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Why Is The Shiba Inu Price Crashing Today?
With the Bitcoin price crash over the weekend, the prices of other cryptocurrencies such as Shiba Inu have followed sharply. The result of this has been a double-digit price crash for Shiba Inu, alongside other altcoins. Naturally, the rapid decline has raised questions, with industry stakeholders wondering what is driving this massive crash.
Shiba Inu Price Crash Is Following Bitcoin
The Shiba Inu price crash being experienced today is not a result of a single event occurring for the meme coin. Rather, it is linked to a further market-wide crash that began with the Bitcoin price first falling below $60,000 and eventually breaking $50,000 on Monday. Therefore, to get the real reason behind the Shiba Inu price crash, we must look at the reason driving the Bitcoin crash.
So far, Bitcoin, and the broader crypto market, has been responding to major events happening around the world. These are outline by pro trader Adam Khoo in an X (formerly Twitter) post, revealing a much deeper reason for the decline.
One of these major events is the decline in the Japanese stock market, which is seeing its largest single-day decline since 1987. As Khoo outlined, traders on the Japanese stock exchange had borrowed the Japanese Yen at low interest rates to convert to United States Dollar, which is, in turn, used to buy US stocks for a larger gain.
This strategy has worked for the trader as Yen’s interest rates remained low. However, the Japanese government raised interest rates, meaning that these traders were now dealing with massive losses as the Yen strengthened against the US dollar.
The result of this is a large sell-off as traders scramble to pay back their loans while taking huge losses in the process. Naturally, this led to a decline in US stocks and the likes of Bitcoin and Shiba Inu have been reacting to this market decline.
The sharp rise in the JPY/USD is causing a massive unwind of Yen carry trade positions and contributing to the sharp decline in US stocks. For those who do not understand how this works, a brief explanation
1) Many traders were borrowing Jap Yen (JPY) at low interest rates,… pic.twitter.com/sfi0Hva56M
— Adam Khoo (@adamkhootrader) August 5, 2024
Not only this, other major events such as war escalation in the Middle East, as well as the US presidential elections having no clear winner yet, has driven prices down further. With fear and panic spreading, more investors are selling, causing an already deep decline to depend further.
However, while investors in assets such as Shiba Inu panic, the crypto trader does not believe that it is all bad. According to him, this is a great time to “take advantage of temporary mis-pricing caused by short term crisis.”
Presently, the Shiba Inu price is sitting at $0.00001111 – its lowest level in six months. Going by the trader’s sentiment, this could be a good time to get into coins such as Shiba Inu, as a rebound from here could lead to new all-time highs.
Source: NewsBTC.com
The post Why Is The Shiba Inu Price Crashing Today? appeared first on Crypto Breaking News.
Shiba Inu Price Crash Is Following Bitcoin
The Shiba Inu price crash being experienced today is not a result of a single event occurring for the meme coin. Rather, it is linked to a further market-wide crash that began with the Bitcoin price first falling below $60,000 and eventually breaking $50,000 on Monday. Therefore, to get the real reason behind the Shiba Inu price crash, we must look at the reason driving the Bitcoin crash.
So far, Bitcoin, and the broader crypto market, has been responding to major events happening around the world. These are outline by pro trader Adam Khoo in an X (formerly Twitter) post, revealing a much deeper reason for the decline.
One of these major events is the decline in the Japanese stock market, which is seeing its largest single-day decline since 1987. As Khoo outlined, traders on the Japanese stock exchange had borrowed the Japanese Yen at low interest rates to convert to United States Dollar, which is, in turn, used to buy US stocks for a larger gain.
This strategy has worked for the trader as Yen’s interest rates remained low. However, the Japanese government raised interest rates, meaning that these traders were now dealing with massive losses as the Yen strengthened against the US dollar.
The result of this is a large sell-off as traders scramble to pay back their loans while taking huge losses in the process. Naturally, this led to a decline in US stocks and the likes of Bitcoin and Shiba Inu have been reacting to this market decline.
The sharp rise in the JPY/USD is causing a massive unwind of Yen carry trade positions and contributing to the sharp decline in US stocks. For those who do not understand how this works, a brief explanation
1) Many traders were borrowing Jap Yen (JPY) at low interest rates,… pic.twitter.com/sfi0Hva56M
— Adam Khoo (@adamkhootrader) August 5, 2024
Not only this, other major events such as war escalation in the Middle East, as well as the US presidential elections having no clear winner yet, has driven prices down further. With fear and panic spreading, more investors are selling, causing an already deep decline to depend further.
However, while investors in assets such as Shiba Inu panic, the crypto trader does not believe that it is all bad. According to him, this is a great time to “take advantage of temporary mis-pricing caused by short term crisis.”
Presently, the Shiba Inu price is sitting at $0.00001111 – its lowest level in six months. Going by the trader’s sentiment, this could be a good time to get into coins such as Shiba Inu, as a rebound from here could lead to new all-time highs.
Source: NewsBTC.com
The post Why Is The Shiba Inu Price Crashing Today? appeared first on Crypto Breaking News.
Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000?
The Relative Strength Index (RSI) is an important indicator for any cryptocurrency, and Bitcoin is no different. Given that the pioneer cryptocurrency has been around the longest, the abundance of data makes it possible to use this indicator in an attempt to pinpoint where the price might be headed next. This time around, the indicator is turning bearish, which means that the Bitcoin price could be headed toward further decline from here.
Analyst Says RSI Is Turning Bearish For Bitcoin
Crypto analyst Alan Santana took to the TradingView website to share a bearish development for the Bitcoin price. The analysis, which focused on the Relative Strength Index (RSI), shows a continuation of the bearish trend as Bitcoin is poised to fall further.
The crypto analyst, using the Bitcoin weekly chart, shows that the RSI is actually flashing a 3-year long bearish divergence. This is backed up by the RSI chart which showed a continuous decline over the the year 2024 after reaching a local peak at the start of the year.
Bitcoin’s RSI has declined around 42% since the year began, going from as high as 88 to 50.6 at the time of the analysis. However, Alan Santana uses a longer timeframe from 2021 to 2024, showing a bearish divergence in this indicator.
This bearish divergence has emerged as the RSI indicator presented a lower high in 2024 compared to the 95 peak of 2021. According to the analyst, this means that the RSI indicator is now turning bearish for the first time since August 2023. This makes it the most bearish that the Bitcoin indicator has become in one year.
How Low Will The BTC Price Drop?
At the time of the analysis, the Bitcoin price had already seen a brutal drop from $70,000 to below $60,000 before a small recovery at the time of the writing. However, the crypto analyst does not believe this is the end and warns investors to expect further decline.
Going by the chart, Alan Santana expects that the Bitcoin price will fall over 20% from here once more. This would mean a price decline below $50,000. The crypto analyst puts the bottom of this decline at around $44,000.
If this forecast were to materialize, it would mean the price would revisit the $40,000 level for the first time since January 2024. However, it is not all bad news as the crypto analyst explains that “This, and other signals, is telling us that there is room for lower prices; much lower, before we experience new highs and boom growth.”
Source: NewsBTC.com
The post Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000? appeared first on Crypto Breaking News.
Analyst Says RSI Is Turning Bearish For Bitcoin
Crypto analyst Alan Santana took to the TradingView website to share a bearish development for the Bitcoin price. The analysis, which focused on the Relative Strength Index (RSI), shows a continuation of the bearish trend as Bitcoin is poised to fall further.
The crypto analyst, using the Bitcoin weekly chart, shows that the RSI is actually flashing a 3-year long bearish divergence. This is backed up by the RSI chart which showed a continuous decline over the the year 2024 after reaching a local peak at the start of the year.
Bitcoin’s RSI has declined around 42% since the year began, going from as high as 88 to 50.6 at the time of the analysis. However, Alan Santana uses a longer timeframe from 2021 to 2024, showing a bearish divergence in this indicator.
This bearish divergence has emerged as the RSI indicator presented a lower high in 2024 compared to the 95 peak of 2021. According to the analyst, this means that the RSI indicator is now turning bearish for the first time since August 2023. This makes it the most bearish that the Bitcoin indicator has become in one year.
How Low Will The BTC Price Drop?
At the time of the analysis, the Bitcoin price had already seen a brutal drop from $70,000 to below $60,000 before a small recovery at the time of the writing. However, the crypto analyst does not believe this is the end and warns investors to expect further decline.
Going by the chart, Alan Santana expects that the Bitcoin price will fall over 20% from here once more. This would mean a price decline below $50,000. The crypto analyst puts the bottom of this decline at around $44,000.
If this forecast were to materialize, it would mean the price would revisit the $40,000 level for the first time since January 2024. However, it is not all bad news as the crypto analyst explains that “This, and other signals, is telling us that there is room for lower prices; much lower, before we experience new highs and boom growth.”
Source: NewsBTC.com
The post Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000? appeared first on Crypto Breaking News.
Chainlink: Market Panic Shaves 23% Off LINK Price – Details
Chainlink suffers losses as the token continues to follow the broader market wave of bearish pressure. According to Coingecko, the token is down 23% in the past 24 hours, representing a significant wipe in value after the price stabilized in the $13 to $14 price range.
The crypto market continues to be influenced by outside forces in the short to medium term, with the anxieties of private equity bleeding into the crypto market turning the correction into an absolute bloodbath.
What’s In It for Chainlink?
LINK’s niche of capturing and streaming price feed data to partners has been shaken by the recent groundbreaking market movements that have shown that the token fails to capture any value.
In a recent X post detailing recent developments that may affect the crypto world, supporters of Chainlink left comments that show their skepticism of its relevance to the LINK token.
Capital markets news: Mercedes, Siemens, and other major German enterprises test commercial bank money tokens (CBMT).
“Robots could be paid automatically for the work they perform for other companies or customers with the help of tokens,” noted the Proof of Concept (PoC).… pic.twitter.com/KqhV5CcNAh
— Chainlink (@chainlink) August 2, 2024
“What does any of this have to do with the $Link token? The token is what funded you guys from the very beginning to [the] present day. How is it capturing value?” a user on X said in their comment.
What does any of this have to do with the $Link token? The token is what funded you guys from the very beginning to present day. How is it capturing value?
— TT & FUD Farmer (@TTLinkie3299) August 2, 2024
Despite the skepticism of the follower base in Chainlink, the organization continues to receive positive news at the start of the month. Last week, Concero, a blockchain infrastructure platform, announced its selection of Chainlink’s CCIP for “secure cross-chain interoperability.”
Concero also joined Chainlink Build, a partnership program that grants them enhanced access to Chainlink services which guarantees the quality of the data stream they’ll receive.
Another addition to the Chainlink Build family is Rivalz AI, the “first AI intel layer”, which will help the latter in the security of its AI-driven data network. Since the Build program is a two-way street, Rivalz made 3% of its token supply available to Chainlink stakers and providers which is an enticing offer to would-be stakers on Chainlink.
However, sell pressure continues to plague LINK completely negating the attractiveness of the new additions to Chainlink’s growing Build program.
The platform also suffered a massive outflow of staked crypto. According to DeFiLlama, Chainlink suffered a 20% decrease in total value locked (TVL).
More Losses In The Short To Medium Term For LINK
At its current position, LINK will continue to face losses if the token falls well beyond its October 2023 level.
LINK bulls should keep defending the $8.3 support as this will enable them to secure better positions in the long term. However, the current environment of anxiety and fear will hinder efforts to retake lost ground.
Investors and traders should then exercise caution as the market might follow the downward spiral that started with the correction phase that started last week.
Featured image from Pixabay, chart from TradingView
Source: NewsBTC.com
The post Chainlink: Market Panic Shaves 23% Off LINK Price – Details appeared first on Crypto Breaking News.
The crypto market continues to be influenced by outside forces in the short to medium term, with the anxieties of private equity bleeding into the crypto market turning the correction into an absolute bloodbath.
What’s In It for Chainlink?
LINK’s niche of capturing and streaming price feed data to partners has been shaken by the recent groundbreaking market movements that have shown that the token fails to capture any value.
In a recent X post detailing recent developments that may affect the crypto world, supporters of Chainlink left comments that show their skepticism of its relevance to the LINK token.
Capital markets news: Mercedes, Siemens, and other major German enterprises test commercial bank money tokens (CBMT).
“Robots could be paid automatically for the work they perform for other companies or customers with the help of tokens,” noted the Proof of Concept (PoC).… pic.twitter.com/KqhV5CcNAh
— Chainlink (@chainlink) August 2, 2024
“What does any of this have to do with the $Link token? The token is what funded you guys from the very beginning to [the] present day. How is it capturing value?” a user on X said in their comment.
What does any of this have to do with the $Link token? The token is what funded you guys from the very beginning to present day. How is it capturing value?
— TT & FUD Farmer (@TTLinkie3299) August 2, 2024
Despite the skepticism of the follower base in Chainlink, the organization continues to receive positive news at the start of the month. Last week, Concero, a blockchain infrastructure platform, announced its selection of Chainlink’s CCIP for “secure cross-chain interoperability.”
Concero also joined Chainlink Build, a partnership program that grants them enhanced access to Chainlink services which guarantees the quality of the data stream they’ll receive.
Another addition to the Chainlink Build family is Rivalz AI, the “first AI intel layer”, which will help the latter in the security of its AI-driven data network. Since the Build program is a two-way street, Rivalz made 3% of its token supply available to Chainlink stakers and providers which is an enticing offer to would-be stakers on Chainlink.
However, sell pressure continues to plague LINK completely negating the attractiveness of the new additions to Chainlink’s growing Build program.
The platform also suffered a massive outflow of staked crypto. According to DeFiLlama, Chainlink suffered a 20% decrease in total value locked (TVL).
More Losses In The Short To Medium Term For LINK
At its current position, LINK will continue to face losses if the token falls well beyond its October 2023 level.
LINK bulls should keep defending the $8.3 support as this will enable them to secure better positions in the long term. However, the current environment of anxiety and fear will hinder efforts to retake lost ground.
Investors and traders should then exercise caution as the market might follow the downward spiral that started with the correction phase that started last week.
Featured image from Pixabay, chart from TradingView
Source: NewsBTC.com
The post Chainlink: Market Panic Shaves 23% Off LINK Price – Details appeared first on Crypto Breaking News.
Solana (SOL) Whales Split Their Current Bag With Mpeppe (MPEPE)
Recently, a noteworthy trend has emerged: whales are diversifying their portfolios by allocating a portion of their assets into Mpeppe (MPEPE). This strategic move highlights the growing excitement around Mpeppe (MPEPE) and its potential to disrupt the crypto landscape. Here’s a deep dive into why Solana (SOL) whales are making this shift and what it means for the future of both cryptocurrencies.
Solana (SOL) Whales: A Profile of Strategic Investors
Who Are the Solana (SOL) Whales?
Solana (SOL) whales are high-net-worth individuals or institutional investors who hold substantial amounts of SOL. These investors typically have significant influence over the market due to the sheer volume of assets they control. Their investment decisions can create ripples across the crypto space, making their choices a key indicator of market trends.
Why Diversification Matters
Diversification is a fundamental strategy in investment, designed to mitigate risk and enhance potential returns. For Solana (SOL) whales, diversifying into new assets like Mpeppe (MPEPE) is a way to spread risk and capitalize on emerging opportunities. By allocating funds into Mpeppe (MPEPE), these investors are not only protecting their portfolios but also positioning themselves to benefit from potential high returns.
What Is Mpeppe (MPEPE)?
Mpeppe (MPEPE) is a relatively new entrant in the cryptocurrency market that combines the elements of meme culture with decentralized finance (De-Fi) protocols. Currently priced at $0.00107, Mpeppe (MPEPE) has captured the interest of investors due to its innovative approach and integration with the broader De-Fi ecosystem.
Unique Features of Mpeppe
Mpeppe (MPEPE) stands out for its unique blend of sports fandom and blockchain technology. The token aims to leverage meme culture’s viral nature and merge it with advanced De-Fi features such as yield farming, liquidity mining, and decentralized governance. This combination not only enhances its appeal but also provides substantial utility for its users.
Why Solana (SOL) Whales Are Investing in Mpeppe
Solana whales are investing in Mpeppe (MPEPE) due to its potential for significant returns and innovative approach. The token integrates De-Fi protocols, offering services like lending and yield farming, aligning with De-Fi trends. Mpeppe’s unique positioning in meme culture and sports resonates with a broad audience, offering an opportunity to reshape the meme coin and De-Fi landscape.
The Impact on Both Cryptocurrencies
Solana (SOL)’s Resilience and Growth
Solana (SOL)’s ongoing resilience amidst market volatility remains a cornerstone of its investment appeal. The network’s technological advancements and ability to handle high transaction volumes continue to solidify its position as a leading blockchain platform. By diversifying into Mpeppe, Solana (SOL) whales are not abandoning their primary investment but rather complementing it with high-growth potential assets.
Mpeppe’s Path to Prominence
For Mpeppe (MPEPE) , gaining attention from Solana (SOL) whales is a significant endorsement. The influx of investment from influential players boosts its credibility and can accelerate its growth trajectory. As Mpeppe (MPEPE) continues to develop its De-Fi features and expand its user base, the support from established investors could play a crucial role in its success.
Conclusion: Strategic Moves and Future Prospects
Solana (SOL) whales have decided to diversify into Mpeppe (MPEPE), a new crypto token, indicating a trend of strategic investment and diversification. This move aims to benefit from potential high returns and innovation. As Mpeppe (MPEPE) develops, prominent investors’ involvement will likely enhance its market presence and growth prospects, providing valuable insights into future investment opportunities and market trends.
For more information on the Mpeppe (MPEPE) Presale:
Visit Mpeppe (MPEPE)
Join and become a community member:
https://t.me/mpeppecoin
https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
Source: NewsBTC.com
The post Solana (SOL) Whales Split Their Current Bag With Mpeppe (MPEPE) appeared first on Crypto Breaking News.
Solana (SOL) Whales: A Profile of Strategic Investors
Who Are the Solana (SOL) Whales?
Solana (SOL) whales are high-net-worth individuals or institutional investors who hold substantial amounts of SOL. These investors typically have significant influence over the market due to the sheer volume of assets they control. Their investment decisions can create ripples across the crypto space, making their choices a key indicator of market trends.
Why Diversification Matters
Diversification is a fundamental strategy in investment, designed to mitigate risk and enhance potential returns. For Solana (SOL) whales, diversifying into new assets like Mpeppe (MPEPE) is a way to spread risk and capitalize on emerging opportunities. By allocating funds into Mpeppe (MPEPE), these investors are not only protecting their portfolios but also positioning themselves to benefit from potential high returns.
What Is Mpeppe (MPEPE)?
Mpeppe (MPEPE) is a relatively new entrant in the cryptocurrency market that combines the elements of meme culture with decentralized finance (De-Fi) protocols. Currently priced at $0.00107, Mpeppe (MPEPE) has captured the interest of investors due to its innovative approach and integration with the broader De-Fi ecosystem.
Unique Features of Mpeppe
Mpeppe (MPEPE) stands out for its unique blend of sports fandom and blockchain technology. The token aims to leverage meme culture’s viral nature and merge it with advanced De-Fi features such as yield farming, liquidity mining, and decentralized governance. This combination not only enhances its appeal but also provides substantial utility for its users.
Why Solana (SOL) Whales Are Investing in Mpeppe
Solana whales are investing in Mpeppe (MPEPE) due to its potential for significant returns and innovative approach. The token integrates De-Fi protocols, offering services like lending and yield farming, aligning with De-Fi trends. Mpeppe’s unique positioning in meme culture and sports resonates with a broad audience, offering an opportunity to reshape the meme coin and De-Fi landscape.
The Impact on Both Cryptocurrencies
Solana (SOL)’s Resilience and Growth
Solana (SOL)’s ongoing resilience amidst market volatility remains a cornerstone of its investment appeal. The network’s technological advancements and ability to handle high transaction volumes continue to solidify its position as a leading blockchain platform. By diversifying into Mpeppe, Solana (SOL) whales are not abandoning their primary investment but rather complementing it with high-growth potential assets.
Mpeppe’s Path to Prominence
For Mpeppe (MPEPE) , gaining attention from Solana (SOL) whales is a significant endorsement. The influx of investment from influential players boosts its credibility and can accelerate its growth trajectory. As Mpeppe (MPEPE) continues to develop its De-Fi features and expand its user base, the support from established investors could play a crucial role in its success.
Conclusion: Strategic Moves and Future Prospects
Solana (SOL) whales have decided to diversify into Mpeppe (MPEPE), a new crypto token, indicating a trend of strategic investment and diversification. This move aims to benefit from potential high returns and innovation. As Mpeppe (MPEPE) develops, prominent investors’ involvement will likely enhance its market presence and growth prospects, providing valuable insights into future investment opportunities and market trends.
For more information on the Mpeppe (MPEPE) Presale:
Visit Mpeppe (MPEPE)
Join and become a community member:
https://t.me/mpeppecoin
https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
Source: NewsBTC.com
The post Solana (SOL) Whales Split Their Current Bag With Mpeppe (MPEPE) appeared first on Crypto Breaking News.
Shiba Inu (SHIB) Army Invests Heavily in Mpeppe (MPEPE) Token
In a striking move that has captured the attention of the cryptocurrency community, the Shiba Inu (SHIB) army has recently made significant investments in the Mpeppe (MPEPE) token. This surge of support from one of the most influential communities in the crypto space has led to a substantial increase in Mpeppe (MPEPE)’s market value and visibility. Here’s an in-depth look at the recent developments and what they mean for both tokens.
The Shiba Inu (SHIB) Army: A Powerhouse of Influence
Who Makes Up the Shiba Inu (SHIB) Army?
The Shiba Inu (SHIB) army refers to the passionate and dedicated community of investors and supporters behind the Shiba Inu (SHIB) token. Known for their active presence on social media, forums, and crypto news platforms, this community has demonstrated an impressive ability to mobilize and generate momentum for projects they endorse. Their influence is a key factor in driving the success of the tokens they support.
The Significance of Community Endorsement
The Shiba Inu (SHIB) army’s endorsement is a powerful endorsement due to their established track record of influencing market trends. When this community backs a new project, it often results in increased visibility, higher trading volumes, and substantial price movements. This makes their investment decisions particularly impactful within the crypto space.
Recent Surge in Value
Mpeppe (MPEPE) is a newly emerging token in the cryptocurrency market that blends meme culture with advanced blockchain functionalities. Priced at $0.00107, Mpeppe (MPEPE) combines elements of sports fandom and decentralized finance (De-Fi) to create a unique value proposition. The token’s integration with De-Fi features such as yield farming, liquidity mining, and decentralized governance enhances its appeal and functionality.
The influx of investment from the Shiba Inu (SHIB) army has significantly boosted Mpeppe (MPEPE)’s market value. Since the Shiba Inu (SHIB) community’s substantial investment, Mpeppe (MPEPE) has experienced a notable increase in trading volume and price. This surge reflects the strong market confidence and enthusiasm driven by the endorsement of a major cryptocurrency community.
Why the Shiba Inu (SHIB) Army Chose Mpeppe
Alignment with Meme Culture
Mpeppe (MPEPE)’s alignment with meme culture and its innovative approach have made it an attractive investment for the Shiba Inu (SHIB) army. The token’s light-hearted nature, combined with its serious blockchain applications, resonates with the meme-centric ethos of the Shiba Inu (SHIB) community. This synergy makes Mpeppe (MPEPE) a natural choice for those looking to diversify their investments within the meme coin space.
Potential for High Returns
Investors in the Shiba Inu (SHIB) army are known for their appetite for high-risk, high-reward opportunities. Mpeppe (MPEPE)’s potential for substantial growth aligns with this investment strategy. With its current low price point and high growth potential, Mpeppe (MPEPE) represents a compelling opportunity for those seeking to capitalize on emerging trends in the crypto market.
Conclusion: The Power of Community-Driven Investment
Shiba Inu (SHIB)’s significant investment in Mpeppe (MPEPE) underscores the significant impact of community endorsement on a cryptocurrency’s success. This surge in support has elevated Mpeppe (MPEPE)’s market position and emphasized the role of dedicated crypto communities in driving market trends. This dynamic will be crucial for the future of both tokens, highlighting the power of community influence and potential opportunities in the cryptocurrency market.
For more information on the Mpeppe (MPEPE) Presale:
Visit Mpeppe (MPEPE)
Join and become a community member:
https://t.me/mpeppecoin
https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
Source: NewsBTC.com
The post Shiba Inu (SHIB) Army Invests Heavily in Mpeppe (MPEPE) Token appeared first on Crypto Breaking News.
The Shiba Inu (SHIB) Army: A Powerhouse of Influence
Who Makes Up the Shiba Inu (SHIB) Army?
The Shiba Inu (SHIB) army refers to the passionate and dedicated community of investors and supporters behind the Shiba Inu (SHIB) token. Known for their active presence on social media, forums, and crypto news platforms, this community has demonstrated an impressive ability to mobilize and generate momentum for projects they endorse. Their influence is a key factor in driving the success of the tokens they support.
The Significance of Community Endorsement
The Shiba Inu (SHIB) army’s endorsement is a powerful endorsement due to their established track record of influencing market trends. When this community backs a new project, it often results in increased visibility, higher trading volumes, and substantial price movements. This makes their investment decisions particularly impactful within the crypto space.
Recent Surge in Value
Mpeppe (MPEPE) is a newly emerging token in the cryptocurrency market that blends meme culture with advanced blockchain functionalities. Priced at $0.00107, Mpeppe (MPEPE) combines elements of sports fandom and decentralized finance (De-Fi) to create a unique value proposition. The token’s integration with De-Fi features such as yield farming, liquidity mining, and decentralized governance enhances its appeal and functionality.
The influx of investment from the Shiba Inu (SHIB) army has significantly boosted Mpeppe (MPEPE)’s market value. Since the Shiba Inu (SHIB) community’s substantial investment, Mpeppe (MPEPE) has experienced a notable increase in trading volume and price. This surge reflects the strong market confidence and enthusiasm driven by the endorsement of a major cryptocurrency community.
Why the Shiba Inu (SHIB) Army Chose Mpeppe
Alignment with Meme Culture
Mpeppe (MPEPE)’s alignment with meme culture and its innovative approach have made it an attractive investment for the Shiba Inu (SHIB) army. The token’s light-hearted nature, combined with its serious blockchain applications, resonates with the meme-centric ethos of the Shiba Inu (SHIB) community. This synergy makes Mpeppe (MPEPE) a natural choice for those looking to diversify their investments within the meme coin space.
Potential for High Returns
Investors in the Shiba Inu (SHIB) army are known for their appetite for high-risk, high-reward opportunities. Mpeppe (MPEPE)’s potential for substantial growth aligns with this investment strategy. With its current low price point and high growth potential, Mpeppe (MPEPE) represents a compelling opportunity for those seeking to capitalize on emerging trends in the crypto market.
Conclusion: The Power of Community-Driven Investment
Shiba Inu (SHIB)’s significant investment in Mpeppe (MPEPE) underscores the significant impact of community endorsement on a cryptocurrency’s success. This surge in support has elevated Mpeppe (MPEPE)’s market position and emphasized the role of dedicated crypto communities in driving market trends. This dynamic will be crucial for the future of both tokens, highlighting the power of community influence and potential opportunities in the cryptocurrency market.
For more information on the Mpeppe (MPEPE) Presale:
Visit Mpeppe (MPEPE)
Join and become a community member:
https://t.me/mpeppecoin
https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
Source: NewsBTC.com
The post Shiba Inu (SHIB) Army Invests Heavily in Mpeppe (MPEPE) Token appeared first on Crypto Breaking News.
Ethereum ETFs Struggles To Have a Positive Impact On Price, Whilst Investors Purchase Now Crypto ...
The recent performance of Ethereum (ETH) and the emergence of new tokens like Mpeppe (MPEPE) are capturing the attention of investors. While Ethereum (ETH) ETFs have yet to produce the anticipated boost in price, Mpeppe (MPEPE) is gaining traction as an intriguing investment opportunity. Here’s why investors are shifting their focus to Mpeppe (MPEPE) at its current price of $0.00107, despite the challenges faced by Ethereum (ETH) ETFs.
Ethereum ETFs: A Disappointing Performance
The Promise of Ethereum ETFs
Ethereum (ETH) ETFs (Exchange-Traded Funds) were initially hailed as a breakthrough for cryptocurrency investments. They promised to provide traditional investors with easier access to Ethereum (ETH), leveraging the security and regulatory framework of traditional financial products. The expectation was that these ETFs would drive up Ethereum (ETH)’s price by bringing in institutional and retail investors who previously hesitated to enter the crypto market.
The Reality of Market Impact
Despite the initial excitement, Ethereum ETFs have struggled to make a significant impact on the price of Ethereum (ETH). Several factors contribute to this underwhelming performance:
– Market Saturation: Ethereum (ETH) has been available on numerous exchanges and trading platforms for years. The introduction of ETFs may not have brought the fresh demand anticipated due to the already established market presence of Ethereum (ETH).
– Regulatory Uncertainty: Ongoing regulatory concerns and uncertainties surrounding the broader cryptocurrency market can dampen investor enthusiasm, making it challenging for ETFs to perform as expected.
– Market Sentiment: Broader market conditions and sentiment often play a crucial role in price movements. With the volatility and uncertainties in the crypto space, the influence of ETFs on Ethereum (ETH)’s price has been limited.
Investors Turning to Mpeppe (MPEPE)
Amidst the struggles of Ethereum ETFs, Mpeppe (MPEPE) is emerging as a promising investment alternative. Currently priced at $0.00107, Mpeppe is gaining attention for several reasons:
– Innovative Approach: Mpeppe (MPEPE) blends the excitement of meme culture with the robust capabilities of decentralized finance (De-Fi). This unique combination sets it apart from more traditional crypto assets and attracts investors looking for fresh opportunities.
– Community and Purpose: Mpeppe (MPEPE) is not just another token. It aims to foster a global community that celebrates soccer and leverages blockchain technology for real-world impact. This focus on community building and strategic planning resonates with investors who value both financial growth and social impact.
The Strategic Shift: Why Now is the Time for Mpeppe
Market Dynamics and Investor Sentiment
In light of Ethereum ETFs’ struggles and the evolving dynamics of the crypto market, investors are increasingly looking for assets with potential for substantial growth and innovative features. Mpeppe (MPEPE) offers a compelling case due to its novel approach and strong community focus.
Value Proposition at $0.00107
Mpeppe (MPEPE)’s current price of $0.00107 presents a unique entry point for investors. The token’s low price, combined with its De-Fi capabilities and community-driven approach, makes it an attractive option for those seeking high-growth potential in the crypto space.
Conclusion: Navigating the Crypto Landscape
Mpeppe (MPEPE) is a promising alternative to Ethereum ETFs due to its innovative De-Fi protocol integration, strong community focus, and attractive pricing. Diversifying investment strategies and exploring new opportunities like Mpeppe (MPEPE) can provide significant returns in the evolving cryptocurrency market. Keeping an eye on emerging trends and asset value propositions is crucial for navigating the dynamic world of crypto investing.
For more information on the Mpeppe (MPEPE) Presale:
Visit Mpeppe (MPEPE)
Join and become a community member:
https://t.me/mpeppecoin
https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
Source: NewsBTC.com
The post Ethereum ETFs Struggles To Have a Positive Impact On Price, Whilst Investors Purchase Now Crypto at $0.00107 appeared first on Crypto Breaking News.
Ethereum ETFs: A Disappointing Performance
The Promise of Ethereum ETFs
Ethereum (ETH) ETFs (Exchange-Traded Funds) were initially hailed as a breakthrough for cryptocurrency investments. They promised to provide traditional investors with easier access to Ethereum (ETH), leveraging the security and regulatory framework of traditional financial products. The expectation was that these ETFs would drive up Ethereum (ETH)’s price by bringing in institutional and retail investors who previously hesitated to enter the crypto market.
The Reality of Market Impact
Despite the initial excitement, Ethereum ETFs have struggled to make a significant impact on the price of Ethereum (ETH). Several factors contribute to this underwhelming performance:
– Market Saturation: Ethereum (ETH) has been available on numerous exchanges and trading platforms for years. The introduction of ETFs may not have brought the fresh demand anticipated due to the already established market presence of Ethereum (ETH).
– Regulatory Uncertainty: Ongoing regulatory concerns and uncertainties surrounding the broader cryptocurrency market can dampen investor enthusiasm, making it challenging for ETFs to perform as expected.
– Market Sentiment: Broader market conditions and sentiment often play a crucial role in price movements. With the volatility and uncertainties in the crypto space, the influence of ETFs on Ethereum (ETH)’s price has been limited.
Investors Turning to Mpeppe (MPEPE)
Amidst the struggles of Ethereum ETFs, Mpeppe (MPEPE) is emerging as a promising investment alternative. Currently priced at $0.00107, Mpeppe is gaining attention for several reasons:
– Innovative Approach: Mpeppe (MPEPE) blends the excitement of meme culture with the robust capabilities of decentralized finance (De-Fi). This unique combination sets it apart from more traditional crypto assets and attracts investors looking for fresh opportunities.
– Community and Purpose: Mpeppe (MPEPE) is not just another token. It aims to foster a global community that celebrates soccer and leverages blockchain technology for real-world impact. This focus on community building and strategic planning resonates with investors who value both financial growth and social impact.
The Strategic Shift: Why Now is the Time for Mpeppe
Market Dynamics and Investor Sentiment
In light of Ethereum ETFs’ struggles and the evolving dynamics of the crypto market, investors are increasingly looking for assets with potential for substantial growth and innovative features. Mpeppe (MPEPE) offers a compelling case due to its novel approach and strong community focus.
Value Proposition at $0.00107
Mpeppe (MPEPE)’s current price of $0.00107 presents a unique entry point for investors. The token’s low price, combined with its De-Fi capabilities and community-driven approach, makes it an attractive option for those seeking high-growth potential in the crypto space.
Conclusion: Navigating the Crypto Landscape
Mpeppe (MPEPE) is a promising alternative to Ethereum ETFs due to its innovative De-Fi protocol integration, strong community focus, and attractive pricing. Diversifying investment strategies and exploring new opportunities like Mpeppe (MPEPE) can provide significant returns in the evolving cryptocurrency market. Keeping an eye on emerging trends and asset value propositions is crucial for navigating the dynamic world of crypto investing.
For more information on the Mpeppe (MPEPE) Presale:
Visit Mpeppe (MPEPE)
Join and become a community member:
https://t.me/mpeppecoin
https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
Source: NewsBTC.com
The post Ethereum ETFs Struggles To Have a Positive Impact On Price, Whilst Investors Purchase Now Crypto at $0.00107 appeared first on Crypto Breaking News.
Solana (SOL) ETF Is Getting Closer and Closer, Mpeppe (MPEPE) Presale Is Closing in on Stage 3
As the financial world buzzes with the imminent arrival of a Solana (SOL) ETF, the cryptocurrency market is also abuzz with another exciting development: the presale of Mpeppe (MPEPE) is rapidly advancing toward Stage 3. This convergence of major events presents a unique opportunity for investors to capitalize on both established and emerging market trends. Here’s an in-depth look at why this is a pivotal moment for both Solana (SOL) and Mpeppe (MPEPE).
The Solana (SOL) ETF: A Game-Changer on the Horizon
What the Solana (SOL) ETF Means for the Market
The potential launch of a Solana (SOL) ETF is poised to have a significant impact on the cryptocurrency market. As one of the leading blockchain platforms known for its high-speed transactions and low fees, Solana (SOL) has gained considerable traction among investors and developers. An ETF (Exchange-Traded Fund) that includes Solana (SOL) could offer traditional investors a new, more accessible way to gain exposure to this innovative blockchain technology.
The Solana (SOL) ETF represents a milestone for the industry, providing a bridge between traditional finance and the burgeoning world of cryptocurrencies. It could lead to increased institutional investment and greater mainstream adoption of Solana (SOL)’s technology. This development is eagerly anticipated, as it signals a growing acceptance of blockchain technologies in conventional financial markets.
The Implications for Solana (SOL) Investors
For existing Solana (SOL) investors, the ETF represents a promising avenue for enhanced liquidity and visibility. It could drive up demand for Solana (SOL) tokens, potentially boosting their value and attracting new investors. The ETF’s launch would likely validate Solana (SOL)’s position in the market, reinforcing its reputation as a leading blockchain solution.
Mpeppe (MPEPE) Presale: Approaching Stage 3
The Surge of Mpeppe’s Presale
While the Solana (SOL) ETF garners attention, Mpeppe (MPEPE) is making significant strides in its presale. With the presale moving swiftly towards Stage 3, the excitement surrounding Mpeppe (MPEPE) is palpable. Currently priced at $0.00107, Mpeppe (MPEPE) offers early investors a unique entry point into what could be a groundbreaking cryptocurrency.
Mpeppe (MPEPE) is distinguished by its integration of meme culture, sports passion, and advanced De-Fi protocols. The presale’s progression reflects growing investor interest and confidence in the token’s potential. The upcoming Stage 3 of the presale promises to further enhance Mpeppe (MPEPE)’s appeal, with increasing momentum and higher visibility in the crypto market.
Why Mpeppe’s Presale Is Capturing Attention
Mpeppe (MPEPE)’s innovative approach combines the best elements of meme culture with serious blockchain technology. Its features include integration with De-Fi protocols, which offer users access to a range of financial services such as lending, borrowing, trading, and yield farming. This integration not only enhances Mpeppe (MPEPE)’s functionality but also positions it favorably in the De-Fi ecosystem.
Moreover, Mpeppe’s (MPEPE) focus on building a global community around soccer and blockchain innovation adds to its attractiveness. The token aims to capitalize on the viral nature of memes while fostering a passionate and engaged user base. This blend of humor, community, and advanced technology makes Mpeppe (MPEPE) a standout option in the cryptocurrency space.
Conclusion: A Pivotal Moment in Crypto Investment
The Solana (SOL) ETF and Mpeppe’s (MPEPE) presale are significant developments in the cryptocurrency market. The Solana (SOL) ETF offers increased exposure and institutional investment in blockchain technology, while Mpeppe (MPEPE) offers a unique investment opportunity with its blend of meme culture and advanced De-Fi features. These developments could be crucial for investors in the coming months.
For more information on the Mpeppe (MPEPE) Presale:
Visit Mpeppe (MPEPE)
Join and become a community member:
https://t.me/mpeppecoin
https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
Source: NewsBTC.com
The post Solana (SOL) ETF Is Getting Closer and Closer, Mpeppe (MPEPE) Presale Is Closing in on Stage 3 appeared first on Crypto Breaking News.
The Solana (SOL) ETF: A Game-Changer on the Horizon
What the Solana (SOL) ETF Means for the Market
The potential launch of a Solana (SOL) ETF is poised to have a significant impact on the cryptocurrency market. As one of the leading blockchain platforms known for its high-speed transactions and low fees, Solana (SOL) has gained considerable traction among investors and developers. An ETF (Exchange-Traded Fund) that includes Solana (SOL) could offer traditional investors a new, more accessible way to gain exposure to this innovative blockchain technology.
The Solana (SOL) ETF represents a milestone for the industry, providing a bridge between traditional finance and the burgeoning world of cryptocurrencies. It could lead to increased institutional investment and greater mainstream adoption of Solana (SOL)’s technology. This development is eagerly anticipated, as it signals a growing acceptance of blockchain technologies in conventional financial markets.
The Implications for Solana (SOL) Investors
For existing Solana (SOL) investors, the ETF represents a promising avenue for enhanced liquidity and visibility. It could drive up demand for Solana (SOL) tokens, potentially boosting their value and attracting new investors. The ETF’s launch would likely validate Solana (SOL)’s position in the market, reinforcing its reputation as a leading blockchain solution.
Mpeppe (MPEPE) Presale: Approaching Stage 3
The Surge of Mpeppe’s Presale
While the Solana (SOL) ETF garners attention, Mpeppe (MPEPE) is making significant strides in its presale. With the presale moving swiftly towards Stage 3, the excitement surrounding Mpeppe (MPEPE) is palpable. Currently priced at $0.00107, Mpeppe (MPEPE) offers early investors a unique entry point into what could be a groundbreaking cryptocurrency.
Mpeppe (MPEPE) is distinguished by its integration of meme culture, sports passion, and advanced De-Fi protocols. The presale’s progression reflects growing investor interest and confidence in the token’s potential. The upcoming Stage 3 of the presale promises to further enhance Mpeppe (MPEPE)’s appeal, with increasing momentum and higher visibility in the crypto market.
Why Mpeppe’s Presale Is Capturing Attention
Mpeppe (MPEPE)’s innovative approach combines the best elements of meme culture with serious blockchain technology. Its features include integration with De-Fi protocols, which offer users access to a range of financial services such as lending, borrowing, trading, and yield farming. This integration not only enhances Mpeppe (MPEPE)’s functionality but also positions it favorably in the De-Fi ecosystem.
Moreover, Mpeppe’s (MPEPE) focus on building a global community around soccer and blockchain innovation adds to its attractiveness. The token aims to capitalize on the viral nature of memes while fostering a passionate and engaged user base. This blend of humor, community, and advanced technology makes Mpeppe (MPEPE) a standout option in the cryptocurrency space.
Conclusion: A Pivotal Moment in Crypto Investment
The Solana (SOL) ETF and Mpeppe’s (MPEPE) presale are significant developments in the cryptocurrency market. The Solana (SOL) ETF offers increased exposure and institutional investment in blockchain technology, while Mpeppe (MPEPE) offers a unique investment opportunity with its blend of meme culture and advanced De-Fi features. These developments could be crucial for investors in the coming months.
For more information on the Mpeppe (MPEPE) Presale:
Visit Mpeppe (MPEPE)
Join and become a community member:
https://t.me/mpeppecoin
https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
Source: NewsBTC.com
The post Solana (SOL) ETF Is Getting Closer and Closer, Mpeppe (MPEPE) Presale Is Closing in on Stage 3 appeared first on Crypto Breaking News.
Mpeppe (MPEPE) Skyrockets After Shiba Inu (SHIB) Community Endorsement
Recently, Mpeppe (MPEPE) has experienced a significant surge in value, largely due to a pivotal endorsement from the Shiba Inu (SHIB) community. This article explores the factors behind Mpeppe (MPEPE)’s dramatic rise, the role of Shiba Inu (SHIB)’s endorsement, and what this means for both cryptocurrencies.
The Power of Community Endorsement
Shiba Inu (SHIB)’s Influence in the Crypto Space
Shiba Inu (SHIB) is known for its robust and passionate community, often likened to a movement rather than just a cryptocurrency. The Shiba Inu (SHIB) community, known for its viral marketing and strong online presence, has played a crucial role in the coin’s success. Their endorsement carries significant weight, given their history of rallying support and driving substantial interest in various projects.
The Role of Community Endorsement
Community endorsement is a potent force in the cryptocurrency world. When influential communities like that of Shiba Inu (SHIB) back a new project, it can lead to a rapid increase in visibility and credibility. This is especially true in the meme coin space, where community sentiment often drives the majority of market activity.
Mpeppe’s Recent Surge
How Mpeppe (MPEPE) Has Benefited
Following the endorsement from Shiba Inu (SHIB)’s community, Mpeppe (MPEPE) has seen a remarkable surge in its value. This increase can be attributed to several factors, including heightened visibility, increased trading volume, and a broader adoption of the token. Investors and traders have flocked to Mpeppe (MPEPE), attracted by the endorsement from a community with a proven track record of generating significant interest.
Key Metrics and Market Impact
Since the endorsement, Mpeppe’s (MPEPE) market capitalization and trading volume have experienced substantial growth. This surge reflects a broader trend where successful community-backed projects gain momentum quickly. For instance, Mpeppe (MPEPE)’s price, has seen a sharp upward trajectory, indicating strong market confidence and investor enthusiasm.
The Shiba Inu (SHIB) Community’s Endorsement: A Game Changer
The endorsement from the Shiba Inu (SHIB) community involved vocal support across various platforms, including social media, forums, and cryptocurrency news outlets. This grassroots support has amplified Mpeppe (MPEPE)’s visibility and positioned it as a prominent player in the meme coin arena. Shiba Inu (SHIB)’s community not only shared positive sentiments but also engaged in promotional activities that have fueled Mpeppe (MPEPE)’s rise.
The Impact on Mpeppe’s Future
The backing of Shiba Inu (SHIB)’s community positions Mpeppe (MPEPE) to potentially continue its upward trajectory. The endorsement has not only increased investor interest but also contributed to a more vibrant trading environment. As the Shiba Inu (SHIB) community continues to support Mpeppe (MPEPE), the token is likely to experience sustained growth and increased market presence.
Conclusion: The Ripple Effect of Endorsements
Mpeppe (MPEPE)’s value surged after Shiba Inu (SHIB) community endorsement, showcasing the significant impact of community support on a cryptocurrency. This endorsement has boosted Mpeppe (MPEPE)’s visibility and underscored the importance of community-driven success in the crypto world. The rise of Mpeppe (MPEPE) serves as a reminder of meme coin growth through strategic endorsements and community engagement.
For more information on the Mpeppe (MPEPE) Presale:
Visit Mpeppe (MPEPE)
Join and become a community member:
https://t.me/mpeppecoin
https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
Source: NewsBTC.com
The post Mpeppe (MPEPE) Skyrockets After Shiba Inu (SHIB) Community Endorsement appeared first on Crypto Breaking News.
The Power of Community Endorsement
Shiba Inu (SHIB)’s Influence in the Crypto Space
Shiba Inu (SHIB) is known for its robust and passionate community, often likened to a movement rather than just a cryptocurrency. The Shiba Inu (SHIB) community, known for its viral marketing and strong online presence, has played a crucial role in the coin’s success. Their endorsement carries significant weight, given their history of rallying support and driving substantial interest in various projects.
The Role of Community Endorsement
Community endorsement is a potent force in the cryptocurrency world. When influential communities like that of Shiba Inu (SHIB) back a new project, it can lead to a rapid increase in visibility and credibility. This is especially true in the meme coin space, where community sentiment often drives the majority of market activity.
Mpeppe’s Recent Surge
How Mpeppe (MPEPE) Has Benefited
Following the endorsement from Shiba Inu (SHIB)’s community, Mpeppe (MPEPE) has seen a remarkable surge in its value. This increase can be attributed to several factors, including heightened visibility, increased trading volume, and a broader adoption of the token. Investors and traders have flocked to Mpeppe (MPEPE), attracted by the endorsement from a community with a proven track record of generating significant interest.
Key Metrics and Market Impact
Since the endorsement, Mpeppe’s (MPEPE) market capitalization and trading volume have experienced substantial growth. This surge reflects a broader trend where successful community-backed projects gain momentum quickly. For instance, Mpeppe (MPEPE)’s price, has seen a sharp upward trajectory, indicating strong market confidence and investor enthusiasm.
The Shiba Inu (SHIB) Community’s Endorsement: A Game Changer
The endorsement from the Shiba Inu (SHIB) community involved vocal support across various platforms, including social media, forums, and cryptocurrency news outlets. This grassroots support has amplified Mpeppe (MPEPE)’s visibility and positioned it as a prominent player in the meme coin arena. Shiba Inu (SHIB)’s community not only shared positive sentiments but also engaged in promotional activities that have fueled Mpeppe (MPEPE)’s rise.
The Impact on Mpeppe’s Future
The backing of Shiba Inu (SHIB)’s community positions Mpeppe (MPEPE) to potentially continue its upward trajectory. The endorsement has not only increased investor interest but also contributed to a more vibrant trading environment. As the Shiba Inu (SHIB) community continues to support Mpeppe (MPEPE), the token is likely to experience sustained growth and increased market presence.
Conclusion: The Ripple Effect of Endorsements
Mpeppe (MPEPE)’s value surged after Shiba Inu (SHIB) community endorsement, showcasing the significant impact of community support on a cryptocurrency. This endorsement has boosted Mpeppe (MPEPE)’s visibility and underscored the importance of community-driven success in the crypto world. The rise of Mpeppe (MPEPE) serves as a reminder of meme coin growth through strategic endorsements and community engagement.
For more information on the Mpeppe (MPEPE) Presale:
Visit Mpeppe (MPEPE)
Join and become a community member:
https://t.me/mpeppecoin
https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ
Source: NewsBTC.com
The post Mpeppe (MPEPE) Skyrockets After Shiba Inu (SHIB) Community Endorsement appeared first on Crypto Breaking News.
Trump and the Future of Bitcoin
If you weren’t there in person, it would be hard to accurately describe how long and winding the line was to see Donald Trump speak at the Bitcoin conference. The wait to even pass through security and find a seat in the auditorium was hours long and thousands of folks were scrambling to find seats at the Nakamoto Stage early in the day. As the line snaked through the expo hall, it was easy to find an even distribution of Bitcoiners and Trump supporters (some were both) all eager to hear Trump speak. There was an excitement in the atmosphere, and while I didn’t share in the excitement, it did permeate the air in Nashville. Uber drivers were quick to point out that Trump was speaking at the conference. Around the city were large images of Trump’s face next to Bitcoin symbols advertising the conference. Trump-mania surely had taken over the conference, but it also seemed to take over the city of Nashville, too.
I can’t deny that getting Donald Trump to speak at the Bitcoin Conference during an election year is a huge “get.” It is an important moment for Bitcoin and we should all appreciate this development, in some sense, as a milestone that we can all be proud of as Bitcoiners. Trump’s speech promised to lunge Bitcoin into the mainstream political conversation and thereby normalize an up and coming digital currency that most people still dismiss as “fake internet money”. It was a moment we were all supposed to remember for the rest of our lives; this was Bitcoin’s chance to be included in serious conversations held by serious people.
If Trump had shown up for his speech on time, we would have known an hour earlier that this wasn’t going to happen. Instead, we waited. Once Trump did start his speech, it didn’t take long to realize that the folks waiting for hours all day were sold a bill of goods. Trump’s speech was a rambling, at times incoherent, stump speech with a few little nods toward crypto, and… I guess… Bitcoin thrown in for good measure. The first mention of Bitcoin came about six and a half minutes into his remarks. I don’t blame Trump for speaking about crypto more than Bitcoin; most politicians do. But while he was speaking at the Bitcoin conference, I was expecting him to spend more time discussing Bitcoin than his genius uncle who used to work at MIT. Alas, sometimes you just can’t set the bar low enough.
The most concrete take away from hearing Trump speak about Bitcoin was the not-so-shocking realization that Robert Kennedy Jr. thinks more deeply about Bitcoin while he has his first cup of coffee each morning than Donald Trump has thought about Bitcoin during his entire life. All of Trump’s best moments during his speech (and there were some) were lifted, whole cloth, from RFK Jr’s keynote address the day prior. The parts of the speech he didn’t copy from RFK Jr were dismissive, arrogant, pandering and ill informed. The value in watching the speech at all is that the single issue Bitcoin voters I keep hearing about now have an easy decision to make.
No doubt, there are plenty of Bitcoiners who love Trump and loved his speech. But there are also a surprising number of folks that see all this for what it is: a politician pandering for money and votes and an insecure Bitcoin community pandering for some borrowed legitimacy. Having a leading presidential candidate discuss Bitcoin has some positive effects, but the most serious people I know in the space also recognize there are some risks and dangers involved, too. Chief among these dangers is that by cozying up to Trump, the Bitcoin community risks alienating itself from pre-coiner audiences for the foreseeable future. This seems to be a point, I think, that is hard to comprehend if you already like Bitcoin or already like Trump. Try to remember, most people don’t fit into either category.
I’ve publicly been in the Bitcoin space long enough to appreciate the massive cognitive dissonance that exists among many Bitcoiners. Some of these people are Libertarians who are fully committed to individual freedom, but are unwilling to respect a person’s gender identity. Some of these people are Conservatives who want to see the government get smaller while that same government polices what books get banned and what healthcare people are allowed to receive. Some of these people are Bitcoiners who want to see the government disintermediated from the financial system while they cheer uproariously for a politician promising to buy Bitcoin on behalf of the United States Government. If I can see the cognitive dissonance, why is it so hard for a community that prides itself on being heterodox, skeptical and don’t-trust-verify?
I consider it a personal responsibility to orange pill as many people as I can, and I have been serious about doing that. This means, I want to expose the 57% of Americans that don’t like Trump to Bitcoin as a force for good in this world; my job is hard and since Nashville, it just got harder. Let’s be real: Bitcoin is the perfect combination of “internet” and “money” that should make anyone skeptical. There is no shortage of FUD dismissing Bitcoin as pretend money or a scam or a ponzi scheme or money for criminals. Experienced Bitcoiners may not be worried about any of that, but the pre-coiners I know certainly are hyper aware of the reputation. If my job is to convince them to take a second look, that gets harder when Bitcoiners are falling over themselves to align with a known con artist, philanderer, fraud, and convicted felon.
To be sure, Bitcoin will attract its share of con artists, philanderers, frauds and felons. Bitcoin is for them, too. But we shouldn’t capitulate and rebrand Bitcoin as something Trumpian. This is simply bad marketing. The most compelling argument I’ve heard in support of seeking out Trump’s approval is that it will force other politicians to support Bitcoin and his policies would force other nations to take Bitcoin seriously. This could prove to be true, but it is just as likely that the opposite will happen. Normie pre-coiners, if they are paying attention at all, will so easily be able to hold up the “scam” Bitcoin next to the “scam” Trump and walk away from the whole thing and sleep easily. Meanwhile, Trump will have no genuine affinity toward Bitcoin after the votes are counted.
After so much effort going toward ensuring Bitcoin is non-partisan, bi-partisan and non-political, it was our community (really a handful of influential and connected Bitcoiners) that sought out an alliance with the most polarizing political figure in generations. It would be one thing if Trump found Bitcoin on his own, but that’s not the case. We committed this unforced error ourselves, or more accurately, we allowed the leaders in our leaderless movement to err on our behalf.
I can hear you screaming “Well, what’s your solution? Vote for the other guys?!” Fair question. Here’s my solution: Walk away from politicians and walk towards voters. Meet them where they are and educate them about the ways Bitcoin solves the problems they care about. That’s really it. The rest will take care of itself. Take a low time preference and it will happen from the ground up, without having to sacrifice your principles. This is the best way to promote Bitcoin adoption, protect the marginalized people Bitcoin can help, and attract policy makers who truly and deeply care about Bitcoin and eschew “crypto”. If you do get to interact with politicians, advocate for protections for self custody, de minimis tax treatment so Bitcoin can be easily spent, and consumer protections imposed on exchanges and brokerages.
For those that think Trump is now one of us, he isn’t. He will drop our community the moment it serves him, and we will be worse off for it. Zoom out. One week after Trump appeared in Nashville, he sat for a disastrous interview with the National Association of Black Journalists. This, it turns out, did not make him a Black journalist. Nor did showing up in Nashville make him a Bitcoiner. We would, all of us, be well served to remember that.
This is a guest post by Jason Maier. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Source: Bitcoin Magazine
The post Trump and the Future of Bitcoin appeared first on Crypto Breaking News.
I can’t deny that getting Donald Trump to speak at the Bitcoin Conference during an election year is a huge “get.” It is an important moment for Bitcoin and we should all appreciate this development, in some sense, as a milestone that we can all be proud of as Bitcoiners. Trump’s speech promised to lunge Bitcoin into the mainstream political conversation and thereby normalize an up and coming digital currency that most people still dismiss as “fake internet money”. It was a moment we were all supposed to remember for the rest of our lives; this was Bitcoin’s chance to be included in serious conversations held by serious people.
If Trump had shown up for his speech on time, we would have known an hour earlier that this wasn’t going to happen. Instead, we waited. Once Trump did start his speech, it didn’t take long to realize that the folks waiting for hours all day were sold a bill of goods. Trump’s speech was a rambling, at times incoherent, stump speech with a few little nods toward crypto, and… I guess… Bitcoin thrown in for good measure. The first mention of Bitcoin came about six and a half minutes into his remarks. I don’t blame Trump for speaking about crypto more than Bitcoin; most politicians do. But while he was speaking at the Bitcoin conference, I was expecting him to spend more time discussing Bitcoin than his genius uncle who used to work at MIT. Alas, sometimes you just can’t set the bar low enough.
The most concrete take away from hearing Trump speak about Bitcoin was the not-so-shocking realization that Robert Kennedy Jr. thinks more deeply about Bitcoin while he has his first cup of coffee each morning than Donald Trump has thought about Bitcoin during his entire life. All of Trump’s best moments during his speech (and there were some) were lifted, whole cloth, from RFK Jr’s keynote address the day prior. The parts of the speech he didn’t copy from RFK Jr were dismissive, arrogant, pandering and ill informed. The value in watching the speech at all is that the single issue Bitcoin voters I keep hearing about now have an easy decision to make.
No doubt, there are plenty of Bitcoiners who love Trump and loved his speech. But there are also a surprising number of folks that see all this for what it is: a politician pandering for money and votes and an insecure Bitcoin community pandering for some borrowed legitimacy. Having a leading presidential candidate discuss Bitcoin has some positive effects, but the most serious people I know in the space also recognize there are some risks and dangers involved, too. Chief among these dangers is that by cozying up to Trump, the Bitcoin community risks alienating itself from pre-coiner audiences for the foreseeable future. This seems to be a point, I think, that is hard to comprehend if you already like Bitcoin or already like Trump. Try to remember, most people don’t fit into either category.
I’ve publicly been in the Bitcoin space long enough to appreciate the massive cognitive dissonance that exists among many Bitcoiners. Some of these people are Libertarians who are fully committed to individual freedom, but are unwilling to respect a person’s gender identity. Some of these people are Conservatives who want to see the government get smaller while that same government polices what books get banned and what healthcare people are allowed to receive. Some of these people are Bitcoiners who want to see the government disintermediated from the financial system while they cheer uproariously for a politician promising to buy Bitcoin on behalf of the United States Government. If I can see the cognitive dissonance, why is it so hard for a community that prides itself on being heterodox, skeptical and don’t-trust-verify?
I consider it a personal responsibility to orange pill as many people as I can, and I have been serious about doing that. This means, I want to expose the 57% of Americans that don’t like Trump to Bitcoin as a force for good in this world; my job is hard and since Nashville, it just got harder. Let’s be real: Bitcoin is the perfect combination of “internet” and “money” that should make anyone skeptical. There is no shortage of FUD dismissing Bitcoin as pretend money or a scam or a ponzi scheme or money for criminals. Experienced Bitcoiners may not be worried about any of that, but the pre-coiners I know certainly are hyper aware of the reputation. If my job is to convince them to take a second look, that gets harder when Bitcoiners are falling over themselves to align with a known con artist, philanderer, fraud, and convicted felon.
To be sure, Bitcoin will attract its share of con artists, philanderers, frauds and felons. Bitcoin is for them, too. But we shouldn’t capitulate and rebrand Bitcoin as something Trumpian. This is simply bad marketing. The most compelling argument I’ve heard in support of seeking out Trump’s approval is that it will force other politicians to support Bitcoin and his policies would force other nations to take Bitcoin seriously. This could prove to be true, but it is just as likely that the opposite will happen. Normie pre-coiners, if they are paying attention at all, will so easily be able to hold up the “scam” Bitcoin next to the “scam” Trump and walk away from the whole thing and sleep easily. Meanwhile, Trump will have no genuine affinity toward Bitcoin after the votes are counted.
After so much effort going toward ensuring Bitcoin is non-partisan, bi-partisan and non-political, it was our community (really a handful of influential and connected Bitcoiners) that sought out an alliance with the most polarizing political figure in generations. It would be one thing if Trump found Bitcoin on his own, but that’s not the case. We committed this unforced error ourselves, or more accurately, we allowed the leaders in our leaderless movement to err on our behalf.
I can hear you screaming “Well, what’s your solution? Vote for the other guys?!” Fair question. Here’s my solution: Walk away from politicians and walk towards voters. Meet them where they are and educate them about the ways Bitcoin solves the problems they care about. That’s really it. The rest will take care of itself. Take a low time preference and it will happen from the ground up, without having to sacrifice your principles. This is the best way to promote Bitcoin adoption, protect the marginalized people Bitcoin can help, and attract policy makers who truly and deeply care about Bitcoin and eschew “crypto”. If you do get to interact with politicians, advocate for protections for self custody, de minimis tax treatment so Bitcoin can be easily spent, and consumer protections imposed on exchanges and brokerages.
For those that think Trump is now one of us, he isn’t. He will drop our community the moment it serves him, and we will be worse off for it. Zoom out. One week after Trump appeared in Nashville, he sat for a disastrous interview with the National Association of Black Journalists. This, it turns out, did not make him a Black journalist. Nor did showing up in Nashville make him a Bitcoiner. We would, all of us, be well served to remember that.
This is a guest post by Jason Maier. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Source: Bitcoin Magazine
The post Trump and the Future of Bitcoin appeared first on Crypto Breaking News.
Solana Plummets 17% As SOL Hits $118: Is a Break Below Inevitable?
Solana (SOL) is currently experiencing a significant decline, dropping over 17% and reaching the critical $118 support level. This sharp downturn has put considerable pressure on this key level, raising concerns among traders and investors about the possibility of a further breakdown. The $118 level has historically been a stronghold for the cryptocurrency, but with the current bearish sentiment in the market, its ability to hold is still being determined.
With the help of key technical indicators, this article will provide an in-depth analysis of Solana’s current price actions, assess the likelihood of breaking the $118 support, and explore potential scenarios for SOL.
As of the time of writing, Solana has dropped by 17%, trading at approximately $119.78 in the past 24 hours. Solana boasts a market capitalization exceeding $54 billion, which demonstrates a decrease of 18.45% and a trading volume surpassing $9.4 billion, indicating an increase of 182.21% in the past 24 hours.
Technical Analysis: Indicators Pointing To A Potential Break For Solana
On the 4-hour chart, Solana has demonstrated significant bearish momentum, with the price dropping below the 100-day Simple Moving Average (SMA) and currently attempting a break below the $118 support level. A successful breach below this key level could lead to a further bearish move for the cryptocurrency.
The Relative Strength Index (RSI) on the 4-hour chart has dropped to 24.74%, which is considered to be an oversold zone. This position of the RSI indicator signals that SOL could extend its bearish move beyond $118.
On the 1-day chart, Solana has experienced increased selling pressure as the price consistently forms bearish candlesticks. Specifically, this pattern shows sellers are gaining control over the market, pushing the price lower with each successive trading session.
Also, the formation of these bearish candlesticks, characterized by closing prices lower than their opening prices, reflects a pattern of sustained selling, which is often a sign of underlying weakness in the asset.
Finally, the 1-day RSI has also dropped below 50%, which further supports the possibility of further price drop. This drop suggests that bearish pressure is rising, as sellers are still active and influential in the market. The fact that sellers are still active implies that Solana will probably continue to decline.
Potential Scenarios: What Happens if $118 Fails?
If Solana can maintain its current bearish momentum and close below the $118 support level, it may continue to move downward to challenge the $99.44 support level. When this level is breached, the digital asset may experience further price loss toward the $79.24 support range and possibly other ranges below.
Conversely, should SOL’s price close above the $118 support level, it will start to ascend once more toward the $160 resistance point. Following a break above this level, the crypto asset may see further price gain to challenge the $170 resistance level and perhaps other levels above.
Source: NewsBTC.com
The post Solana Plummets 17% As SOL Hits $118: Is a Break Below Inevitable? appeared first on Crypto Breaking News.
With the help of key technical indicators, this article will provide an in-depth analysis of Solana’s current price actions, assess the likelihood of breaking the $118 support, and explore potential scenarios for SOL.
As of the time of writing, Solana has dropped by 17%, trading at approximately $119.78 in the past 24 hours. Solana boasts a market capitalization exceeding $54 billion, which demonstrates a decrease of 18.45% and a trading volume surpassing $9.4 billion, indicating an increase of 182.21% in the past 24 hours.
Technical Analysis: Indicators Pointing To A Potential Break For Solana
On the 4-hour chart, Solana has demonstrated significant bearish momentum, with the price dropping below the 100-day Simple Moving Average (SMA) and currently attempting a break below the $118 support level. A successful breach below this key level could lead to a further bearish move for the cryptocurrency.
The Relative Strength Index (RSI) on the 4-hour chart has dropped to 24.74%, which is considered to be an oversold zone. This position of the RSI indicator signals that SOL could extend its bearish move beyond $118.
On the 1-day chart, Solana has experienced increased selling pressure as the price consistently forms bearish candlesticks. Specifically, this pattern shows sellers are gaining control over the market, pushing the price lower with each successive trading session.
Also, the formation of these bearish candlesticks, characterized by closing prices lower than their opening prices, reflects a pattern of sustained selling, which is often a sign of underlying weakness in the asset.
Finally, the 1-day RSI has also dropped below 50%, which further supports the possibility of further price drop. This drop suggests that bearish pressure is rising, as sellers are still active and influential in the market. The fact that sellers are still active implies that Solana will probably continue to decline.
Potential Scenarios: What Happens if $118 Fails?
If Solana can maintain its current bearish momentum and close below the $118 support level, it may continue to move downward to challenge the $99.44 support level. When this level is breached, the digital asset may experience further price loss toward the $79.24 support range and possibly other ranges below.
Conversely, should SOL’s price close above the $118 support level, it will start to ascend once more toward the $160 resistance point. Following a break above this level, the crypto asset may see further price gain to challenge the $170 resistance level and perhaps other levels above.
Source: NewsBTC.com
The post Solana Plummets 17% As SOL Hits $118: Is a Break Below Inevitable? appeared first on Crypto Breaking News.
Bitcoin Dips Below $50K as Global Market Crashes
The price of Bitcoin plunged below $50,000 on Monday, reaching lows not seen in over six months amid a widespread global market sell-off.
BREAKING: #Bitcoin falls below $50,000 pic.twitter.com/11og9GoSyi
— Bitcoin Magazine (@BitcoinMagazine) August 5, 2024
Bitcoin dropped as much as 20% to around $49,000 before rebounding slightly to trade above $50,000 again. The steep decline coincided with crashing stock markets worldwide, fueled by recession fears.
Japan’s Nikkei index plunged over 8%, posting its worst two-day rout since 1987. Asian and European markets are experiencing some of the worst losses ever. In the U.S., the tech-heavy Nasdaq entered correction territory after sliding over 20% from its peak. The S&P 500 fell nearly 4% over the past week.
Rising interest rates, disappointing tech earnings, and signs of economic weakness like Friday’s U.S. jobs report have rattled investor confidence. The Bitcoin market followed stocks lower, with Bitcoin falling below $50,000 for the first time since February. The overall Bitcoin market cap shed nearly $200 billion over the weekend.
The Bitcoin fear and greed index dropped into “fear” territory as prices approached six-month lows. But Bitcoin has recovered from similar crashes many times before, including a 20% single-day plunge last November.
Still, some analysts warn that continued declines could signal the bull market’s end and lead to an extended bear phase. Others argue that it is just a slight correction before a new all-time high, as the global market injects more liquidity.
The $50,000 level is seen as an important support area for Bitcoin. The latest Bitcoin crash exemplifies the asset’s volatility and correlation with speculative equities. But Bitcoin has rebounded from previous sell-offs before resuming its long-term uptrend.
Source: Bitcoin Magazine
The post Bitcoin Dips Below $50K as Global Market Crashes appeared first on Crypto Breaking News.
BREAKING: #Bitcoin falls below $50,000 pic.twitter.com/11og9GoSyi
— Bitcoin Magazine (@BitcoinMagazine) August 5, 2024
Bitcoin dropped as much as 20% to around $49,000 before rebounding slightly to trade above $50,000 again. The steep decline coincided with crashing stock markets worldwide, fueled by recession fears.
Japan’s Nikkei index plunged over 8%, posting its worst two-day rout since 1987. Asian and European markets are experiencing some of the worst losses ever. In the U.S., the tech-heavy Nasdaq entered correction territory after sliding over 20% from its peak. The S&P 500 fell nearly 4% over the past week.
Rising interest rates, disappointing tech earnings, and signs of economic weakness like Friday’s U.S. jobs report have rattled investor confidence. The Bitcoin market followed stocks lower, with Bitcoin falling below $50,000 for the first time since February. The overall Bitcoin market cap shed nearly $200 billion over the weekend.
The Bitcoin fear and greed index dropped into “fear” territory as prices approached six-month lows. But Bitcoin has recovered from similar crashes many times before, including a 20% single-day plunge last November.
Still, some analysts warn that continued declines could signal the bull market’s end and lead to an extended bear phase. Others argue that it is just a slight correction before a new all-time high, as the global market injects more liquidity.
The $50,000 level is seen as an important support area for Bitcoin. The latest Bitcoin crash exemplifies the asset’s volatility and correlation with speculative equities. But Bitcoin has rebounded from previous sell-offs before resuming its long-term uptrend.
Source: Bitcoin Magazine
The post Bitcoin Dips Below $50K as Global Market Crashes appeared first on Crypto Breaking News.
MATIC: Market Nosedive Leads To 30% Wipe In Value
MATIC bulls fumbled the bag after the market panic that turned the correction phase into a nosedive. The latest market data shows MATIC took a beating with a 33% wipe in value since last week. Hostile market environment and macroeconomic fears continue to plague the broader financial world.
The crypto market was not spared. The whole market depreciated by almost 17% in the past 24 hours, marking a period of strong bearish pressure. Despite the overwhelming downward trajectory the market has taken, on-chain developments continue that might slow the bearish wave, but it will take time before the price mediates back to realistic levels.
More Developments
Polygon’s position continues to solidify as it marks several developments that improve user experience on the platform. Messari, an independent crypto research platform, recently released its report, providing an overview of the Polygon ecosystem.
In summary, the report notes several developments in the platform that occurred within the 2nd quarter of the year. Primarily, the community has reached a consensus on upgrades that will positively affect the network’s usability and performance. One of these will be the switch from MATIC to POL, which is scheduled to occur on September 4th.
To attract devs to Polygon, the platform created a $1 billion Community Grants Program (CGP), supporting devs and builders of Polygon financially. According to a June blogpost, Season 1 of the CGP will feature a 35 million MATIC pool which is roughly equivalent to $12.9 million using today’s prices.
Uniswap has also launched its Uniswap v3 campaign on Polygon with other $250k in rewards on Oku, a crypto trading platform. This will boost investor confidence in the platform as it shows that despite hostile market conditions, Polygon remains a major player in the DeFi space.
This is seen in the current metrics the platform is running on. Nansen’s data shows an increase in active addresses and transactions in the past 24 hours, a great indicator of growth activity if it wasn’t for the air of bearishness surrounding the market.
DefiLlama, on the other hand, shows the other side of the coin with major outflows on all chains under the Polygon ecosystem.
MATIC: More Pain On The Way For Investors?
As the market continues its painful descent, investors are poised to let go of their MATIC holdings. Recent market data shows that investors are rushing to exchanges to sell rather than hold and ride the bearish wave.
This can be seen in MATIC’s price which continues to test the $0.339 support level.
The market overreaction caused by cascading fears within the broader financial spectrum remains to threaten any future bullish action. As of the moment, MATIC is down to March 2021 levels, a new low after 2024’s early bull runs led by major cryptocurrencies like Bitcoin and Ethereum.
Investors and traders should evaluate their positions to remain in the green. If possible, they can try to take advantage of the situation by shorting the token.
Featured image from Pexels, chart from TradingView
Source: NewsBTC.com
The post MATIC: Market Nosedive Leads To 30% Wipe In Value appeared first on Crypto Breaking News.
The crypto market was not spared. The whole market depreciated by almost 17% in the past 24 hours, marking a period of strong bearish pressure. Despite the overwhelming downward trajectory the market has taken, on-chain developments continue that might slow the bearish wave, but it will take time before the price mediates back to realistic levels.
More Developments
Polygon’s position continues to solidify as it marks several developments that improve user experience on the platform. Messari, an independent crypto research platform, recently released its report, providing an overview of the Polygon ecosystem.
In summary, the report notes several developments in the platform that occurred within the 2nd quarter of the year. Primarily, the community has reached a consensus on upgrades that will positively affect the network’s usability and performance. One of these will be the switch from MATIC to POL, which is scheduled to occur on September 4th.
To attract devs to Polygon, the platform created a $1 billion Community Grants Program (CGP), supporting devs and builders of Polygon financially. According to a June blogpost, Season 1 of the CGP will feature a 35 million MATIC pool which is roughly equivalent to $12.9 million using today’s prices.
Uniswap has also launched its Uniswap v3 campaign on Polygon with other $250k in rewards on Oku, a crypto trading platform. This will boost investor confidence in the platform as it shows that despite hostile market conditions, Polygon remains a major player in the DeFi space.
This is seen in the current metrics the platform is running on. Nansen’s data shows an increase in active addresses and transactions in the past 24 hours, a great indicator of growth activity if it wasn’t for the air of bearishness surrounding the market.
DefiLlama, on the other hand, shows the other side of the coin with major outflows on all chains under the Polygon ecosystem.
MATIC: More Pain On The Way For Investors?
As the market continues its painful descent, investors are poised to let go of their MATIC holdings. Recent market data shows that investors are rushing to exchanges to sell rather than hold and ride the bearish wave.
This can be seen in MATIC’s price which continues to test the $0.339 support level.
The market overreaction caused by cascading fears within the broader financial spectrum remains to threaten any future bullish action. As of the moment, MATIC is down to March 2021 levels, a new low after 2024’s early bull runs led by major cryptocurrencies like Bitcoin and Ethereum.
Investors and traders should evaluate their positions to remain in the green. If possible, they can try to take advantage of the situation by shorting the token.
Featured image from Pexels, chart from TradingView
Source: NewsBTC.com
The post MATIC: Market Nosedive Leads To 30% Wipe In Value appeared first on Crypto Breaking News.
Bitcoin Price Crashes To $49,000: Key Reasons Explained
Over the past 24 hours, the crypto market has witnessed a severe downturn, with Bitcoin’s price tumbling down 15% to a low of $49,000 on Binance (BTC/USDT), marking a significant departure from its $70,000 high last week—a 26% crash. Similarly, Ethereum (ETH) plunged 39% from $3,400 to $2,100. This downward trend was not isolated but echoed across the altcoin spectrum, which experienced even steeper declines.
#1 Recession Fears Cause Bitcoin Crash
The initial spark for the current market volatility appears to stem from intensifying fears of a US recession, triggered by unexpectedly weak US job market data on Friday. The July report showed a gain of only 114,000 jobs—significantly below the Wall Street prediction of 175,000. This was the weakest job growth since December of the previous year and nearly the lowest since the start of the COVID-19 pandemic in March 2020.
Charles Edwards of Capriole Investments remarked via X, “Every single time the unemployment rate turns up as it has today, we have a recession. Just as the Fed was too slow to tighten in 2021, it looks like they were too slow to ease in 2024.”
Further compounding the market’s nervousness was the revelation that Warren Buffett’s Berkshire Hathaway sold about 50% of its Apple holdings. This sell-off by one of the world’s most watched investors was interpreted as a move to hedge against potential market downturns, considering Berkshire Hathaway disclosed holding a record $277 billion in cash in its Q2 report.
Additionally, the Bank of Japan’s decision to raise its key interest rate to about 0.25% from a range of zero to about 0.1% has had significant implications. This rate hike, the second since 2007, sent shockwaves through the financial sectors globally. Historically, rate hikes by the Japanese central bank have been precursors to global recessions. Following the announcement, the Nikkei experienced its largest 2-day drop in history, surpassing even the declines seen on Black Monday in 1987.
Nick Timiraos, often referred to as the “Fed’s mouthpiece” and a reporter for the Wall Street Journal, revealed, “Goldman Sachs says there are good reasons to think the rising unemployment rate in the weak-across-the-board July payroll report is less fearsome than normal…But raises its recession-probability-tracking odds to 25% from 15%.”
Goldman Sachs also adjusted its expectations for the Federal Reserve’s policy response, anticipating rate cuts at each upcoming meeting, with a possibility of a more aggressive 50 basis point cut if the August employment report mirrors July’s weakness.
#2 Yen Carry Trade Unwind
Further exacerbating the market’s fall was a significant movement in the forex markets, particularly with the Japanese yen. After the Bank of Japan raised its key interest rate, the yen strengthened considerably against the US dollar. This move pressured traders who had engaged in the “yen carry trade”, borrowing yen at low rates to purchase higher-yielding US assets.
Adam Khoo noted, “The sharp rise in the JPY/USD is causing a massive unwind of yen carry trade positions and contributing to the sharp decline in US stocks.” The reversal of these trades has probably not only impacted the forex and stock markets but also had a cascading effect on Bitcoin and crypto as assets are liquidated to cover losses and repay yen-denominated liabilities.
BitMEX founder Arthur Hayes commented via X, “My TradFi birdies are telling me somebody big got smoked, and is dumping all #crypto. No idea if this is true, I won’t name names, but let the fam know if you are hearing the same?????”
#3 Jump Trading And Large Sellers
There were unusual sell orders recorded across major exchanges such as Kraken, Gemini, and Coinbase, predominantly on a Sunday, which is typically a quieter trading day. This suggests orchestrated actions by large players, potentially involving the unwinding of positions by firms like Jump Trading.
Jump Trading has reportedly been involved in substantial unloading of Ethereum, amounting to about $500 million worth over the past two weeks. Market rumors suggest that the company’s sell-off could be a strategic exit from its crypto market-making ventures or an urgent need for liquidity. Ran Neuner commented via X: “I’m watching this selling by Jump Trading […] They are the smartest traders in world, why are they selling so fast on a Sunday with low liquidity? I would imagine they are being liquidated or have an urgent obligation.”
Dr. Julian Hosp, CEO of the Cake Group, suggested on X: “The reason for the crazy crypto sell off seems to be Jump Trading, who are either getting margin called in the traditional markets and need liquidity over the weekend, or they are exiting the crypto business due to regulatory reasons (Terra Luna related). The sell-off is relentless atm.”
Furthermore, Mike Alfred highlighted the possibility of distress within the market, suggesting that a large Japanese fund might have collapsed, holding substantial amounts of Bitcoin and Ethereum. “A big Japanese fund blew up. Unfortunately, it was holding some Bitcoin and Ethereum. Jump and other market makers sensed the distress and exacerbated the move. That’s it. Game over. On to the next one,” Alfred stated.
#4 Liquidation Cascade Exacerbates Bitcoin Price Crash
The market witnessed a dramatic increase in liquidations, with CoinGlass reporting that 277,937 traders were liquidated in the last 24 hours, leading to total crypto liquidations of approximately $1.06 billion. The largest single liquidation order, valued at $27 million, occurred on Huobi for a BTC-USD position.
In total, $302.07 in Bitcoin longs were liquidated in the last 24 hours, according to CoinGlass data. These forced liquidations, driven by margin calls and stop-loss orders, have amplified the downward pressure on cryptocurrency prices, pushing them further into the red.
#5 Trump Momentum Fades
Another less significant factor may involve the shifting political landscape, as Kamala Harris gains according to Polymarkets against Donald Trump (Harris 43% vs. Trump 55%). This shift is perceived negatively by the Bitcoin and crypto market. The entire market is favoring a Trump win. He wants to build a “strategic Bitcoin stockpile” and over the weekend said BTC could be used to pay off the US debt of $35 trillion.
#6 Mt. Gox Distributions Still Affecting Market Liquidity
Finally, the ongoing distribution of Bitcoins from the defunct Mt. Gox exchange continues to influence the market. As former users of the exchange receive and potentially sell their returned Bitcoins, this has added to the selling pressure on the market, further depressing prices.
At press time, BTC bounced off the support and recovered to $52,909.
Source: NewsBTC.com
The post Bitcoin Price Crashes To $49,000: Key Reasons Explained appeared first on Crypto Breaking News.
#1 Recession Fears Cause Bitcoin Crash
The initial spark for the current market volatility appears to stem from intensifying fears of a US recession, triggered by unexpectedly weak US job market data on Friday. The July report showed a gain of only 114,000 jobs—significantly below the Wall Street prediction of 175,000. This was the weakest job growth since December of the previous year and nearly the lowest since the start of the COVID-19 pandemic in March 2020.
Charles Edwards of Capriole Investments remarked via X, “Every single time the unemployment rate turns up as it has today, we have a recession. Just as the Fed was too slow to tighten in 2021, it looks like they were too slow to ease in 2024.”
Further compounding the market’s nervousness was the revelation that Warren Buffett’s Berkshire Hathaway sold about 50% of its Apple holdings. This sell-off by one of the world’s most watched investors was interpreted as a move to hedge against potential market downturns, considering Berkshire Hathaway disclosed holding a record $277 billion in cash in its Q2 report.
Additionally, the Bank of Japan’s decision to raise its key interest rate to about 0.25% from a range of zero to about 0.1% has had significant implications. This rate hike, the second since 2007, sent shockwaves through the financial sectors globally. Historically, rate hikes by the Japanese central bank have been precursors to global recessions. Following the announcement, the Nikkei experienced its largest 2-day drop in history, surpassing even the declines seen on Black Monday in 1987.
Nick Timiraos, often referred to as the “Fed’s mouthpiece” and a reporter for the Wall Street Journal, revealed, “Goldman Sachs says there are good reasons to think the rising unemployment rate in the weak-across-the-board July payroll report is less fearsome than normal…But raises its recession-probability-tracking odds to 25% from 15%.”
Goldman Sachs also adjusted its expectations for the Federal Reserve’s policy response, anticipating rate cuts at each upcoming meeting, with a possibility of a more aggressive 50 basis point cut if the August employment report mirrors July’s weakness.
#2 Yen Carry Trade Unwind
Further exacerbating the market’s fall was a significant movement in the forex markets, particularly with the Japanese yen. After the Bank of Japan raised its key interest rate, the yen strengthened considerably against the US dollar. This move pressured traders who had engaged in the “yen carry trade”, borrowing yen at low rates to purchase higher-yielding US assets.
Adam Khoo noted, “The sharp rise in the JPY/USD is causing a massive unwind of yen carry trade positions and contributing to the sharp decline in US stocks.” The reversal of these trades has probably not only impacted the forex and stock markets but also had a cascading effect on Bitcoin and crypto as assets are liquidated to cover losses and repay yen-denominated liabilities.
BitMEX founder Arthur Hayes commented via X, “My TradFi birdies are telling me somebody big got smoked, and is dumping all #crypto. No idea if this is true, I won’t name names, but let the fam know if you are hearing the same?????”
#3 Jump Trading And Large Sellers
There were unusual sell orders recorded across major exchanges such as Kraken, Gemini, and Coinbase, predominantly on a Sunday, which is typically a quieter trading day. This suggests orchestrated actions by large players, potentially involving the unwinding of positions by firms like Jump Trading.
Jump Trading has reportedly been involved in substantial unloading of Ethereum, amounting to about $500 million worth over the past two weeks. Market rumors suggest that the company’s sell-off could be a strategic exit from its crypto market-making ventures or an urgent need for liquidity. Ran Neuner commented via X: “I’m watching this selling by Jump Trading […] They are the smartest traders in world, why are they selling so fast on a Sunday with low liquidity? I would imagine they are being liquidated or have an urgent obligation.”
Dr. Julian Hosp, CEO of the Cake Group, suggested on X: “The reason for the crazy crypto sell off seems to be Jump Trading, who are either getting margin called in the traditional markets and need liquidity over the weekend, or they are exiting the crypto business due to regulatory reasons (Terra Luna related). The sell-off is relentless atm.”
Furthermore, Mike Alfred highlighted the possibility of distress within the market, suggesting that a large Japanese fund might have collapsed, holding substantial amounts of Bitcoin and Ethereum. “A big Japanese fund blew up. Unfortunately, it was holding some Bitcoin and Ethereum. Jump and other market makers sensed the distress and exacerbated the move. That’s it. Game over. On to the next one,” Alfred stated.
#4 Liquidation Cascade Exacerbates Bitcoin Price Crash
The market witnessed a dramatic increase in liquidations, with CoinGlass reporting that 277,937 traders were liquidated in the last 24 hours, leading to total crypto liquidations of approximately $1.06 billion. The largest single liquidation order, valued at $27 million, occurred on Huobi for a BTC-USD position.
In total, $302.07 in Bitcoin longs were liquidated in the last 24 hours, according to CoinGlass data. These forced liquidations, driven by margin calls and stop-loss orders, have amplified the downward pressure on cryptocurrency prices, pushing them further into the red.
#5 Trump Momentum Fades
Another less significant factor may involve the shifting political landscape, as Kamala Harris gains according to Polymarkets against Donald Trump (Harris 43% vs. Trump 55%). This shift is perceived negatively by the Bitcoin and crypto market. The entire market is favoring a Trump win. He wants to build a “strategic Bitcoin stockpile” and over the weekend said BTC could be used to pay off the US debt of $35 trillion.
#6 Mt. Gox Distributions Still Affecting Market Liquidity
Finally, the ongoing distribution of Bitcoins from the defunct Mt. Gox exchange continues to influence the market. As former users of the exchange receive and potentially sell their returned Bitcoins, this has added to the selling pressure on the market, further depressing prices.
At press time, BTC bounced off the support and recovered to $52,909.
Source: NewsBTC.com
The post Bitcoin Price Crashes To $49,000: Key Reasons Explained appeared first on Crypto Breaking News.
Dogecoin Price (DOGE) Slips Alongside Bitcoin and Ethereum: Market Analysis
Dogecoin started a major decline below the $0.1150 zone against the US Dollar. DOGE is now trading below $0.100 and showing many bearish signs.
DOGE price is down over 15% from well above the $0.1200 pivot zone.
The price is trading below the $0.100 level and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $0.1000 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to move down unless it reclaims the $0.100 resistance zone.
Dogecoin Price Drops Over 15%
In the past few sessions, Dogecoin price saw a major decline like Bitcoin and Ethereum. The bears took control and pushed the price below the $0.1120 and $0.1050 support levels.
The price even declined below the $0.1000 support. A low was formed at $0.0881 and DOGE price is now consolidating losses. The price is showing many bearish signs below the 23.6% Fib retracement level of the downward move from the $0.1194 swing high to the $0.0881 low.
Dogecoin is now trading below the $0.100 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.0950 level. The next major resistance is near the $0.1000 level. There is also a key bearish trend line forming with resistance at $0.1000 on the hourly chart of the DOGE/USD pair.
A close above the $0.100 resistance might send the price toward the $0.1040 resistance or the 50% Fib retracement level of the downward move from the $0.1194 swing high to the $0.0881 low. Any more gains might send the price toward the $0.1080 level. The next major stop for the bulls might be $0.1120.
More Downsides In DOGE?
If DOGE’s price fails to recover above the $0.1000 level, it could start another decline. Initial support on the downside is near the $0.0880 level. The next major support is near the $0.0850 level.
The main support sits at $0.0780. If there is a downside break below the $0.0780 support, the price could decline further. In the stated case, the price might decline toward the $0.0720 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 – $0.0880 and $0.0780.
Major Resistance Levels – $0.0950 and $0.1000.
Source: NewsBTC.com
The post Dogecoin Price (DOGE) Slips Alongside Bitcoin and Ethereum: Market Analysis appeared first on Crypto Breaking News.
DOGE price is down over 15% from well above the $0.1200 pivot zone.
The price is trading below the $0.100 level and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $0.1000 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to move down unless it reclaims the $0.100 resistance zone.
Dogecoin Price Drops Over 15%
In the past few sessions, Dogecoin price saw a major decline like Bitcoin and Ethereum. The bears took control and pushed the price below the $0.1120 and $0.1050 support levels.
The price even declined below the $0.1000 support. A low was formed at $0.0881 and DOGE price is now consolidating losses. The price is showing many bearish signs below the 23.6% Fib retracement level of the downward move from the $0.1194 swing high to the $0.0881 low.
Dogecoin is now trading below the $0.100 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.0950 level. The next major resistance is near the $0.1000 level. There is also a key bearish trend line forming with resistance at $0.1000 on the hourly chart of the DOGE/USD pair.
A close above the $0.100 resistance might send the price toward the $0.1040 resistance or the 50% Fib retracement level of the downward move from the $0.1194 swing high to the $0.0881 low. Any more gains might send the price toward the $0.1080 level. The next major stop for the bulls might be $0.1120.
More Downsides In DOGE?
If DOGE’s price fails to recover above the $0.1000 level, it could start another decline. Initial support on the downside is near the $0.0880 level. The next major support is near the $0.0850 level.
The main support sits at $0.0780. If there is a downside break below the $0.0780 support, the price could decline further. In the stated case, the price might decline toward the $0.0720 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 – $0.0880 and $0.0780.
Major Resistance Levels – $0.0950 and $0.1000.
Source: NewsBTC.com
The post Dogecoin Price (DOGE) Slips Alongside Bitcoin and Ethereum: Market Analysis appeared first on Crypto Breaking News.
XRP Price Falls Below $0.50: Key Takeaways for the Market
XRP price is down over 15% and trading below $0.50. The price is showing bearish signs and might struggle to recover above the $0.520 resistance.
XRP price traded below the $0.500 and $0.4850 support levels.
The price is now trading below $0.4880 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.5180 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could attempt a steady recovery wave if it clears the $0.520 resistance zone.
XRP Price Dives Over 15%
XRP price started a major decline below the $0.500 support after Ethereum and Bitcoin nosedived. There was a major decline below the $0.4850 support zone.
The price tested the $0.460 zone. A low is formed at $0.460 and the price is now consolidating losses. It is showing a lot of bearish signs below the 23.6% Fib retracement level of the downward move from the $0.5767 swing high to the $0.460 low.
The price is now trading below $0.5880 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $0.5180 on the hourly chart of the XRP/USD pair. If there is a recovery wave, the price could face resistance near the $0.4880 level.
The first major resistance is near the $0.500 level. The next key resistance could be $0.5180 or the trend line or the 50% Fib retracement level of the downward move from the $0.5767 swing high to the $0.460 low. A clear move above the $0.520 resistance might send the price toward the $0.5350 resistance.
The next major resistance is near the $0.5440 level. Any more gains might send the price toward the $0.550 resistance or even $0.5650 in the near term.
More Downsides?
If XRP fails to clear the $0.520 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4650 level. The next major support is at $0.460.
If there is a downside break and a close below the $0.460 level, the price might continue to decline toward the $0.4350 support in the near term. The next major support sits at $0.4250.
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 – $0.4600 and $0.4500.
Major Resistance Levels – $0.5000 and $0.5200.
Source: NewsBTC.com
The post XRP Price Falls Below $0.50: Key Takeaways for the Market appeared first on Crypto Breaking News.
XRP price traded below the $0.500 and $0.4850 support levels.
The price is now trading below $0.4880 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.5180 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could attempt a steady recovery wave if it clears the $0.520 resistance zone.
XRP Price Dives Over 15%
XRP price started a major decline below the $0.500 support after Ethereum and Bitcoin nosedived. There was a major decline below the $0.4850 support zone.
The price tested the $0.460 zone. A low is formed at $0.460 and the price is now consolidating losses. It is showing a lot of bearish signs below the 23.6% Fib retracement level of the downward move from the $0.5767 swing high to the $0.460 low.
The price is now trading below $0.5880 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $0.5180 on the hourly chart of the XRP/USD pair. If there is a recovery wave, the price could face resistance near the $0.4880 level.
The first major resistance is near the $0.500 level. The next key resistance could be $0.5180 or the trend line or the 50% Fib retracement level of the downward move from the $0.5767 swing high to the $0.460 low. A clear move above the $0.520 resistance might send the price toward the $0.5350 resistance.
The next major resistance is near the $0.5440 level. Any more gains might send the price toward the $0.550 resistance or even $0.5650 in the near term.
More Downsides?
If XRP fails to clear the $0.520 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4650 level. The next major support is at $0.460.
If there is a downside break and a close below the $0.460 level, the price might continue to decline toward the $0.4350 support in the near term. The next major support sits at $0.4250.
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 – $0.4600 and $0.4500.
Major Resistance Levels – $0.5000 and $0.5200.
Source: NewsBTC.com
The post XRP Price Falls Below $0.50: Key Takeaways for the Market appeared first on Crypto Breaking News.
Ethereum Price Crashes Over 20%: Market Reacts to Major Sell-Off
Ethereum price nosedived after it settled below $3,000. ETH is down over 20% and it is now attempting to recover from the $2,000 zone.
Ethereum started a major decline below the $2,800 and $2,650 levels.
The price is trading below $2,500 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a recovery wave if it clears the $2,500 resistance zone.
Ethereum Price Takes Major Hit
Ethereum price started a major decline after it broke the $3,000 support. ETH dragged Bitcoin lower and traded below the $2,500 support. It declined over 20% and there was a sharp decline below the $2,200 level.
The price even dived below $2,000 and tested $1,920. A low is formed at $1,911 and the price is now consolidating losses. There was a minor recovery wave above the $2,200 level. The price broke the 23.6% Fib retracement level of the downward move from the $2,922 swing high to the $1,911 low.
Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. If there is a steady recovery wave, the price could face resistance near the $2,420 level and the 50% Fib retracement level of the downward move from the $2,922 swing high to the $1,911 low.
The first major resistance is near the $2,500 level. There is also a key bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD. The next major hurdle is near the $2,540 level. A close above the $2,540 level might send Ether toward the $2,680 resistance.
The next key resistance is near $2,800. An upside break above the $2,800 resistance might send the price higher toward the $3,000 resistance zone in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near $2,200. The first major support sits near the $2,120 zone.
A clear move below the $2,120 support might push the price toward $2,050. Any more losses might send the price toward the $2,000 support level in the near term. The next key support sits at $1,920.
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 – $2,120
Major Resistance Level – $2,500
Source: NewsBTC.com
The post Ethereum Price Crashes Over 20%: Market Reacts to Major Sell-Off appeared first on Crypto Breaking News.
Ethereum started a major decline below the $2,800 and $2,650 levels.
The price is trading below $2,500 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a recovery wave if it clears the $2,500 resistance zone.
Ethereum Price Takes Major Hit
Ethereum price started a major decline after it broke the $3,000 support. ETH dragged Bitcoin lower and traded below the $2,500 support. It declined over 20% and there was a sharp decline below the $2,200 level.
The price even dived below $2,000 and tested $1,920. A low is formed at $1,911 and the price is now consolidating losses. There was a minor recovery wave above the $2,200 level. The price broke the 23.6% Fib retracement level of the downward move from the $2,922 swing high to the $1,911 low.
Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. If there is a steady recovery wave, the price could face resistance near the $2,420 level and the 50% Fib retracement level of the downward move from the $2,922 swing high to the $1,911 low.
The first major resistance is near the $2,500 level. There is also a key bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD. The next major hurdle is near the $2,540 level. A close above the $2,540 level might send Ether toward the $2,680 resistance.
The next key resistance is near $2,800. An upside break above the $2,800 resistance might send the price higher toward the $3,000 resistance zone in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near $2,200. The first major support sits near the $2,120 zone.
A clear move below the $2,120 support might push the price toward $2,050. Any more losses might send the price toward the $2,000 support level in the near term. The next key support sits at $1,920.
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 – $2,120
Major Resistance Level – $2,500
Source: NewsBTC.com
The post Ethereum Price Crashes Over 20%: Market Reacts to Major Sell-Off appeared first on Crypto Breaking News.
Bitcoin Price Plunge Deepens: What Could Prevent a Recovery?
Bitcoin price declined further below the $55,000 support zone. BTC is down over 15% and might even slide toward the $50,000 zone.
Bitcoin gained bearish momentum below the $56,500 and $55,000 support levels.
The price is trading below $55,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $56,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start a decent recovery wave if it clears the $58,000 resistance zone.
Bitcoin Price Nosedives
Bitcoin price extended losses below the $56,500 support zone. BTC even traded below the $55,000 and $54,500 levels. A low is formed near $52,430 and the price is now consolidating losses.
It recovered above the $53,500 level and tested the 23.6% Fib retracement level of the downward move from the $61,040 swing high to the $52,430 low. However, the price is now struggling to clear the $55,000 resistance zone. There is also a connecting bearish trend line forming with resistance at $56,700 on the hourly chart of the BTC/USD pair.
Bitcoin price is trading below $55,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $55,500 level. The first key resistance is near the $56,800 level.
A clear move above the $56,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,000 or the 61.8% Fib retracement level of the downward move from the $61,040 swing high to the $52,430 low.
The next major hurdle sits at $58,800. A close above the $58,800 resistance might spark bullish moves. In the stated case, the price could rise and test the $60,000 resistance.
More Downsides In BTC?
If Bitcoin fails to recover above the $56,800 resistance zone, it could start another decline. Immediate support on the downside is near the $53,000 level.
The first major support is $52,500. The next support is now near $52,000. Any more losses might send the price toward the $50,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 30 level.
Major Support Levels – $53,000, followed by $52,500.
Major Resistance Levels – $56,800, and $58,000.
Source: NewsBTC.com
The post Bitcoin Price Plunge Deepens: What Could Prevent a Recovery? appeared first on Crypto Breaking News.
Bitcoin gained bearish momentum below the $56,500 and $55,000 support levels.
The price is trading below $55,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $56,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start a decent recovery wave if it clears the $58,000 resistance zone.
Bitcoin Price Nosedives
Bitcoin price extended losses below the $56,500 support zone. BTC even traded below the $55,000 and $54,500 levels. A low is formed near $52,430 and the price is now consolidating losses.
It recovered above the $53,500 level and tested the 23.6% Fib retracement level of the downward move from the $61,040 swing high to the $52,430 low. However, the price is now struggling to clear the $55,000 resistance zone. There is also a connecting bearish trend line forming with resistance at $56,700 on the hourly chart of the BTC/USD pair.
Bitcoin price is trading below $55,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $55,500 level. The first key resistance is near the $56,800 level.
A clear move above the $56,800 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,000 or the 61.8% Fib retracement level of the downward move from the $61,040 swing high to the $52,430 low.
The next major hurdle sits at $58,800. A close above the $58,800 resistance might spark bullish moves. In the stated case, the price could rise and test the $60,000 resistance.
More Downsides In BTC?
If Bitcoin fails to recover above the $56,800 resistance zone, it could start another decline. Immediate support on the downside is near the $53,000 level.
The first major support is $52,500. The next support is now near $52,000. Any more losses might send the price toward the $50,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 30 level.
Major Support Levels – $53,000, followed by $52,500.
Major Resistance Levels – $56,800, and $58,000.
Source: NewsBTC.com
The post Bitcoin Price Plunge Deepens: What Could Prevent a Recovery? appeared first on Crypto Breaking News.
Binance Coin In Turmoil: Nearly 10% Value Erased In Market Shake-Up
Binance Coin (BNB) succumbs to bearish pressure alongside other altcoins in the market. According to the latest market data, the token is down nearly 10% since last week representing a big slash in value for investors in the long-term. The huge drop is due to the current underperforming market after the major cryptocurrencies slipped with Bitcoin and Ethereum by almost 10% respectively.
Despite the recent regulatory turmoil between the Securities and Exchange Commission and Binance, BNB still shows some strength as it maintains its top four spot, topping SOL and XRP.
Binance Coin Market Vs Macroeconomics
The early half of August is held in high regard by both crypto finance and traditional finance investors as major economic indicators are set to be announced. With the past six indicators flashing red or neutral, it remains to be seen whether the next few will be bullish for the broader financial world.
But last week, the Federal Open Market Committee held against lowering interest rates as inflation was still “somewhat elevated.” However, this opened the road to September rate cuts as the inflation slows, helping the market gain gradual ground in the long run.
Although the market remains somewhat optimistic for the September cut, it has since faded as the broader market slips as investor anxiety remains high. The S&P 500 and Dow Jones fell by almost 2% respectively.
This further exacerbated the market correction within the crypto market. As of writing, the crypto market is down more than 2% in the past 24 hours. BNB was not spared, with the BNB Chain metrics falling amidst the market downturn.
Despite this, long-term investors in the token continue to remain strong despite bearish market conditions. According to CoinGlass, BNB market positions remain majority long with a slight uptick in the short position takers.
However, derivative contracts featuring BNB took a dip with the open interest dropping by a significant margin.
Although the token follows the broader market, BNB still remains a strong investment despite the hostile market conditions.
Crucial BNB Level Remains But For How Long?
The hostile market environment is slowly dying down but with the current uncertainties within the macroeconomic side of things, it remains to be seen whether the BNB bulls can continue to stem the tide.
Keeping aside price, having a majority of long positions for the token is advantageous for the bulls as it helps maintain investor confidence in the token. Despite this, the bulls have a long way ahead.
Stabilizing the price around the $514 price range should be their number 1 priority. A bearish breakthrough on this level will lead to more bleeding, which might flip investors from long positions to short positions.
If held successfully, BNB bulls have a strong jump-off point to retake the late-July levels of $558.
Featured image from Pexels, chart from TradingView
Source: NewsBTC.com
The post Binance Coin In Turmoil: Nearly 10% Value Erased In Market Shake-Up appeared first on Crypto Breaking News.
Despite the recent regulatory turmoil between the Securities and Exchange Commission and Binance, BNB still shows some strength as it maintains its top four spot, topping SOL and XRP.
Binance Coin Market Vs Macroeconomics
The early half of August is held in high regard by both crypto finance and traditional finance investors as major economic indicators are set to be announced. With the past six indicators flashing red or neutral, it remains to be seen whether the next few will be bullish for the broader financial world.
But last week, the Federal Open Market Committee held against lowering interest rates as inflation was still “somewhat elevated.” However, this opened the road to September rate cuts as the inflation slows, helping the market gain gradual ground in the long run.
Although the market remains somewhat optimistic for the September cut, it has since faded as the broader market slips as investor anxiety remains high. The S&P 500 and Dow Jones fell by almost 2% respectively.
This further exacerbated the market correction within the crypto market. As of writing, the crypto market is down more than 2% in the past 24 hours. BNB was not spared, with the BNB Chain metrics falling amidst the market downturn.
Despite this, long-term investors in the token continue to remain strong despite bearish market conditions. According to CoinGlass, BNB market positions remain majority long with a slight uptick in the short position takers.
However, derivative contracts featuring BNB took a dip with the open interest dropping by a significant margin.
Although the token follows the broader market, BNB still remains a strong investment despite the hostile market conditions.
Crucial BNB Level Remains But For How Long?
The hostile market environment is slowly dying down but with the current uncertainties within the macroeconomic side of things, it remains to be seen whether the BNB bulls can continue to stem the tide.
Keeping aside price, having a majority of long positions for the token is advantageous for the bulls as it helps maintain investor confidence in the token. Despite this, the bulls have a long way ahead.
Stabilizing the price around the $514 price range should be their number 1 priority. A bearish breakthrough on this level will lead to more bleeding, which might flip investors from long positions to short positions.
If held successfully, BNB bulls have a strong jump-off point to retake the late-July levels of $558.
Featured image from Pexels, chart from TradingView
Source: NewsBTC.com
The post Binance Coin In Turmoil: Nearly 10% Value Erased In Market Shake-Up appeared first on Crypto Breaking News.
Crypto Market Liquidations Top $197 Million As Bitcoin Price Plunges Below $60,000
Bitcoin can’t seem to leave the $60,000 price level as it continues to trade in uncertainty. On Saturday, August 3, the cryptocurrency experienced another sharp decline, briefly dipping below the $60,000 mark.
Although this drop lasted only a few minutes, it was quite significant, especially given that Bitcoin had traded above $62,000 earlier the same day. This fluctuation has notably impacted market participants, leading to the liquidation of numerous long positions.
At the time of writing, over $197 million worth of leveraged positions have been liquidated in the past 24 hours. Notably, this figure soared to as much as $288 million during the peak of the selling pressure.
Bitcoin And Market Liquidations
The persistent inability of Bitcoin to maintain a stable position above $60,000 highlights the uncertainty and speculative nature of the cryptocurrency market. Traders and investors remain cautious, closely monitoring its price movements.
This cautious approach has likely been amplified by recent reports of repayments initiated by the bankrupt crypto lender Genesis Global Capital, which flooded the market with additional digital assets, primarily Bitcoin and Ethereum.
Considering Bitcoin and Ethereum’s dominance over the market, this cautious approach has inadvertently led to a lingering bearish sentiment surrounding other cryptocurrencies. Although Bitcoin and Ethereum experienced the highest liquidated positions, the impact has spilt over into other digital assets.
According to Coinglass data shown below, Ethereum led the market with $57.22 million worth of leveraged positions liquidated. Bitcoin followed closely with $46.19 million in liquidations and Solana with $15.35 million.
The total liquidation amount reached $197.72 million, with the majority ($159.88 million) in long positions. Most of these liquidations occurred on Binance, OKX, and Bybit, with $85.88 million, $65.83 million, and $16.47 million in liquidations, respectively, each exhibiting an 80% long liquidation rate.
Prevailing Bearishness
The crypto industry is no stranger to sporadic liquidations of such huge amounts. Considering the prevailing short-term bearish sentiment, most of these liquidations have repeatedly been on long positions. On June 24, the market witnessed almost $300 million worth of positions liquidated in under 24 hours. Similarly, over $360 million worth of positions were liquidated on June 7 when the Bitcoin price crashed from $71,000 to $68,000.
Recent market dynamics suggest that the industry might not be out of the woods yet concerning such liquidations. Bitcoin continues to struggle to hold above $60,000, a trend that could persist in the coming weeks. This is partly because Spot Bitcoin ETFs, which have historically been a catalyst for Bitcoin price surges, ended last week on a negative note. Specifically, they concluded Friday’s trading session with $237.4 million in outflows, the largest daily outflow since May 1.
Featured image from The Michigan Daily, chart from TradingView
Source: NewsBTC.com
The post Crypto Market Liquidations Top $197 Million As Bitcoin Price Plunges Below $60,000 appeared first on Crypto Breaking News.
Although this drop lasted only a few minutes, it was quite significant, especially given that Bitcoin had traded above $62,000 earlier the same day. This fluctuation has notably impacted market participants, leading to the liquidation of numerous long positions.
At the time of writing, over $197 million worth of leveraged positions have been liquidated in the past 24 hours. Notably, this figure soared to as much as $288 million during the peak of the selling pressure.
Bitcoin And Market Liquidations
The persistent inability of Bitcoin to maintain a stable position above $60,000 highlights the uncertainty and speculative nature of the cryptocurrency market. Traders and investors remain cautious, closely monitoring its price movements.
This cautious approach has likely been amplified by recent reports of repayments initiated by the bankrupt crypto lender Genesis Global Capital, which flooded the market with additional digital assets, primarily Bitcoin and Ethereum.
Considering Bitcoin and Ethereum’s dominance over the market, this cautious approach has inadvertently led to a lingering bearish sentiment surrounding other cryptocurrencies. Although Bitcoin and Ethereum experienced the highest liquidated positions, the impact has spilt over into other digital assets.
According to Coinglass data shown below, Ethereum led the market with $57.22 million worth of leveraged positions liquidated. Bitcoin followed closely with $46.19 million in liquidations and Solana with $15.35 million.
The total liquidation amount reached $197.72 million, with the majority ($159.88 million) in long positions. Most of these liquidations occurred on Binance, OKX, and Bybit, with $85.88 million, $65.83 million, and $16.47 million in liquidations, respectively, each exhibiting an 80% long liquidation rate.
Prevailing Bearishness
The crypto industry is no stranger to sporadic liquidations of such huge amounts. Considering the prevailing short-term bearish sentiment, most of these liquidations have repeatedly been on long positions. On June 24, the market witnessed almost $300 million worth of positions liquidated in under 24 hours. Similarly, over $360 million worth of positions were liquidated on June 7 when the Bitcoin price crashed from $71,000 to $68,000.
Recent market dynamics suggest that the industry might not be out of the woods yet concerning such liquidations. Bitcoin continues to struggle to hold above $60,000, a trend that could persist in the coming weeks. This is partly because Spot Bitcoin ETFs, which have historically been a catalyst for Bitcoin price surges, ended last week on a negative note. Specifically, they concluded Friday’s trading session with $237.4 million in outflows, the largest daily outflow since May 1.
Featured image from The Michigan Daily, chart from TradingView
Source: NewsBTC.com
The post Crypto Market Liquidations Top $197 Million As Bitcoin Price Plunges Below $60,000 appeared first on Crypto Breaking News.
