused Corporate Innovation Day served as the platform for the announcement, bringing together industry leaders, entrepreneurs, and representatives from global brands such as eBay, UNHCR, Hublot, BBVA, and UNICEF. 

As mentioned, prominent blockchain projects such as Cardano, Mina Protocol, MultiversX, and Hedera were also represented, underscoring the importance of the event and Switzerland’s willingness to promote crypto and blockchain adoption.

Geneva As A Global Blockchain Hub?

Sheraz Ahmed, Managing Partner of STORM Partners, was enthusiastic about the announcement. He highlighted the need to strengthen the blockchain industry by providing a hub for “bright minds and disruptive projects” in the decentralized applications (dApps) space. 

It was also announced that STORM Partners will be located at Decentral House in Geneva, considered the epicenter of a large ecosystem that fosters community, collaboration, and the growth of blockchain technology. Ahmed, who is also the founder of Decentral House, said: 

Geneva has a rich history of innovation and global institutions; it is the ideal place to fuel this digital transformation. Local organizations that strive for global impact, such as the World Economic Forum, the United Nations, and many private banks, make Geneva the perfect location to steer and amplify the growth of blockchain worldwide

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The launch event witnessed the participation of esteemed speakers who praised the Lightningbox initiative. Chris Fabian, Co-Lead Giga (UNICEF), expressed delight at witnessing increased corporate interest in innovation and blockchain within Geneva. 

Similarly, Philippe Meyer, Head of Digital & Blockchain Solutions at BBVA, emphasized the importance of blockchain technology disseminating across industries, including banking and finance, to optimize operational flows and support the emerging Industry 4.0.

The daily chart shows the total crypto market cap’s valuation at $2.37 trillion. Source: TOTAL on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

Source: NewsBTC.com

The post Cardano and MultiversX Join Web3 Innovation Initiative in Geneva with Launch of Lightningbox appeared first on Crypto Breaking News.

Bernstein initiated coverage of the Tysons Corner, Virginia-based company with a $2,890 price target. The shares closed at around $1,484 on Thursday. The Nasdaq-listed firm currently holds 214,400 bitcoin. It began buying the cryptocurrency in 2020, adopting it as a reserve asset.

Source: CoinDesk

The post Bitcoin Could Hit $1M Within 10 Years, Bernstein Says as It Initiates Coverage of MicroStrategy appeared first on Crypto Breaking News.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Source: CoinDesk

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In a recent episode of the Thinking Crypto podcast, Charles Hoskinson, founder of Cardano, addressed the swirling rumors about a potential partnership with tech mogul Elon Musk. During the podcast, hosted by Tony Edwards, Hoskinson discussed various outreach efforts made to Musk’s companies, including offers of free work to combat bot issues on the platform formerly known as Twitter, now X.

Hoskinson Denies Rumors Of A Partnership With Musk

Hoskinson detailed several attempts by his team to connect with Musk’s companies, particularly X (formerly Twitter), where they proposed solutions to combat prevalent issues like fake accounts and bots. “We’ve reached out numerous times to try to engage with various people at X, even offering to do free work with verified tweets or other things just because it’s so bad right now with bots and these other things, and it’s just always silent,” Hoskinson lamented.

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Despite these efforts, he confirmed that Musk has never discussed Cardano or any potential collaboration personally. “I even know Kimbal Musk and I’ve talked to him on several occasions […] never once has [Elon] mentioned Cardano or me or anything,” he added.

The founder’s comments served to quash rumors that had suggested potential uses of Cardano’s technologies, like the Midnight sidechain, in Musk’s high-profile companies such as SpaceX or Tesla. The speculative excitement around such a high-caliber partnership had been a point of discussion among investors and enthusiasts, given Musk’s known interest in cryptocurrency and his impactful endorsements of Dogecoin.

Despite sharing mutual friends and professional connections such as podcaster Lex Friedman, Hoskinson expressed confusion and a bit of melancholy over the lack of engagement from Musk. “We share mutual friendships so I don’t know why we haven’t been able to square that circle […] maybe he’s got some people in his social circle that don’t like me and so he’s got some intel that I’m a bad person to work with or maybe it’s just he wants to do his own thing,” Hoskinson speculated.

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Addressing Musk’s enigmatic persona and unpredictable business moves, Hoskinson noted, “He’s a magical guy. So it’s really like a sphinx hard to understand his motivations and understand why he does what he does. Why does he have this bizarre fetish for Dogecoin? Is it that he owns 20% of the supply…don’t know with a guy like that that’s the magic of Elon Musk.”

Cardano Bears Remain In Control

The ADA price saw a decrease of 2.2% over the last 24 hours, a dip that coincides with a broader downtrend in the altcoin market. Trading volume for ADA decreased also significantly, falling 22% to $357 million over the same period.

The ADA price has consistently traded below the 20-day Exponential Moving Average (EMA), which has acted as a key resistance level since mid-March. While there was a brief period where ADA surpassed this threshold, it eventually faced strong resistance at the 200-day EMA and was unable to sustain its upward momentum.

As such, the 20-day EMA, currently at $0.445, is a critical near-term resistance level. Surpassing this barrier could signal a potential shift in market sentiment, paving the way for a rally towards the 200-day EMA at $0.494. A decisive break above this longer-term EMA could firmly establish a bullish trend for ADA.

ADA trades below the 20-day EMA, 1-day chart | Source: ADAUSD on TradingView.com

Featured image from YouTube, chart from TradingView.com

Source: NewsBTC.com

The post Cardano Price Drops As Hoskinson Clarifies Relationship To Elon Musk appeared first on Crypto Breaking News.

Dogecoin is showing bearish signs below the $0.150 resistance zone against the US Dollar. DOGE could accelerate lower if it breaks the $0.140 support.

DOGE price is moving lower below the $0.150 support zone.

The price is trading below the $0.1450 level and the 100-hourly simple moving average.

There was a break below a key bullish trend line with support near $0.1425 on the hourly chart of the DOGE/USD pair (data source from Kraken).

The price must settle above $0.1450 to gain bullish momentum and continue higher.

Dogecoin Price Dips Again

After a decent increase, Dogecoin price faced resistance near the $0.1500 zone. DOGE failed to continue higher and started a fresh decline below $0.1450 like Bitcoin and Ethereum.

There was a move below the $0.1420 support level and the 100-hourly simple moving average. The price dipped below the 50% Fib retracement level of the upward move from the $0.1337 swing low to the $0.1505 high. Besides, there was a break below a key bullish trend line with support near $0.1425 on the hourly chart of the DOGE/USD pair.

Dogecoin is now trading below the $0.1450 level and the 100-hourly simple moving average. The bulls are now protecting the $0.140 support zone and the 61.8% Fib retracement level of the upward move from the $0.1337 swing low to the $0.1505 high.

Source: DOGEUSD on TradingView.com

If there is a fresh increase, the price might face resistance near the $0.1420 level. The next major resistance is near the $0.1450 level. A close above the $0.1450 resistance might send the price toward the $0.150 resistance. Any more gains might send the price toward the $0.1632 level. The next major stop for the bulls might be $0.1720.

More Losses In DOGE?

If DOGE’s price fails to gain pace above the $0.1450 level, it could continue to move down. Initial support on the downside is near the $0.140 level.

The next major support is near the $0.1375 level. If there is a downside break below the $0.1375 support, the price could decline further. In the stated case, the price might decline toward the $0.130 level.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1400, $0.1375 and $0.1300.

Major Resistance Levels – $0.1450, $0.1500, and $0.1632.

Source: NewsBTC.com

The post Dogecoin in Trouble: DOGE Breaking Support Could Spark Bearish Action appeared first on Crypto Breaking News.

XRP price failed to stay above the $0.4840 support zone. The price declined and tested the $0.4750 support zone, and is now at risk of more losses.

XRP extended losses and traded below the $0.4840 support zone.

The price is now trading below $0.4880 and the 100-hourly Simple Moving Average.

There is a connecting bearish trend line forming with resistance at $0.4880 on the hourly chart of the XRP/USD pair (data source from Kraken).

The pair could recover, but the upside might be limited above the $0.4920 resistance.

XRP Price Extend Losses

XRP price failed to recover above the $0.4950 resistance like Ethereum and Bitcoin. The price started a fresh decline from the $0.4981 high. There was a move below the $0.4880 and $0.4850 levels.

The price declined below the $0.480 level. A low was formed at $0.4746 and the price is now consolidating losses. It is testing the 23.6% Fib retracement level of the recent decline from the $0.4981 swing high to the $0.4746 low. The price is now trading below $0.4920 and the 100-hourly Simple Moving Average.

If the bulls protect the $0.4740 support, there might be an upside correction. On the upside, the price is facing resistance near the $0.4820 level. The first key resistance is near $0.4850 or the 50% Fib retracement level of the recent decline from the $0.4981 swing high to the $0.4746 low.

There is also a connecting bearish trend line forming with resistance at $0.4880 on the hourly chart of the XRP/USD pair. The next major resistance is near the $0.4950 level.

Source: XRPUSD on TradingView.com

A close above the $0.4950 resistance zone could send the price higher. The next key resistance is near $0.5050. If there is a close above the $0.5050 resistance level, there could be a steady increase toward the $0.5250 resistance. Any more gains might send the price toward the $0.5320 resistance.

More Downsides?

If XRP fails to clear the $0.4850 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4740 level.

The next major support is at $0.470. If there is a downside break and a close below the $0.470 level, the price might gain bearish momentum. In the stated case, the price could decline and retest the $0.450 support in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.4740 and $0.4700.

Major Resistance Levels – $0.4850 and $0.4920.

Source: NewsBTC.com

The post XRP Price Danger Zone: Key Support Levels to Watch appeared first on Crypto Breaking News.

As the cryptocurrency market experiences its typical ebb and flow, Solana (SOL) draws particular attention from analysts who anticipate significant movements in its price.

Currently, Solana is trading just below $150, but recent analyses suggest a potential for a substantial increase.

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Solana Eyes Major Surge As Key Technical Patterns Emerges

According to well-known crypto analyst Ali, Solana would surge higher by 53%, with Ali pointing to an ascending triangle pattern that could be a sign of a coming bull rally.

Ascending triangle pattern on Solan’s price chart. | Source: Ali on X

This pattern is usually bullish, indicating that Solana could see significant gains if it can keep its momentum going and break above this upper resistance level.

On Solana’s chart, Ali recommends watching $143 support and $178 resistance in the short term. Such levels are important in defining the short-term direction of the asset in the market.

#Solana is set for a major 53% price move! Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the $SOL trend. pic.twitter.com/SB9tJ6D02u

— Ali (@ali_charts) June 12, 2024

The support could turn resistance and vice versa. If the price holds from the support or breaks past the resistance, this would trigger the anticipated bullish price action.

Ali said such a breakout from those technical levels could spur more than 50% higher in Solana’s market value, aligning with how other assets have behaved with similar patterns seen previously.

Currently trading just above $146, Solana has experienced a 7.6% drop, adding to a nearly 20% loss from the previous week.

SOL price is moving sideways on the 4-hour chart. Source: SOL/USDT on TradingView.com

A prominent crypto analyst commented on this trend, suggesting that Solana will likely continue experiencing fluctuations between $185 and $120, indicating a prolonged consolidation phase.

This stabilization is viewed as a natural correction following its recent significant rally. The analyst remains optimistic about the future, “expecting bigger things later.”

$SOL : I think SOL is just going to keep chopping around personally between $185 and $120. It’s a big range overall but I think we just continue to see a prolonged period of consolidation. It’s healthy to see this after that huge run to be honest, expecting bigger things later pic.twitter.com/aGNtVnBgDP

— Altcoin Sherpa (@AltcoinSherpa) June 12, 2024

Network Activity Fuels Optimism

The optimism for Solana’s price increase is not solely based on technical analyses. NewsBTC has recently cited on-chain data from IntoTheBlock, which shows that daily active addresses on Solana increased by about 1.1 million on the 11th of June.

This type of high level of network activity usually foreshadows price increases since it suggests an increased use case and actual adoption by users.

The cultural impact on Solana’s market position is also noteworthy. So far, not only investors have eyed the network, but also celebs – Australian rapper Iggy Azalea, Caitlyn Jenner, and Andrew Tate have all hit the platform, among others.

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This celebrity endorsement can help increase the curiosity and hype concerning SOL, which in turn will more likely increase the number of users and more likely investors who will adopt Solana.

Featured image created with DALL-E, Chart from TradingView

Source: NewsBTC.com

The post Solana Set To Soar? Analyst Predicts Over 50% Surge For SOL If This Key Support Holds appeared first on Crypto Breaking News.

Ethereum price struggled to clear the $3,650 resistance. ETH started another decline and there is now a risk of more dips below the $3,420 support.

Ethereum started a fresh decline below the $3,550 support zone.

The price is trading below $3,540 and the 100-hourly Simple Moving Average.

There is a crucial bearish trend line forming with resistance near $3,550 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could extend losses if it stays below the $3,550 resistance zone.

Ethereum Price Struggle Continues

Ethereum price failed to start a recovery wave above the $3,550 and $3,580 resistance levels, like Bitcoin. ETH remained in a short-term bearish zone and extended losses below the $3,500 level.

The price declined below the $3,450 support level. A low was formed at $3,428 and the price is now consolidating losses. There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $3,655 swing high to the $3,428 low.

Ethereum is still trading below $3,550 and the 100-hourly Simple Moving Average. There is also a crucial bearish trend line forming with resistance near $3,550 on the hourly chart of ETH/USD. If there is a fresh increase, the price might face resistance near the $3,540 level and the 50% Fib retracement level of the recent decline from the $3,655 swing high to the $3,428 low.

The first major resistance is near the $3,550 level and the trend line. An upside break above the $3,550 resistance might send the price higher. The next key resistance sits at $3,650, above which the price might gain traction and rise toward the $3,720 level.

Source: ETHUSD on TradingView.com

A clear move above the $3,720 level might send Ether toward the $3,800 resistance. Any more gains could send Ether toward the $3,880 resistance zone.

More Downsides In ETH?

If Ethereum fails to clear the $3,550 resistance, it could continue to move down. Initial support on the downside is near $3,420.

A clear move below the $3,420 support might push the price toward $3,350. Any more losses might send the price toward the $3,250 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,420

Major Resistance Level – $3,550

Source: NewsBTC.com

The post Ethereum Price Decline: Market Indicators Point to More Dips appeared first on Crypto Breaking News.

Bitcoin price struggled to recover above the $68,000 resistance zone. BTC is again moving lower and might even decline below the $66,000 support zone.

Bitcoin started another decline from the $68,200 resistance zone.

The price is trading below $68,000 and the 100 hourly Simple moving average.

There is a connecting bearish trend line forming with resistance at $67,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could recover but the upsides might be limited above the $68,000 level.

Bitcoin Price Turns Red Again

Bitcoin price struggled to climb above the $68,500 resistance zone. BTC remained in a bearish zone and extended losses below the $67,200 level. There was a move below the $67,000 level.

The price tested the $66,250 zone. A low was formed at $66,244 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward wave from the $69,970 swing high to the $66,244 low. Bitcoin is now trading below $68,000 and the 100 hourly Simple moving average.

It seems like the price is forming a short-term base above the $66,250 zone, but there are many hurdles for the bulls. On the upside, the price is facing resistance near the $67,150 level. There is also a connecting bearish trend line forming with resistance at $67,150 on the hourly chart of the BTC/USD pair.

The first major resistance could be $68,000 and the 50% Fib retracement level of the downward wave from the $69,970 swing high to the $66,244 low. The next key resistance could be $68,500. A clear move above the $68,500 resistance might send the price higher.

Source: BTCUSD on TradingView.com

In the stated case, the price could rise and test the $69,200 resistance. Any more gains might send BTC toward the $70,000 resistance in the near term.

More Losses In BTC?

If Bitcoin fails to climb above the $67,150 resistance zone, it could start another decline. Immediate support on the downside is near the $66,250 level.

The first major support is $66,000. The next support is now forming near $65,000. Any more losses might send the price toward the $63,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $67,000, followed by $66,000.

Major Resistance Levels – $68,550, and $69,200.

Source: NewsBTC.com

The post Bitcoin Bears Gain Control: Further Drops on the Horizon appeared first on Crypto Breaking News.

The intersection of artificial intelligence (AI) and crypto is poised to unleash a notable wave that could add a staggering $20 trillion to the global gross domestic product (GDP) by 2030, according to a recent report by Bitcoin ETF issuer Bitwise.

The study by analyst Juan Leon highlights the potential magnitude of this synergy, which is expected to surpass current expectations. The annual Consensus conference in Austin further underscored the significance of this trend, with industry experts discussing its wide-ranging implications, from tokenization and regulation to monetary policy and Bitcoin ETFs.

Convergence Of AI And Crypto

According to Bitwise’s analyst, the AI boom led by companies like Nvidia has propelled the market cap of the world’s leading AI chip producer above $3 trillion, making it the second-largest public company globally. 

However, Leon contends that this boom has created “an unprecedented shortage” of data centers, AI chips, and electricity access as the race for AI supremacy intensifies. 

AI companies are turning to Bitcoin miners, who possess the necessary resources—powerful chips, top cooling systems, and supporting infrastructure—to process and store vast amounts of data to address this issue. 

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The report further highlights recent developments, such as CoreWeave’s offer to acquire Core Scientific and their subsequent partnership, exemplify the growing collaboration between miners and AI providers.

For the analyst, the convergence of AI and cryptocurrency opens up longer-term prospects that warrant attention. One such area is information validation, where the accessibility, transparency, and immutability of public blockchains can counter potential AI abuses. 

Startups like Attestiv leverage blockchain technology to create digital fingerprints for videos, enabling verification of their authenticity and combating the prevalence of “deep fakes.” This application can extend to validating research, government communications, and more, offering essential checks and balances on AI-generated content.

The Perfect Pair? 

Another promising intersection, according to Bitwise, lies in the realm of virtual assistants. While AI-powered assistants like Siri and Alexa introduced in Apple devices have become “increasingly versatile,” Leon contends that their capabilities can be further enhanced by integrating them with smart contracts and cryptocurrencies like Bitcoin or stablecoins. 

The analyst points out that this potential integration would enable secure and efficient execution of complex tasks, boosting productivity and expanding the potential of AI-driven virtual assistants.

PwC projects that AI and cryptocurrency could individually contribute $15.7 trillion and $1.8 trillion to the global economy by 2030. However, Leon states that their integration’s “synergistic effects” could result in a compounding effect, potentially driving the combined value to $20 trillion or beyond. 

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Ultimately, the convergence of AI and crypto presents a notable opportunity for global economic growth. With the potential to add $20 trillion to the global GDP by 2030, this “megatrend” promises to reshape industries, addressing challenges in data centers, information validation, and virtual assistant capabilities. 

The 1-D chart shows the total crypto market cap’s valuation recovering the $2.4 trillion level. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

Source: NewsBTC.com

The post Bitwise Forecasts $20 Trillion Boost To Global GDP From Crypto And AI By 2030 appeared first on Crypto Breaking News.

As Bitcoin navigates through 92 days of consolidation, the crypto community watches closely for the next major move. Notably, this extended phase of stability, which is now the longest in Bitcoin’s history, has been seen as the calm before a significant price storm by some crypto analysts.

Crypto analysts like Mags have been particularly vocal about the potential shifts in Bitcoin’s price trajectory, detailing a five-step roadmap that could signal major future gains.

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Bitcoin’s Path Towards Higher Prices

This roadmap, as outlined by Mags, sketches a cycle of breaking past, retreating, and then firmly establishing new support levels above Bitcoin’s all-time high (ATH). So far, the cryptocurrency has reclaimed its previous ATH of 2021, positioning it at a critical juncture that could precede another substantial price rally.

According to Mags, this reclamation stage is critical as it sets the stage for the potential upward trajectory, aligning with historical data suggesting that prolonged consolidations often lead to explosive movements.

Despite the bearish sentiments reflected in the past week’s 6.8% decline and a 4.2% drop over the last 24 hours, bringing Bitcoin to $66,767, analysts remain optimistic about its long-term prospects.

BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Mags emphasizes that the market could witness a significant rally once Bitcoin exits this consolidation range.

#Bitcoin Roadmap for next few months

1) Price breaks out above ATH
2) Price finds support above ATH
3) Price breaks down below ATH
4) Price reclaims the ATH (we are here)
5) Price continues Higher pic.twitter.com/fVOvf0FiW4

— Mags (@thescalpingpro) June 13, 2024

Expert Strategies For Navigating Bitcoin Next Big Leap

Mag’s viewpoint is supported by RektCapital, which notes the importance of synchronization with historical post-halving cycles, suggesting that a premature breakout could shorten the expected bull run.

Gert van Lagen’s recent findings further enrich the analytical perspective. According to van Lagen, the Bitcoin price chart forms a ‘Cup with Handle’ pattern on the 3-day chart, a bullish signal traditionally heralded for its reliability in predicting substantial price increases.

His analysis suggests that Bitcoin could surge to as high as $300,000 if the pattern holds. Van Lagen’s observations have added a layer of technical validation to the optimistic forecasts, reinforcing the sentiment that significant gains could be on the horizon.

In light of recent price actions and historical comparisons, RektCapital offers strategic advice to investors, emphasizing the value of patience and timing in capitalizing on market lows.

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He advocates buying during downturns—a strategy once famously summarized by Baron Rothschild to “buy when there’s blood in the streets,” including one’s own during particularly dire times.

“Buy when there’s blood in the streets…”

Baron Rothschild made a fortune FOMO buying when people panic sold

But the second part of his quote isn’t recited as often

“…even if the blood is your own”

You often have go against yourself to be profitable#BTC #Crypto #Bitcoin

— Rekt Capital (@rektcapital) June 13, 2024

This approach is often echoed across the crypto investment space, where seasoned traders often see dips as opportunities rather than setbacks.

Featured image created with DALL-E, Chart from TradingView

Source: NewsBTC.com

The post Bitcoin’s Breakout Blueprint: Analyst Reveals Roadmap For Imminent Surge appeared first on Crypto Breaking News.

Venture capital firm Paradigm has reportedly raised $850 million for its third fund, supporting early-stage cryptocurrency initiatives led by Coinbase co-founder Fred Ehrsam and ex-Sequoia Capital partner Matt Huang. 

Increased Venture Capital Interest In The Industry

Paradigm’s previous investments include prominent projects like decentralized exchange (DEX) Uniswap and Optimism, a scaling solution for the Ethereum blockchain. 

According to Bloomberg, with the capital raised in the latest funding round, Paradigm aims to contribute to early-stage crypto work and plans to prioritize such projects in the future.

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The latest fundraising comes after Paradigm’s notable achievement in 2021 when it secured a $2.5 billion fund, the largest-ever crypto investment vehicle at that time. 

The current surge in interest and confidence within the venture capital community towards the crypto industry has led to increased funds focused on cryptocurrency strategies.

Paradigm’s fundraising success reflects the growing market appetite for crypto investments. Recent developments, such as the introduction of Bitcoin ETF and the impending approval of ETFs centered around Ethereum, have fueled the industry’s expansion. 

Hivemind Capital Joins Paradigm In Venture Funding Race

Paradigm is not the only venture firm seeking to raise funds within the crypto space. Hivemind Capital, for instance, is actively raising a specialized $50 million non-fungible token (NFT) fund.

Hack VC, which previously announced a $150 million fund, is also exploring opportunities to raise over $100 million for another investment vehicle. These initiatives highlight the increasing interest and confidence in the potential of the crypto industry from venture capitalists.

While Paradigm faced criticism, including temporarily removing cryptocurrency references from its website, the firm rectified the situation and reaffirmed its commitment to the industry. 

Fred Ehrsam transitioned from managing partner to general partner at the firm in October, further solidifying Paradigm’s dedication to fostering crypto innovation.

Despite setbacks, Paradigm continues to support crypto projects actively. Recently, the firm led an investment round in Merkle Manufactory, a company responsible for developing software infrastructure for the Farcaster social media network. 

The funding round valued Merkle Manufactory at approximately $1 billion, underscoring Paradigm’s ongoing belief in the potential and value of the crypto industry.

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Overall, Paradigm’s successful fundraising efforts for its third fund demonstrate investors’ continued interest and confidence in supporting early-stage cryptocurrency projects. 

The daily chart shows the total crypto market cap’s valuation. Source: TOTAL on TradingView.com

In recent months, the crypto industry has experienced a consistent outflow of funds, resulting in a decline in the total market capitalization from its yearly peak of $2.7 trillion to the current level of $2.3 trillion.

The dominant cryptocurrency in the market has been the primary driver of the recent price drops. It is currently valued at $66,700 and has experienced a 3% decrease within the past 24 hours. Similarly, Ethereum has also declined, with its price dropping by 4% to approximately $3,475.

Featured image from DALL-E, chart from TradingView.com 

Source: NewsBTC.com

The post VC Firm Paradigm Secures $850 Million For Crypto Projects In Latest Fundraise appeared first on Crypto Breaking News.

Dogecoin (DOGE) is again in the spotlight as the foremost meme coin could be ready for takeoff. This follows crypto analyst Kevin’s (formerly Yomi OG) analysis of Dogecoin, in which he highlighted an important indicator that has turned bullish for the crypto token. 

Dogecoin Indicator Turns Green For The First Since 2020

Kevin mentioned in an X (formerly Twitter) post that the 12-day time frame on the Gaussian channel just recently flipped green on Dogecoin’s chart for the first time since December 2020. He claimed that this indicates a “potential strong bullish trend” is on the cards for the meme coin in the coming months.

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Kevin added that this indicator has never failed in indicating these trend changes, suggesting that Dogecoin has indeed undergone a bullish reversal. 

Source: X

In another X post, Kevin claimed that Dogecoin has looked much stronger than most altcoins throughout this period, during which the crypto market has continued to bleed and trade sideways. He added that Dogecoin will likely move into the golden pocket at the $0.26 to $0.33 range if it can stay above the Macro 0.382 FIB and the blue support zone on the weekly time frame. 

Source: X

Kevin also provided another bullish narrative for Dogecoin in another X post. Looking at the four-hour time frame chart, he highlighted a deviation back into the larger symmetrical triangle, which he claimed is a “bullish sign.” He stated that Dogecoin getting back above key moving averages will be important. He also added that he expects the foremost meme coin to test the $0.175 price level at some point, as there is a lot of liquidity in that price range.

Source: X

The crypto analyst also hammered on liquidity at that price area. He claimed there is a “very big block of liquidity” at the $0.175 level, looking at the 3-month time frame. Additionally, he said that most of the liquidity beyond that level is between the $0.20 to $0.23 range. This is bullish for Dogecoin, as Kevin noted that market makers like to move where the liquidity is, and it is definitely higher for Dogecoin at the moment. 

DOGE’s Next Move

Crypto analyst CrediBULL Crypto recently mentioned that Dogecoin has reached a ‘make it or break it’ level. He, however, seemed confident that Dogecoin could experience an upward trend from its current price level, noting that the meme coin had reached this ‘make it or break it’ level when Bitcoin hit its range lows. As such, he expects Dogecoin to enjoy a price rebound if the flagship crypto experiences a bullish reversal. 

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Meanwhile, crypto analyst Crypto Daily has made a short-term bullish forecast for DOGE. He predicted that Dogecoin would rise to between $0.33 and $0.35 soon. The analyst added that a daily close above $0.18308 could lead to further gains up to $0.57 for Dogecoin. 

DOGE price below $0.15 | Source: DOGEUSDT on Tradingview.com

Source: NewsBTC.com

The post DOGE To The Moon: This Dogecoin Metric Just Turned Bullish For The First Time Since 2020 appeared first on Crypto Breaking News.

Lido Finance, the liquid staking protocol for the Ethereum (ETH) network, has experienced significant price declines over the past two weeks, largely influenced by the market’s downtrend and the lack of bullish momentum. However, a notable breakout could be in the making for the protocol’s native token, LDO, despite negative financial metrics. 

Lido And Mellow Finance’s Partnership

Despite the challenging market conditions, Lido has made notable strides within its ecosystem. Collaborating with Mellow Finance as part of the Lido Alliance, the protocol has introduced advanced decentralized finance (DeFi) strategies for stETH holders. 

These strategies aim to leverage Mellow Finance’s permissionless Liquid Restaking Token (LRT) creation, enabling stETH holders to maximize asset utility through decentralized restaking and accumulating various rewards. 

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The newly launched vaults also aim to secure and flexible means for engaging with Ethereum staking and DeFi, increasing the liquidity and utility of stETH. 

This partnership marks the initial phase of the Lido Alliance’s efforts to expand the Ethereum staking ecosystem through strategic collaborations with aligned projects. However, key metrics indicate a decline in the price of LDO, potentially following the footsteps of Ethereum, which has also seen a drop to $3,480 from its March peak of $3,990. 

Negative Financial Metrics

Lido’s Total Value Locked (TVL) experienced a 1.70% decrease, amounting to $35.39 billion, primarily influenced by ETH’s price decline. 

The amount of ETH staked witnessed a mild increase of 0.26%, with a net increase of 19,392 ETH staked over the past week. Similarly, the quantity of (w)stETH in lending pools saw a moderate increase of 1.46%, reaching 2.66 million stETH, while the amount of w(stETH) in liquidity pools decreased by 3.13% to 89.3k stETH. 

Moreover, the 7-day trading volume for (w)stETH stood at $1.03 billion, down by 19.7% compared to the previous week. Additionally, the total amount of wstETH bridged to Layer 2 solutions decreased by 2.86% to 136,893 wstETH.

Analyzing the bridging statistics, the distribution of wstETH among various Layer 2 networks is as follows:

Arbitrum: 69,676 wstETH (-6.07%)

Optimism: 28,906 wstETH (+0.44%)

Base: 15,429 wstETH (-6.35%)

Scroll: 10,329 wstETH (+9.48%)

Polygon: 8,522 wstETH (+0.07%)

Linea: 2,928 wstETH (+20.59%)

zkSync: 1,093 wstETH (-0.49%)

LDO Price Targets Ranging From $6 To $17

Despite these metrics, crypto analyst Alex Clay remains optimistic about LDO’s future. Clay recently shared bullish predictions for LDO, envisioning significant breakouts if the bullish momentum resumes. 

In a recent post on social media site X, Clay emphasized LDO’s 756 days of ascending accumulation, suggesting a potentially “massive breakout.” The analyst further outlined exciting price targets for bullish investors, ranging from $6.3 to $17.2.

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LDO is trading at $1.88, representing a 3.5% decrease within the 24-hour timeframe and a decline of over 20% in the past two weeks. Notably, the token has witnessed a 74% decrease from its all-time high of $7.30 in June 2021.

The 1-D chart shows LDO’s price drop below the $2 milestone. Source: LDOUSD on TradingView.com

It remains to be seen whether positive developments within the Lido protocol and increased staking activity can help mitigate the losses. Additionally, Ethereum’s potential price recovery may impact LDO’s trajectory, potentially leading to a new uptrend aimed at reclaiming previously lost levels.

Featured image from DALL-E, chart from TradingView.com

Source: NewsBTC.com

The post Lido (LDO) Poised For Explosive Surge To $17, Expert Forecasts ‘Massive Breakout’ appeared first on Crypto Breaking News.

Anchorage Digital is the only crypto bank currently chartered by the Office of the Comptroller of the Currency (OCC). Other institutions, including Paxos and Protego, have attempted to receive a full charter from the OCC but have failed to move past the provisional charter hurdle. With the boom of institutional interest in crypto spurred by the approval of spot Bitcoin exchange-traded funds (ETFs), Anchorage Digital’s business is growing, a company spokesperson said.

Source: CoinDesk

The post Former Goldman Sachs Exec Joins Anchorage Digital’s Board of Directors appeared first on Crypto Breaking News.