The price of the native token of the Cardano network, ADA, could soon explode upwards in a meteoric rise that would see it surge to the $40 or even higher, based on a technical analysis pattern.

According to cryptocurrency analyst Fiery Trading, who published his Cardano price prediction on TradingView, if the cryptocurrency keeps trading within its current channel it could soon bounce to an explosive all-time high as “there’s a possibility of ADA going for the top of the channel in the coming bull-cycle.”

The analyst noted that the outcome isn’t likely to materialize, but noted with its expected return ratio it’s “worth the risk,” and added current levels could be “your best ADA entry for the rest of your life.”

Source: FieryTrading on TradingView

As CryptoGlobe reported short sellers have been increasing their bets against both ADA and the native token of the XRP Ledger ($XRP) in a potential positive development for poatenti long-term investors as liquidated shorts can help propel these cryptocurrencies’ prices.

That’s according to on-chain analytics firm Santiment, which noted in a post on the microblogging platform X (formerly known as Twitter) that funding rates on cryptocurrency exchange Binance indicate a dominance of short positions over longs since September 2023 for ADA and May 2024 for XRP.

Also read: AI Prediction: XRP ($XRP) vs. Cardano ($ADA) – Which Is Likely the Better Buy for the Rest of 2024

The finding comes as investors seek a revival in the cryptocurrency market, with ADA and XRP emerging as two altcoins experiencing a rise in short positions following a recent price uptick. Short selling sees traders borrow an asset, sell it, and aim to repurchase it later at a lower price to pocket the difference.

Featured image via Unsplash.

Two large whales have deposited roughly $26 million worth of two leading meme-inspired cryptocurrencies – Shiba Inu ($SHIB) and Pepe Coin ($PEPE) – on leading cryptocurrency exchanges at a time in which market prices have plunged amid a wider market downturn.

According to on-chain analytics firm SpotOnChain, one whale deposited 1.08 trillion SHIB tokens worth roughly $18.12 million into the leading cryptocurrency exchange after accumulating between November and December 2023 at the market bottom. Their accumulation when prices were depressed meant they made an estimate profit of $8 million for a 79% return.

Meanwhile the second whale deposited 700 billion PEPE tokens on the exchange, worth $7.8 million, while keeping an additional 800 billion PEPE token holdings. The deposit meant they realized a loss of around $3.47 million, or 15%.

Two big whales deposited $25.95M worth of $SHIB and $PEPE to #Binance in the past 14 hours. Did whales become bearish with #Ethereum #memecoins?1. Whale 0x42a deposited all 1.088T $SHIB ($18.12M) ~14 hours ago.• Accumulation period: Nov and Dec 2023 (the market bottom).•… pic.twitter.com/fspHueZ7Mi

— Spot On Chain (@spotonchain) June 25, 2024

The PEPE whale withdrew 1.653 trillion PEPE from leading cryptocurrency exchange Binance at an average price of $0.00001376 per token, accumulating in May the tokens for an estimated $22.7 million.

The whale has realized a sale of 853 billion PEPE tokens at an average price of $0.00001184 for roughly $10 million.

As reported, the Solana-based meme-inspired cryptocurrency Dogwifhat ($WIF) has seen its price plunge over the past week, losing 36% of its value in just a few days to drop out of the top 50 cryptocurrencies by market capitalization.

Also read: AI Prediction: Dogecoin ($DOGE) vs. Pepe ($PEPE) – Which Is Likely the Better Buy for the Rest of 2024?

The price decline came shortly after a prominent cryptocurrency analyst has revealed he believed that the cryptocurrency, which at the time of his prediction was up over 1,130%, could keep on dropping before its performance turns around.

Sharing a price chart showing technical levels, pseudonymous analyst Altcoin Sherpa noted that he expects WIF to bounce but noted he doesn’t “really think this is the overall bottom,” adding that he expects the price to keep dropping.

The meme-inspired cryptocurrency rose exponentially this year, to the point one trader managed turn less than $2,000 worth of a Solana-based memecoin into over $10.9 million within a three-month period.

Featured image via Pixabay.

A key technical indicator for Bitcoin is raising eyebrows, suggesting that the price of the flagship cryptocurrency could soon surge after dropping below the $60,000 mark amid a wider market sell-off.

The Relative Strength Index (RSI), a technical indicator meant to chart the current and historical strength or weakness of an asset‘s recent price changes, has dipped into “oversold” territory for Bitcoin, according to popular analyst Ali Martinez, who noted that the last three times it dipped into this territory BTC’s price surged.

Bitcoin entered oversold territory after dipping below $62,000 according to Martinez, but the cryptocurrency kept on dropping to trade at little over $58,000 before recovering, and is now changing hands for $61,100.

Intriguingly, past instances of the RSI reaching oversold levels have been followed by significant price surges for Bitcoin. In August 2023, a similar RSI signal preceded a remarkable 197% rally, while in November 2022 and March 2023 oversold levels were followed by surges of 60% and 62%, respectively.

In the past two years, the #Bitcoin daily RSI has hit oversold territory three times, resulting in $BTC price surges of 60%, 63%, and 198%, respectively. With #BTC now below $62,000 and the RSI in oversold territory again, it might be a prime opportunity to buy the dip! pic.twitter.com/JkJ4IgoeML

— Ali (@ali_charts) June 24, 2024

Given this historical context, the current oversold RSI reading is being interpreted by some analysts as a potential buying opportunity. If Bitcoin follows a similar price trajectory as in past occurrences, a 60% surge would propel the cryptocurrency to a new all-time high above $96,000.

Bitcoin’s price recently fell after Mt. Gox, a once-dominant cryptocurrency exchange, announced plans to distribute billions of dollars’ worth of recovered Bitcoin and Bitcoin Cash to creditors.

The news sent shockwaves through the crypto market and led to a massive price drop, as analysts believe that the BTC – which could range from 65,000 to 140,000 and be worth nearly $9 billion – could be sold by creditors who waited over a decade to get back their funds.

Some analysts, however, believe the impact may be overstated. Alex Thorn, research head at Galaxy Digital, suggested that only around 65,000 Bitcoins will be distributed to individual creditors, many of whom are early adopters unlikely to flood the market.

Featured image via Unsplash.

In a recent interview with The Block’s Director of Special Projects, Frank Chaparro, for episode 38 of The Scoop podcast, Ripple President Monica Long shared her thoughts on the current state and future of Ripple, crypto regulations, and blockchain technology. The conversation covered a wide range of topics, including Ripple’s ongoing legal battles, the expansion of their business, and the broader landscape of crypto regulation and adoption.

Business Growth and Legal Clarity

Long started by highlighting the significant developments since their last public discussion. She noted that Ripple received a favorable court decision in July 2023 regarding their case with the SEC, which clarified that XRP is not considered a security. She said this decision has provided Ripple with the clarity needed to move forward with their business operations in the United States. Despite the regulatory challenges, she claimed, Ripple’s business continues to grow, expanding beyond cross-border payments to include a broader range of blockchain infrastructure services.

Expanding Beyond Payments

Long also mentioned that Ripple’s focus has shifted from solely serving cross-border payments to becoming a holistic enterprise blockchain infrastructure provider. They have built essential infrastructure to support connectivity between blockchains and traditional financial rails, enabling them to serve over 80 markets globally. The acquisition of Medico, now Ripple Custody, has enhanced their ability to provide custody services, which is crucial for their payment customers and large banks.

Regulatory Environment and Global Expansion

Long addressed the ongoing regulatory environment in the U.S., describing the SEC’s approach as a “war on crypto” driven by enforcement rather than clear rules. Despite this, she noted that Ripple has seen more growth in regions where governments have established clear regulations, such as Europe, Singapore, and Brazil. These regions, she said, have provided regulatory clarity, enabling Ripple to expand their operations and serve a growing number of customers.

The Role of Stablecoins

A significant part of the conversation focused on Ripple’s decision to launch a USD stablecoin. Long explained that stablecoins and XRP are complementary, serving different use cases within their ecosystem. While XRP acts as a bridge asset for cross-currency or cross-token settlements, stablecoins are used for transactions where stability and cost-efficiency are crucial, such as USD to EUR flows. Ripple’s stablecoin will initially target their existing payment customers and banks, leveraging their established relationships and infrastructure.

Tokenization and Real-World Assets

Long discussed the increasing interest in tokenizing real-world assets, such as securities and money market funds. Ripple’s custody product apparently supports these tokenization efforts, enabling customers to tokenize a variety of assets securely and efficiently. Long added that the growing interest from large institutions in tokenizing assets signifies a broader acceptance of blockchain technology in traditional finance.

Future Opportunities and Innovations

Looking ahead, Long expressed excitement about the potential for further innovations and expansions within Ripple. She mentioned the possibility of launching a spot XRP ETF, highlighting the court’s ruling that provided clarity for XRP and Bitcoin as the only two crypto assets in the U.S. with such a status. Long also emphasized the value of the infrastructure Ripple has built over the years, positioning them to serve a wide range of enterprise use cases beyond payments.

On June 25, Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), spoke with Bloomberg’s Annmarie Horden at the Bloomberg Invest Summit. During the conversation, Gensler addressed the intersection of cryptocurrency and securities laws, the political implications of crypto regulation, and his ongoing priorities at the SEC.

Crypto Securities and SEC Regulations

Gensler emphasized that there is no inconsistency between crypto securities and existing securities laws. He noted that the rules governing securities are clear and have been established to protect investors and ensure fair, orderly, and efficient markets. Despite this, he acknowledged that a significant number of entities within the crypto space are not compliant with these laws. This non-compliance is a critical issue that the SEC aims to address through its regulatory oversight.

Political Landscape and Crypto Regulation

The discussion highlighted the growing political significance of cryptocurrency, with former President Trump planning to address a major Bitcoin conference and promising to end what he calls “Joe Biden’s war on crypto.” Mark Cuban also has suggested that Gensler’s actions could potentially impact the upcoming election. In response, Gensler refrained from commenting on political matters, reiterating that his focus is solely on his role as a securities regulator.

Gensler stated that his primary responsibility is to protect investors and oversee issuers, ensuring access to fair, orderly, and efficient markets. He expressed that other individuals could engage in political discourse, but his mandate is to uphold the integrity of the capital markets.

SEC’s Ongoing Initiatives and Future Plans

Gensler shared his sense of privilege in serving as the SEC Chair and his commitment to advancing the agency’s mission. He highlighted several key initiatives the SEC has been working on, including:

Transition to T+1 Settlement Cycle: The SEC has implemented a significant transition to a one-day clearance and settlement cycle, which aims to reduce risk and enhance market efficiency.

Treasury Clearing Rules: Gensler underscored the importance of stabilizing the $7 trillion treasury market, which has experienced periodic fragility. The implementation of new treasury clearing rules is a priority to ensure the market’s robustness.

Ongoing Rule Proposals: The SEC has proposed several rules that have yet to be adopted. Gensler noted that while there is no urgency to finalize these rules before the election, the goal is to enhance the markets for the benefit of the American public.

Gensler concluded by stating that serving the American people and protecting investors is his primary objective. Whether he serves through the end of his term in 2026 or leaves earlier, he views his role as a public service and a cornerstone of democracy in action.

The German government has sold over $54 million worth of Bitcoin on June 25 over a series of transactions that saw a wallet labeled “German Government (BKA) move 400 BTC to centralized cryptocurrency exchanges Kraken and Coinbase.

According to data shared by Arkham Intelligence, the German government sold an additional $24 million and moved another 500 BTC to a different address, after selling $130 million worth of the cryptocurrency on June 19 and $65 million on June 20.

The government received back $20.1 million from Kraken, and $5.5 million from wallets inked to Robinhood, Bitstamp, and Coinbase. Currently, it still holds 46,359 BTC worth over $2.8 billion.

UPDATE: German Government selling additional $24M BTCIn the past 2 hours the German Government has moved 400 BTC to exchange deposits at Kraken and Coinbase.They have also moved 500 BTC to address 139Po. We have yet to see where these funds are moved. pic.twitter.com/D6QCUv9Jgx

— Arkham (@ArkhamIntel) June 25, 2024

This is not the first time the German government has interacted with the wallet it recently moved 500 BTC to, “139Po,” as Arkham Intelligence data reveals previous transfers of 800 BTC on June 20 and 500 BTC on June 19 to the same address.

Analysts fear these government selloffs could introduce substantial selling pressure, potentially pushing the price of Bitcoin further down. Bitcoin has already been on a downward trend, with a drop of 11% over the last 30 days and having recently dropped below the $60,000 mark before recovering, to now trade at $61,100.

The German government’s Bitcoin stash was originally of nearly 50,000 BTC, seized from the operators of a film piracy platform, Movie2k.to, which was last active over a decade ago.

The sell-off comes at a time in which Bitcoin’s price is also being affected by the recent announcement from Mt. Gox, a once-dominant cryptocurrency Exchange, that it’s set to distribute billions of dollars’ worth of recovered Bitcoin and Bitcoin Cash to creditors.

Mt. Gox was the world’s leading Bitcoin exchange before collapsing in 2014 following a series of hacks that resulted in the loss 850,000 BTC. After years of legal wrangling, Mt. Gox managed to recover roughly 140,000 Bitcoins, leaving a path to compensate creditors who had been left in the lurch.

The news sent shockwaves through the crypto market and led to a massive price drop, as analysts believe that the BTC – which could range from 65,000 to 140,000 and be worth nearly $9 billion – could be sold by creditors who waited over a decade to get back their funds.

Featured image via Pixabay.

The price of the flagship cryptocurrency Bitcoin ($BTC) dipped below $60,000 for the first time since early May after Mt. Gox, a once-dominant cryptocurrency exchange, announced plans to distribute billions of dollars’ worth of recovered Bitcoin and Bitcoin Cash to creditors.

Mt. Gox was the world’s leading Bitcoin exchange before collapsing in 2014 following a series of hacks that resulted in the loss 850,000 BTC. After years of legal wrangling, Mt. Gox managed to recover roughly 140,000 Bitcoins, leaving a path to compensate creditors who had been left in the lurch.

The announcement by trustee Nobuaki Kobayashi detailed a payout plan slated for next month. Recovered Bitcoin and Bitcoin Cash – with the BCH being automatically awarded to creditors after a 2017 blockchain fork – will be distributed through partner cryptocurrency exchanges including Kraken, Bitstamp, and BitGo.

The news sent shockwaves through the crypto market and led to a massive price drop, as analysts believe that the BTC – which could range from 65,000 to 140,000 and be worth nearly $9 billion – could be sold by creditors who waited over a decade to get back their funds.

Over the last 24-hour period, data from CoinGlass shows that over $100 million worth of Bitcoin long and short positions were liquidated over the volatility that saw BTC’s price drop to a $58,000 low before recovering, to now trade at $61,300.

Some analysts, however, believe the impact may be overstated. Alex Thorn, research head at Galaxy Digital, suggested that only around 65,000 Bitcoins will be distributed to individual creditors, many of whom are early adopters unlikely to flood the market.

to get payout now (the "early" payout, lol), creditors took a ~10% haircut. we think ~75% of BTC chose this option, leaving ~95k coins for early pay.of that, ~20k coins are owed to claims funds & ~10k coins are owed to the Bitcoinica BK, leaving ~65k coins for indiv creditors.…

— Alex Thorn (@intangiblecoins) June 24, 2024

Tax implications also play a role – creditors who bought Bitcoin when it was priced at a fraction of its current value face significant capital gains taxes if they sell immediately.

Large claim funds and a separate bankruptcy process are expected to receive the remaining tokens. Bitcoin Cash, created as a fork of the original Bitcoin chain, is expected to see a steeper decline due to its lower liquidity compared to BTC and the potential lack of interest among the recipient “OG” Bitcoiners, according to Thorn.

Featured image via Unsplash.

Cryptocurrency investment products saw outflows of $584 million over the past week, which added to the previous week’s figure mean investors have taken around $1.2 billion from these products, although investments in altcoins grew significantly recently.

According to CoinShares’ Digital Asset Fund Flows weekly report, these outflows could be a result of “pessimism amongst investors for interest rate cuts” that the Federal Reserve could enact later this year.

The report details that investment products offering exposure to Bitcoin saw $630 million worth of outflows, while Ethereum-focused products saw $58.3 million in outflows. Products shorting BTC also saw outflows of #1.2 million, while Cardano-focused products saw $300,000 of outflows.

In a surprising twist, products focusing on multiple cryptocurrency saw $98 million of inflows in a single week, which to CoinShares suggests “investors seen the weakness in the altcoin market as a buying opportunity.” Year-to-date inflows for these products stands at $136 million, with the lion’s share of these funds coming just this past week.

These inflows came after the total market capitalization of the cryptocurrency space excluding Bitcoin, Ethereum, and stablecoins dropped from around $600 billion to $475 billion in just a month amid a significant market downturn that has seen BTC drop to the $61,000 mark.

Meanwhile, products offering exposure to Solana ($SOL) saw $2.7 million of inflows, while those offering exposure to Litecoin, a cryptocurrency often referred to as the silver to Bitcoin’s gold, saw $1.3 million of inflows.

Those offering exposure to XRP saw $700,000 of inflows, while products focusing on Chainlink ($LINK) saw $300,000 of inflows.

As reported, data has shown that long-term Bitcoin holders have started selling the holding they accumulated throughout the bear market back in January, when spot Bitcoin exchange-traded funds (ETFs) were listed in the United States. Long-term Ethereum holders, however, are still accumulating.

Featured image via Unsplash.

In a recent article on the social media platform X (formerly Twitter), crypto VC Andrew Kang shared his insights on the potential impact of spot Ethereum (ETH) ETFs, which are expected to launch in the U.S. soon.

Andrew Kang is a prominent figure in the cryptocurrency industry, recognized for his role as the co-founder and partner of Mechanism Capital, a firm that focuses on cryptocurrency investments, particularly in decentralized finance (DeFi). Founded in September 2020, Mechanism Capital invests in various aspects of the crypto market including prop trading, mining, ventures, and secondary markets.

Kang has previously worked in portfolio management and venture capital at Digital Capital Management, giving him a strong background in financial and investment strategies within the crypto space.

Kang is known for his active participation in analyzing and commenting on DeFi projects, often sharing his insights on platforms like Twitter. He has made angel investments in several crypto projects such as Saddle Finance, Blast, and Perpetual Protocol, and has led Mechanism Capital’s investments in notable projects like Nansen, Biconomy, Highstreet, and XDEFI

In his article on X, Kang compares the impact of the upcoming spot ETH ETFs to the previously launched spot Bitcoin (BTC) ETFs. He notes that spot Bitcoin ETFs opened the door for many new buyers, significantly impacting BTC’s market dynamics. Since the BlackRock ETF application for Bitcoin, BTC has increased significantly, outperforming ETH in recent returns.

He argues that the impact of spot ETH ETFs will likely be less dramatic unless Ethereum can significantly improve its economic fundamentals. He points out that while spot Bitcoin ETFs accumulated an impressive $50 billion in assets under management (AUM), the true net inflows, after accounting for pre-existing assets and market rotations, are closer to $5 billion. For Ethereum, Kang estimates that spot ETH ETFs might see much lower inflows, potentially around $0.5 billion to $1.5 billion within six months.

Kang points out that Ethereum, often pitched as a “tech asset” due to its applications in decentralized finance (DeFi) and NFTs, faces challenges in convincing traditional finance (TradFi) investors. He mentions that the current economic indicators for Ethereum, such as growth rates and fee generation, do not make a compelling case for significant investment from institutional players. He suggests that ETH’s price might experience a modest increase before the spot ETH ETFs launch but expects it to range between $2,400 and $3,800 post-launch. In contrast, he says, if BTC sees substantial gains, it could drag ETH along, though ETH might not keep pace.

He also highlights that Ethereum’s unique attributes, such as staking and DeFi utilization, make it less attractive for conversion into spot ETF form compared to Bitcoin. He believes this could lead to lower initial flows into these ETFs. Despite these challenges, Kang remains cautiously optimistic about ETH’s long-term prospects, particularly if large financial players like BlackRock succeed in integrating blockchain technology more deeply into traditional financial systems.

Kang’s overall thesis is that while the launch of spot ETH ETFs in the U.S. will bring some new capital into Ethereum, the scale and impact will be considerably less than what was seen with spot Bitcoin ETFs. He believes that the true net buying will likely be lower, and the market has already priced in much of the expected demand. Hence, he anticipates a continued downtrend for the ETH/BTC ratio over the next year.

Thanks to @GiganticRebirth and @Evan_ss6 for their discussions even though we have differing opinions

— Andrew Kang (@Rewkang) June 23, 2024

Featured Image via Pixabay

As the price of Solana’s native SOL token keeps dropping from a 45-day low, a cryptocurrency analyst has recently predicted that despite a current bearish trend the smart contract platform’s native token will move to surpass the $1,000 mark in the future.

Solana is at the time of writing trading at $128 after losing around 15% of its value over the past week amid a wider cryptocurrency market downturn, with technical analysis of the cryptocurrency’s yearly price chart showing that its 50-simple moving average is currently at around $149, while the 200 SMA is at $100.9.

The cryptocurrency’s price is below its 50 SMA but above the 200 SMA which shows a short-term bearish sentiment within a long-term bullish trend if the price remains above the 200 SMA.

SOL’s Relative Strength Index (RSI) meanwhile sits at 32, considered to be oversold territory, and has been trending downward as bearish momentum grows. Meanwhile the Moving Average Convergence Divergence (MACD) indicator’s line crossed below its signal line, another bearish signal.

SOLUSD Chart via TradingView

The MACD’s histogram suggests there’s ongoing bearish momentum for Solana as it moves to test its support level near the 200 SMA. Another support level is at around $122, its recent low from which the price bounced back from.

Solana’s price faces resistance at around the 50 SMA, or $149, and a break above this level could see Solana resume its bullish trend.

Solana’s ‘$1,000 Roadmap’

On social media a pseudonymous cryptocurrency analyst, Crypto Patel, showed a long-germ SOL price chart suggesting it could move to the $1,000 mark. The chart shows the formation of a giant cup and handle pattern.

#SOLANA $1000 Roadmap 🚀$SOL pic.twitter.com/s7KipEbDTd

— Crypto Patel (@CryptoPatel) June 22, 2024

A cup and handle pattern occurs when the price of a security trends downward and recovers to form a “u” shape, before seeing another slight downward drift that forms the handle. It’s widely considered a bullish signal.

Also read: AI Prediction: Ethereum (ETH) vs Solana (SOL) – Which Is Likely the Better Buy for the Rest of 2024

Featured image via Unsplash.

On June 24, crypto analyst Kriss Pax released a video on YouTube discussing the current state of Dogecoin amidst a downturn in the crypto market, driven primarily by Bitcoin. The video delves into the reasons behind the market slump and explores the potential for a significant rebound in Dogecoin’s price.

Current Crypto Market Overview

Pax begins by addressing the overall decline in the crypto market, with Dogecoin being dragged down by Bitcoin’s downturn. He emphasizes that Bitcoin’s influence is pivotal, as its price movement impacts the entire market, including Dogecoin. Pax highlights that Dogecoin has dropped to around 11.4 cents, unable to maintain the 12-cent mark.

Source: TradingView Factors Influencing Bitcoin and the Rest of the Crypto Market

One of the critical factors contributing to Bitcoin’s decline is the impending repayment of 140,000 Bitcoins from the Mt. Gox exchange hack, scheduled for July. Pax explains that this looming event has instilled fear among investors, fearing a massive sell-off once the repayments are made. Additionally, Bitcoin mining profitability issues and the resulting sell-off by miners to cover energy costs have further exacerbated the situation.

Impact on Dogecoin

Despite the market-wide decline, Pax notes that Dogecoin holders are demonstrating resilience, with many continuing to hold their positions. He points out that the market’s broader digital currency ecosystem is under pressure, leading to significant liquidations of leveraged positions. For Dogecoin, $4 million in long leverage positions were liquidated recently.

Signs of Potential Recovery

Pax remains optimistic about Dogecoin’s future, suggesting that the current downturn might represent a bottoming out, providing a buying opportunity. He refers to the Relative Strength Index (RSI), indicating that Dogecoin is ready for a potential rebound. The market’s history of altcoin dominance following Bitcoin downturns supports his positive outlook.

Analyzing the broader market dynamics, Pax discusses the altcoin dominance, which typically rises when Bitcoin dominance falls. He points to historical patterns from 2020 and suggests that a similar altcoin bull run could be on the horizon. Pax believes that Ethereum (ETH) will likely lead the next market rally, followed by altcoins like Dogecoin.

On-Chain Indicators

Pax highlights an on-chain buy signal for Dogecoin, indicating it is currently undervalued. He refers to the Market Value to Realized Value (MVRV) ratio, which supports the idea that Dogecoin presents a strong buying opportunity at its current price levels.

Long-Term Outlook

Drawing on historical data and patterns, Pax remains bullish on Dogecoin’s long-term prospects. He references previous market cycles from 2016 and 2020, which saw significant rallies following similar signals. While acknowledging that predicting exact future prices is challenging, he suggests that Dogecoin could experience substantial gains if the market dynamics play out as expected.

Featured Image via Unsplash

The Solana-based meme-inspired cryptocurrency Dogwifhat ($WIF) has seen its price plunge over the past week, losing 36% of its value in just a few days to drop out of the top 50 cryptocurrencies by market capitalization.

According to available market data, WIF is at the time of writing trading at around $1.65 per token down from an all-time high around the $5 mark seen earlier this year. Its price drop saw Fantom ($FTM) overtake it to become a top 50 cryptocurrency by market capitalization.

WIF price chart via CryptoCompare

At the time of writing WIF has a market capitalization of around $1.65 billion, making it the fourth-largest memecoin by the metric, behind leading meme-inspired token Dogecoin ($DOGE) and rival Shiba Inu ($SHIB). It’s also topped by PEPE, which has a $4.5 billion market capitalization, and is risking losing its fourth-largest memecoin position to $FLOKI, which has a $1.5 billion market cap.

Also read: AI Prediction: Dogecoin ($DOGE) vs. Pepe ($PEPE) – Which Is Likely the Better Buy for the Rest of 2024?

The price decline, first reported by Cointelegraph, came shortly after a prominent cryptocurrency analyst has revealed he believed that the cryptocurrency, which at the time of his prediction was up over 1,130%, could keep on dropping before its performance turns around.

Sharing a price chart showing technical levels, pseudonymous analyst Altcoin Sherpa noted that he expects WIF to bounce but noted he doesn’t “really think this is the overall bottom,” adding that he expects the price to keep dropping.

The meme-inspired cryptocurrency rose exponentially this year, to the point one trader managed turn less than $2,000 worth of a Solana-based memecoin into over $10.9 million within a three-month period.

Featured image via Pixabay.

On June 24, 2024, Joe Lonsdale, founding partner of 8VC and co-founder of Palantir, appeared on CNBC’s “Squawk Box” to share his views on various pressing issues.

Palantir is a technology company that specializes in creating software to analyze large sets of data for various organizations. Their platforms, such as Palantir Foundry and Palantir Gotham, are used by businesses, governments, and other entities to integrate, manage, and derive insights from their data.

These tools help users make informed decisions by uncovering patterns, connections, and trends within their data. Palantir’s software is often employed in areas like national security, healthcare, finance, and logistics, where handling and interpreting complex data is crucial for operational efficiency and strategic planning.

Apple’s Monopoly Power and EU Regulations

Lonsdale began by addressing the European Union’s recent accusations against Apple. Lonsdale stated that European regulators, whom he generally considers to be quite extreme, might have a valid point in this instance. He pointed out that Apple behaves like a bully, frequently altering its rules and exerting excessive power over the market. Lonsdale emphasized that although he typically sides with innovation and technology, he cannot support a company that monopolizes and manipulates the market to its advantage.

Lonsdale shared his personal experiences with Apple’s arbitrary rule changes. He explained that during the COVID-19 pandemic, he and other developers attempted to create applications on Apple’s platform, only to face constant changes in requirements. He mentioned that Apple’s unpredictable standards created significant challenges and ultimately blocked their efforts despite meeting the evolving demands. According to Lonsdale, such practices highlight Apple’s excessive control and the necessity for consistent regulatory standards for entities wielding such power.

U.S. Business Challenges in Europe

Discussing the broader implications for U.S. businesses operating in Europe, Lonsdale expressed his concerns over European regulators imposing hefty fines on companies like Apple. He criticized the EU’s ability to claim up to 10% of global revenue from companies not adhering to their standards, labeling this approach as excessive and problematic for business operations.

The 2024 Election and Silicon Valley’s Political Climate

The conversation then shifted to the political landscape, particularly the 2024 presidential election. Lonsdale commented on the changing sentiments within Silicon Valley, noting an increasing frustration with current policies. He highlighted that many in the tech industry, who are traditionally not vocal about their political leanings, are now quietly supporting Trump due to dissatisfaction with the status quo.

Lonsdale explained that this support is not necessarily for Trump as an individual but as a reaction against the perceived failures and disruptions caused by current policies. He mentioned the bipartisan Chips Act as an example, which failed to progress due to numerous divisive DEI (Diversity, Equity, and Inclusion) mandates. Lonsdale argued that these regulatory and political obstacles are stifling innovation and progress in the United States.

The Impact of Regulatory and Political Actions

Lonsdale further elaborated on the hostile environment created by regulatory bodies like the FTC and various agencies, which he believes are targeting tech companies and stalling development projects. He mentioned the significant challenges faced by innovators due to these regulatory pressures, which prevent the country from achieving its full potential.

Regarding the justice system and its influence on politics, Lonsdale expressed concerns about the polarized nature of the rule of law in the United States. He argued that while there is a segment of judges who adhere to originalist interpretations of the Constitution, the real threat comes from activist judges with agendas. This legal activism, according to Lonsdale, undermines the rule of law and disrupts the political landscape.

Featured Image via Pixabay

In this AI-powered analysis, we will compare the recent price trends, market performance, and potential future outlook of Dogecoin ($DOGE) and Pepe ($PEPE) to determine which might be the better buy for the remainder of the year.

Dogecoin ($DOGE) Analysis DOGE/BTC Pair Source: TradingView

The DOGE-BTC chart shows substantial volatility. DOGE started the year at lower levels, experienced a considerable rally in March, and reached a peak before undergoing a significant correction. Currently, DOGE is trading around 0.00000194 BTC as of 24 June 2024. The chart indicates strong support at 0.00000180 BTC and resistance at 0.00000210 BTC. The recent price action suggests a consolidation phase, with potential for a breakout above resistance, signaling a bullish trend.

Detailed Analysis:

Support Level: 0.00000180 BTC

Resistance Level: 0.00000210 BTC

Current Price: 0.00000194 BTC

Outlook: Consolidation phase; potential bullish breakout if resistance is breached.

DOGE/USD Pair Source: TradingView

The DOGE-USD chart also reflects significant volatility. Starting the year at lower prices, DOGE saw a notable surge in March, hitting highs before correcting. The price has settled at approximately $0.12134. The support level lies around $0.1150, with resistance at $0.1350. Current market conditions suggest Dogecoin could be preparing for another upward move if it surpasses the resistance level.

Detailed Analysis:

Support Level: $0.1150

Resistance Level: $0.1350

Current Price: $0.12134

Outlook: Potential for upward movement; watch for a breakout above $0.1350.

Pepe ($PEPE) Analysis PEPE/BTC Pair Source: TradingView

The PEPE-BTC chart shows high volatility for Pepe against Bitcoin. PEPE started the year at lower levels, experienced a notable rally in March, and reached a peak before a significant correction. The price has since settled around 0.00000001733 BTC. The chart indicates strong support around current levels, but the bearish trend suggests caution. Investors should look for sustained movements above 0.00000001950 BTC to confirm a potential trend reversal.

Detailed Analysis:

Support Level: 0.0000000170 BTC

Resistance Level: 0.00000001950 BTC

Current Price: 0.00000001733 BTC

Outlook: Cautious; need to break above 0.00000001950 BTC for trend reversal.

PEPE/USD Pair Source: TradingView

The PEPE-USD chart mirrors the trend in the PEPE-BTC pair. PEPE began the year at lower prices, followed by a significant rally in March. After peaking, it corrected and is now trading around $0.00010812. Support is seen at $0.00009550, with resistance at $0.0001200. The recent downtrend suggests caution, though a breakout above resistance could signal a bullish trend.

Detailed Analysis:

Support Level: $0.00009550

Resistance Level: $0.0001200

Current Price: $0.00010812

Outlook: Bearish trend; watch for a breakout above $0.0001200 for bullish confirmation.

Conclusion

Based on the current market conditions and the analysis provided, Dogecoin (DOGE) appears to be the more stable and potentially rewarding investment for the rest of 2024. Both DOGE and PEPE have exhibited similar patterns of volatility, but DOGE’s stronger support levels and potential for upward movement make it a slightly better buy. However, investors should remain cautious and monitor key resistance levels before making any decisions.

Important Warning

This analysis and prediction were generated by AI (more specifically, OpenAI’s ChatGPT 4.0). The cryptocurrency market is extremely volatile, and this post should not be considered financial advice of any kind. Readers should be aware of the very high risks involved in cryptocurrency investments and conduct their own research or consult with a financial advisor before making any investment decisions. Do not base any financial decisions solely on this analysis.

Jack Mallers, Founder and CEO of Bitcoin startup Strike, began his keynote at BTC Prague 2024 by emphasizing the theme of leveling up the understanding of Bitcoin. Mallers acknowledges the frequent questions regarding the differences between Bitcoin and other cryptocurrencies, such as Ethereum and Solana, and the possibility of a “flippening” where another cryptocurrency might surpass Bitcoin.

Mallers ambitiously titles his talk “There Is No Second Best” and aims to deeply explore the differences between Bitcoin and all other cryptocurrencies.

Mallers explains that the primary differentiator between Bitcoin and other cryptocurrencies is the use of proof of work. According to Mallers, Bitcoin is the only major cryptocurrency that uses proof of work, a consensus mechanism critical for ensuring trust and security without relying on a trusted third party. Mallers attributes the importance of proof of work to Satoshi Nakamoto, who stated that it is the only solution to make peer-to-peer e-cash work without a trusted third party.

Mallers highlights that understanding proof of work is essential to understanding Bitcoin. He proceeds to describe the digital age we live in, where virtual representations of reality are not reality itself but abstractions. Mallers uses the analogy of a map and territory to explain that digital tools can map our world and offer new perspectives but remain tools, not substitutes for the world they represent.

Mallers further explains that computers and digital technologies are abstractions of our minds, reflecting back the significance we assign to circuits. He compares the execution of a computer program to an actor performing a script, emphasizing that the hardware and computations are real, but the experiences created are abstract. Mallers underscores that nothing in cyberspace physically exists; rather, digital objects are abstractions that can be manipulated.

Mallers uses the example of Mark Zuckerberg to illustrate the concept of abstract power in the digital age. He explains that while Zuckerberg has no physical power over individuals, he wields significant abstract power through social media, influencing thoughts, actions, and relationships. Mallers contrasts abstract power with physical power, which is tangible and bound by the laws of physics, such as military force or physical assets like gold.

Mallers describes the transition of the US dollar from the gold standard (a physical constraint) to a fiat standard (an abstracted reality), illustrating how abstract power can be efficient and safe but lacks physical boundaries and requires trust. He notes that breaches of trust have historically occurred, making abstract power potentially exploitative.

Mallers mentions Adam Back, who created hash cash to address the problem of email spam by requiring proof of work, thereby imposing physical costs on virtual actions. Mallers emphasizes that proof of work connects the physical world to the virtual realm, making it the only physically real thing on a digital screen. He explains that Satoshi Nakamoto used proof of work to create Bitcoin, ensuring that updating the Bitcoin ledger required solving a hash cost function, thus protecting digital cash with physical power.

Mallers details how proof of work is inclusive, decentralized, and verifiable, providing a safe and peaceful means of protecting Bitcoin. He contrasts this with proof of stake, which he argues is based on an abstracted reality, lacking the physical constraints that make Bitcoin secure.

Mallers played a video of Vitalik Buterin, the creator of Ethereum, who describes proof of stake as a system that allows for creating a simulated universe with its own laws of physics. Mallers criticizes this approach, arguing that it detaches the cryptocurrency from physical reality and subjects it to abstract power dynamics.

Mallers asserts that Ethereum and other altcoins, which do not use proof of work, are not bound to physical reality and are susceptible to manipulation by entities like BlackRock. He argues that Bitcoin’s reliance on proof of work ensures that it can be defended by honest actors using physical power, whereas proof of stake systems rely on trust in those with the most coins.

Mallers concludes by emphasizing that Bitcoin is equitable and fair, contrasting it with Ethereum’s pre-mining and rule changes that concentrate power among a few. He asserts that altcoins frequently alter their monetary policies and even reverse transactions, undermining their credibility.

In closing, Mallers highlights the importance of educating people about the distinctions between Bitcoin and other cryptocurrencies. He reiterates that understanding Bitcoin means understanding proof of work and declares that there is no second best in the world of cryptocurrencies.

in a video released on June 22, prominent crypto analyst and Trader Eric Crown talked about what to expect from Bitcoin in July July 2024.

Crown begins his analysis by noting that with just over a week left until July starts, it’s an appropriate time to review historical returns for July and compare them with the past few months. Crown highlights that historically, July has been a positive month for Bitcoin, with nine out of the last fourteen Julys closing positively, yielding a probability of just over 64% for a positive close.

Crown details that the average return for positive closing months in July is just over 19%, while the average loss for negative closing months is just under 9%. He suggests that if Bitcoin continues to consolidate, a tightening range between 60,000 and 70,000 dollars is likely. Crown emphasizes that as long as Bitcoin stays above the May lows, the probability favors an upside, although it is not a certainty given the performance in June.

Crown compares the current month’s returns with June, noting that June has been uneventful with very tight price movement, less than 4% from open to the current price. Crown interprets this as an indication of Bitcoin slowing down for the summer, leading to an extended consolidation period. He mentions that there is heightened sentiment in the market, with people becoming very bullish on any $1,000 move to the upside and very bearish on any $1,000 move to the downside.

Crown points out that altcoins are showing significant volatility, reacting dramatically to minor Bitcoin price movements. He attributes some of the negative sentiment to this altcoin behavior. Crown notes that compared to last year, Bitcoin is trading at more than twice its value, which he views positively.

Moving forward, Crown forecasts that Bitcoin will likely close June around 65,000 dollars, maintaining the consolidation range. He highlights that Saturdays have historically been the lowest volatility days for Bitcoin, with a slightly higher probability of a positive close. However, he points out that the returns on Saturdays are minimal, both on the positive and negative sides.

Crown mentions that the CME’s weekly closure showed Bitcoin closing slightly above the median, keeping bullish hopes alive in the short term. He predicts that where Bitcoin opens on Monday will be significant for price action, potentially setting up a short-term scalp opportunity if Bitcoin opens above 60,000 dollars. However, Crown cautions that a failure to hold above this level could indicate potential downside risk.

Crown refers to a daily setup for Bitcoin using his Quant Automation service, noting that the strike rate for this setup is about 52%, similar to a coin flip. The setup’s value lies in the average winning trade being over 22% and the average losing trade being just over 8%. Crown observes that Bitcoin has been consolidating within a 10,000-dollar range and is currently resting on the 50% retracement level at around 63,900 dollars.

Crown asserts that if Bitcoin fails to hold this level, it could head down to the 61,000 to 62,000-dollar range, which he views as a critical area for maintaining bullish hopes. He emphasizes that even if a higher low is established, it will likely take time, potentially extending through the end of July and into August, setting up for a possible Q4 breakout.

Crown concludes by noting that the market remains in a consolidation phase, with significant movements unlikely in the immediate term.

In recent weeks, Toby Cunningham, co-host of the Crypto Tips YouTube channel, has been discussing why Bitcoin has been hovering around the mid $65,000 range. Cunningham explains that this “crabbing” phase, where Bitcoin’s price remains stagnant, has led many to speculate about the reasons behind it. According to Toby Cunningham, understanding the underlying factors can provide clarity and help in making informed decisions.

Cunningham points out that Bitcoin has been within this range for approximately 62 days. Toby Cunningham notes that historical data suggests this period of stagnation might extend further before a significant movement occurs. While some attribute the current price action to factors like the German government selling off Bitcoin or regulatory investigations into companies like Jump Trading, Cunningham asserts these are not the primary drivers.

A crucial element influencing Bitcoin’s price, according to the crypto analyst, is the high level of open interest, which indicates substantial leverage in the system. Cunningham points out that over the past four months, leverage has remained high, making the market susceptible to manipulation by large players, or “whales.” He believes these entities can significantly influence price movements due to the leverage they can exert.

Cunningham frequently criticizes the Federal Reserve and its control over the financial system. He emphasizes that the Federal Reserve, an unelected body, exerts considerable influence over currency creation and interest rates.

Despite the current stagnant market, Cunningham highlights that smart whales are making significant moves. He cites an example of a whale recently purchasing 570 Bitcoin worth over $430 million, indicating confidence in the long-term value of Bitcoin. This activity, he suggests, implies that while the broader market sentiment may be bearish or uncertain, some large investors see this as an accumulation phase.

Cunningham refers to Kelly Kellam’s analysis that Bitcoin has been in this post-halving range for 62 days, with historical ranges extending from 40 to 150 days. Cunningham predicts the current phase might extend further, given the unique nature of this bull market. He advises investors to remain patient and focus on the fundamentals of Bitcoin rather than getting swayed by short-term price movements.

In a video released on June 22, crypto analyst Lark Davis delves into a critical question for cryptocurrency investors: What will happen to Bitcoin’s price when the Federal Reserve eventually cuts interest rates?

Lark Davis begins by examining the history of rate cuts and their effects on financial markets. Davis notes that over the past 50 years, the US has undergone seven rate cut cycles, typically lasting around 26 months each. According to Davis, stock markets generally perform well during these cycles if the economy remains robust. Davis explains that increased spending during these times boosts corporate profits, leading to higher stock prices. Conversely, Davis points out that if a rate cut cycle coincides with a recession, the stock market tends to suffer as the economy struggles despite lower interest rates.

Lark Davis highlights that different asset classes respond uniquely to interest rate changes. Davis mentions that bonds often outperform during rate cuts, while stocks and real estate typically benefit in the long term. According to Davis, growth stocks, in particular, thrive during periods of rate cuts after struggling with higher borrowing costs during rate hikes. Davis explains that lower rates make it cheaper for companies to borrow and expand, which can sustain high stock valuations if the economy continues to grow and inflation decreases.

Despite many analysts predicting a recession in 2024, Lark Davis points out that current indicators suggest otherwise. Davis cites Bankrate, noting that the chances of a recession in the USA have decreased to 33%, down from previous estimates. However, Davis warns that if the FED maintains higher rates for too long, it could inadvertently push the economy into a recession, necessitating aggressive rate cuts to mitigate the downturn.

Lark Davis explains that central banks in other countries, such as Canada and the European Central Bank, have already begun lowering rates, yet the US remains hesitant due to lingering inflation concerns. According to Davis, the FED has kept rates between 5.25% and 5.5%, waiting for further economic stabilization before making any significant moves.

Lark Davis notes that Bitcoin’s price trajectory is closely tied to global money supply and market liquidity. Davis mentions that the global M2 money supply has reached a new high of $94 trillion, indicating increased liquidity, which bodes well for Bitcoin. Historically, Davis explains, Bitcoin has performed well during periods of rising liquidity and falling interest rates. Davis suggests that the potential for Fed rate cuts could signal a major bullish phase for Bitcoin, possibly leading to new all-time highs by 2025.

Lark Davis highlights the growing demand for spot Bitcoin ETFs, which he says have been accumulating Bitcoin at a rapid pace, further tightening supply and potentially driving prices higher. Davis points out that in the first week of June, US-based spot Bitcoin ETFs accumulated more Bitcoin than the total number of new Bitcoins created by miners. Davis suggests that this trend could result in significant price increases if demand continues to outstrip supply, as predicted.

Lark Davis explains that the timings would place a supply shock on the calendar for around January 2025, right as the Fed’s rate cuts would be kicking in big time. While the immediate reaction of Bitcoin to the expected upcoming rate cuts remains uncertain, Davis notes that the overall trend points towards a positive outcome for Bitcoin prices. Davis highlights that markets often react and overreact to such events, but the long-term outlook appears bullish.

Lark Davis emphasizes that while the immediate reaction of Bitcoin to the expected Fed rate cuts remains uncertain, the overall trend points towards a positive outcome for Bitcoin prices. Davis suggests that as long as there are no unforeseen economic shocks, Bitcoin investors can expect favorable market conditions in the coming years. Davis advises that staying informed and strategically positioned will be crucial for capitalizing on these potential gains.

Long-term Bitcoin (BTC) holders have started selling the holding they accumulated throughout the bear market back in January, when spot Bitcoin exchange-traded funds (ETFs) were listed in the United States. Long-term Ethereum (ETH) holders, however, are still accumulating.

That’s according to data shared by on-chain analysis firm IntoTheBlock, with the firm noting that the behavior of long-term holders is critical to understanding market cycles as historical data “shows that this profit-taking usually begins in the early stages of a bull market and continues past the cycle peak.”

Bitcoin’s influence in the cryptocurrency space means, per the firm, it’s “often the most straightforward asset to use for measuring these cycles” as other digital assets tend to follow the flagship cryptocurrency’s leading.

There’s, however, a notable divergence as long-term ETH holders are currently still accumulating new tokens which “contrasts sharply with their behavior in the last cycle, where it closely mirrored that of Bitcoin holders.”

Source: IntoTheBlock on TradingView

This deviation from the traditional pattern is likely driven by the emergence of attractive yield opportunities within the Ethereum ecosystem, IntoTheBlock noted. Unlike Bitcoin, Ethereum offers staking mechanisms that allow holders to earn passive income on their holdings, and there are additional yield strategies within the decentralized finance space.

According to a recent analysis, a staggering 27.5% of the total ETH supply is currently staked, with a significant portion (16.3%) being re-invested through protocols like Eigenlayer, Karak Network, and Symbiotic to further the yield being generated.

Furthermore, the potential approval of a spot-traded Ethereum ETF could be another factor influencing the behavior of long-term holders. These investors might be waiting for this regulatory milestone and a potential surge in price to new all-time highs before considering selling their ETH.

Last month, the SEC approved applications from major stock exchanges to list spot Ether ETFs, clearing the path for these products to start trading later this year. The approval marks a significant shift for the SEC, which has historically been cautious about cryptocurrency and had been investigating whether to deem the second-largest cryptocurrency a commodity or a security.

While the exchange applications were approved, individual ETF issuers including VanEck, ARK Investments, and BlackRock still need the SEC to greenlight their registration statements before trading can begin.

It’s worth noting that over 83% of current ETH holders are already sitting on a profit, and with additional catalysts on the horizon, the asset could be poised for a significant rally. While over 89% of BTC holders are currently in a state of profit, investors holding the cryptocurrency appear to be more bearish.

Featured image via Pixabay.

Yesterday, The Wall Street Journal (WSJ) reported on the changing landscape of the freelance market due to the rise of artificial intelligence.

According to a report by Christopher Mims for the WSJ that was published on June 21, Jennifer Kelly, a freelance copywriter in Walpole, N.H., has seen her three-decade career in wealth management writing disrupted by AI tools like ChatGPT. Apparently, Kelly’s clients stopped calling after ChatGPT’s debut, leading to a significant drop in her income.

The WSJ cites multiple studies using data from freelance job boards, indicating a decline of up to 21% in freelance jobs posted on platforms like Upwork and Fiverr in areas where generative AI excels. These findings, as the journal points out, are corroborated by nonpublic data from at least one major freelance platform. Kelly Monahan, managing director of Upwork’s Research Institute, tells the WSJ that jobs requiring basic writing, coding, or translation are disappearing across their platform.

The impact of AI extends beyond writing. Reid Southen, a concept artist for TV and movies, including Blue Beetle and the Matrix Resurrections, tells the journal that his 2023 income was less than half of a typical year. The WSJ notes that AI tools like Midjourney are increasingly being used in the early stages of film and TV production, reducing the need for human concept artists.

However, the WSJ’s reporting indicates that AI’s impact on the freelance market is not uniformly negative. The journal cites an Upwork spokeswoman who states that freelancers in fields like data science and IT, who can leverage AI to enhance their productivity without being replaced by it, are seeing average earnings increase by 40%.

The report also mentions that some freelancers are experiencing increased demand due to AI’s shortcomings. David Erik Nelson, a freelance sales and marketing copywriter in Ann Arbor, Mich., says he has seen a surge in clients dissatisfied with AI-generated content, particularly for high-stakes, technical marketing materials.

Monahan views AI’s impact on freelancers as similar to previous technological disruptions. Per the WSJ report, routine low-skilled tasks that can be fully automated will likely lead to lower wages for freelancers who once performed those tasks.

The WSJ article concludes with Kelly’s perspective on AI-generated content. Kelly says she can easily spot AI-generated material and finds that it has made the internet “so much duller.”

Featured Image via Pixabay