TL;DR

Bitcoin’s price has dipped by 15% since mid-March, yet signs indicate the bull run might not be over.

Reduced selling pressure and investor sentiment suggest a potential buying opportunity for the asset.

No More Greed

Bitcoin’s price has dipped by 15% since the all-time high of over $73,500 observed in mid-March. However, some important indicators signal that a renewed bull run might be just around the corner.

One such metric is the Fear and Greed Index, which gauges the current sentiment of investors based on various factors. It ranges from 0 to 100, with a ratio above 50 suggesting a state of “greed.” 

Over the past few days, the index entered “fear” and neutral territory for the first time in months. However, this might be interpreted by investors and traders as a buying opportunity. After all, one of Warren Buffett’s investment advice says one should be greedy when others are fearful and vice versa.

Abandoning Exchanges

BTC exchange netflow is the next factor to be considered. Over the past month, outflows have surpassed inflows (during most days), suggesting a shift from centralized platforms toward self-custody methods. This is considered bullish since it reduces the immediate selling pressure.

BTC Exchange Netflow, Source: CryptoQuant

It is worth noting that exchange netflow was predominantly red in May, followed by BTC’s push above the $70K level at the start of June.

RSI

Bitcoin’s Relative Strength Index (RSI) is also an essential element. The technical analysis tool measures the speed and change of price movements, identifying whether the asset is overbought or oversold.

It varies from 0 to 100, with a ratio above 70 indicating that a correction could be imminent. The RSI is currently set at 58, crossing the 70 mark only twice in the past month.

MVRV

Last but not least, we will touch upon Bitcoin’s Market Value to Realized Value (MVRV). It is a tool assessing the valuation and potential market trends of the primary cryptocurrency. 

A score above 3.5 hints that the price is close to its peak, while a result below 1 warns about a bottom. The MVRV ratio dipped under 2 at the start of July, flashing the buy signal for the digital asset.

The post Four Reasons Why Bitcoin (BTC) Bull Run Could be Incoming appeared first on CryptoPotato.

Notable participants include Ethereal, Robot Ventures, Symbolic Capital, Delphi, Dao5, Nomad, and Primitive Ventures. Pantera Capital, Framework Ventures, and Peter Thiel’s Founders Fund co-led the round.

One of the main contributors to Sentient is Sandeep Nailwal – the founder of Polygon, who said:

“The rapid advancement of AI has the potential to transform every aspect of our lives, but the concentration of power in the hands of a few centralized entities poses significant risks. […] By building an open platform for AGI development, we aim to ensure that the benefits of AI are distributed equitably and that its development aligns with the interests of humanity as a whole.”

Sandeep Nailwal is just one of the four core contributors to Sentient.

Sentient itself is a platform that’s building open-source AI models. The professors mentioned above are Pramod Viswanath – a professor of engineering at the university of Princeton, who also co-invented the technology used in the 4G wireless standard, as well as Himanshu Tyagi – an engineering professor at the Indian Institute of Science. Both of them have said that they want to compete directly with OpenAI – the firm led by Sam Altman, which is behind ChatGPT and Sora, among other AI models.

According to a press release shared with CryptoPotato, the testnet of Sentient is slated for Q3 this year. The funds from this round will be used to accelerate the development of its AI platform.

The post Peter Thiel’s Founders Fund Co-Leads $85M Investment in Sentient appeared first on CryptoPotato.

Ripple’s price has been consolidating for the past few months and is yet to show any willingness to either drop or rally.

Ripple Price Analysis

By TradingRage

The USDT Paired Chart

On the USDT pair, Ripple has been range-bound since dropping below the 200-day moving average, which is currently located around the $0.55 mark.

The price has recently broken the $0.5 support level to the downside, and if it is unable to reclaim this level in the coming days, a drop toward the $0.4 support zone would be inevitable.

With the RSI also showing values below 50%, the momentum is in favor of a bearish move.

Source: TradingView The BTC Paired Chart

The XRP/BTC chart has also been showing a frustrating period of consolidation over recent months.

The price has failed to rise back above the 800 SAT resistance zone since May and might be bound to test the 600 SAT support level once more in the short term.

Either way, as long as the cryptocurrency remains below the 200-day moving average, which is currently trending around the 1000 SAT mark, a rally against BTC cannot be expected.

Source: TradingView

The post Ripple Price Analysis: XRP May Be in Danger of Crashing to $0.4 appeared first on CryptoPotato.

Institutions and whale accounts have been accumulating LINK over the past week, according to on-chain analytics platform Lookonchain.

In a post on X on July 2, they observed that 54 fresh wallets withdrew 2.08 million LINK worth around $30.3 million from Binance in the past seven days.

The largest two whale wallets moved around $2 million worth of LINK, which has recovered strongly over the past couple of days.

It seems that whales/institutions are accumulating $LINK!

We noticed that 54 fresh wallets withdrew 2.08M $LINK($30.28M) from #Binance in the past 7 days.https://t.co/SkqA1r0F1N pic.twitter.com/VkPt0kwPb4

— Lookonchain (@lookonchain) July 2, 2024

Chainlink Momentum

LINK prices have been battered in the June market retreat, falling to a monthly low of $13 on June 24.

Nevertheless, the Chainlink ecosystem continues to expand with new integrations. On June 30, the team reported 12 integrations of six of their services across eight different chains. Last week, Chainlink launched its Data Streams product on the Avalanche network.

On July 2, a community member ‘Don’ said that the oracle platform now has 2,566 integrations. He added that 165 projects have integrated the protocols Cross-Chain Interoperability Protocol (CCIP).

Moreover, on July 1, Santiment reported that Chainlink had climbed to second place in terms of developer activity.

The analytics platform counted non-redundant activity from a project and averaged this daily activity over the past 30 days, giving Chainlink a score of 526. Proof-of-stake blockchain Hedera came out on top.

Here are crypto’s top coins by development frequency. Hedera remains at the top spot, with Chainlink sliding into the #2 position.

The below list is sorted by counting any non-redundant activity from a project, and averaging this daily activity over the past 30 days. Arrows… pic.twitter.com/pcmfFC7QVz

— Santiment (@santimentfeed) July 1, 2024

The Chainlink momentum doesn’t end there. On June 28, Coinbase filed for a LINK futures product with the Commodity Futures Trading Commission (CFTC).

Finally, Chainlink investors and followers should be aware of a number of scam accounts on X touting a new LINK-powered gaming platform called “Chainlink Galaxies.” Attention should be paid to the X account name, which is usually a variant or misspelled version of the official Chainlink account.

LINK Price Outlook

LINK prices are up 1% on the day, hitting an intraday high of $14.66 during Asian trading on Tuesday. The asset has recovered almost 13% from its late June dip to $13.

However, LINK, like most altcoins, has been downtrending since its 2024 high of $21.70 in mid-March. It also remains down 74% from its all-time high of $52.70 in May 2021.

With a strong real-world asset (RWA) tokenization narrative, Chainlink investors remain confident that the asset will perform well when the altseason begins.

The post Chainlink (LINK) Price Surges 13% Weekly Amid Ongoing Whales Accumulation appeared first on CryptoPotato.

Spot Bitcoin ETFs in the United States saw a combined inflow of 2,047 BTC worth around $129.4 million on July 1, according to analysts and data from Sosovalve.

The data also revealed a trading volume of $1.36 billion for the 11 funds on Monday. Moreover, the total net inflow accumulation since their launch in January was $14.6 billion.

This is the highest inflow since June 7, according to data from Farside Investors.

The inflow increase comes as BTC recovers from a dip below $60,000 in late June to reclaim the $63,000 level on July 1.

Bitcoin ETF Tracker | 2024-07-01

Daily Total Net Inflow +$129.45M Total Value Traded $1.36B Total Net Assets $54.92B ETF Market Value Ratio 4.4%

Net Inflows/Outflows for Each ETF FBTC +$65.03M BITB +$41.40M ARKB +$12.65M HODL +$5.37M BTCO… pic.twitter.com/JsnNIEQcaL

— SoSoValue (@SoSoValueCrypto) July 2, 2024

Bitcoin ETF Inflows

According to Sosovalue, Fidelity led the pack with an inflow of 1,030 BTC worth $65 million for its FBTC fund.

The Bitwise BITB fund saw the second largest inflow for the day with $41 million, and Ark 21Shares saw a $13 million inflow for its ARKB ETF.

Funds from VanEck, Franklin Templeton, Invesco, and Galaxy Digital saw relatively minor inflows of around or under $5 million.

There was a net zero flow for BlackRock (IBIT) and Grayscale (GBTC) on July 1.

The total inflow marks the fifth consecutive day of positive flows into U.S. spot BTC ETFs.

Even though the newly launched nine spot Bitcoin ETFs got all the attention and flows in the first half of the year, they were beaten performance-wise by Grayscale’s GBTC, observed industry expert Eric Balchunas on July 1.

Even tho the ‘Newborn Nine’ bitcoin ETFs got all the attention (and flows) in the first half, they were beat perf-wise by $GBTC (which was #1 overall thx to big discount collapse in early Jan) and $EETH, which returned 62% and 44% respectively pic.twitter.com/HHbsRzu0Oz

— Eric Balchunas (@EricBalchunas) July 1, 2024

The bullish inflow comes in the same week that spot Ethereum ETFs could potentially go live in the United States.

ETF Store President Nate Geraci said that spot Ether ETFs “will be the second most successful debut in ETF history, only behind spot BTC ETFs,” before adding, “So two most successful ETF launches in 30+yr ETF history will occur this year.”

Bitcoin Market Outlook

BTC prices have retreated 1.1% on the day, falling to $62,558 at the time of writing. The asset hit a weekly high of $63,790 on July 1 but faced resistance there.

Support currently lies at $61,500 on the low side, and there is more resistance just above $64,000, which needs to be broken for the next leg up.

Altcoins were largely in the red though losses were minor as they cooled from a recent recovery rally.

The post Spot Bitcoin ETF Inflows Reach Three-Week High Amid Market Rebound appeared first on CryptoPotato.

Bitcoin and Ethereum have emerged as the most profitable assets in the first half of 2024.

The cryptocurrencies have outperformed various traditional investments, including the Nasdaq, S&P 500, oil, gold, the U.S. dollar, and government bonds.

Bitcoin and Ethereum Lead Asset Classes in 2024

According to a July 1 X post by Matrixport, “2024 is halfway through, and as we enter the third quarter of the year, Ethereum and Bitcoin are once again leading the way among other asset classes.”

#Matrixport Today-Jul 1: #Crypto Is The Best Asset Class YtD#BTC #ETH #cryptocurrency pic.twitter.com/L8HxDwFRvP

— Matrixport Official English (@Matrixport_EN) July 1, 2024

According to Matrixport, the approval of the spot Bitcoin ETFs in January has been an important factor, eliminating excuses for asset managers to exclude Bitcoin from their portfolios. They emphasized that BTC is once again the best-performing asset so far this year.

Supporting this viewpoint, Philippe Meyer from BBVA, during a panel at the Web3 Corporate Innovation Day, said that the firm had observed that introducing a small portion of digital assets like Bitcoin or Ether is “greatly improving the performance” of investment portfolios.

He noted

“So if you add something like 3% to 5% of your assets under management in crypto it’s really making all the difference.”

According to Matrixport, in 2024, Bitcoin’s price has dramatically outpaced the S&P 500. Since the beginning of the year, Bitcoin’s price has surged over 46% year-to-date (YTD), compared to the S&P 500’s 15% rise, indicating that Bitcoin has outperformed the index by more than three times.

Bitcoin’s Annualized Returns Outshine Major Asset Classes

Cathie Wood’s ARK Invest, in its annual Big Ideas report for 2024 examined the performance of various major asset classes over different time periods.

The report revealed that over various time periods spanning seven years, Bitcoin’s annualized returns were 44% when compared to the average 5.7% return of other major asset classes, including gold, commodities, real estate, bonds, equities, and emerging markets.

Excluding the downturn in 2022, Bitcoin’s performance between 2011 and 2021 was unmatched, delivering annualized returns of 230%, compared to the S&P 500’s 14%.

The report also found that the optimal allocation of Bitcoin in a portfolio has been steadily rising, with it increasing from 1% in 2017 to just under 5% in 2021. Given Bitcoin’s performance in 2023, when it increased in value by over 150%, the optimal allocation has now increased to 19.4%.

The post Better than the Rest: Bitcoin is the Best Investment so Far in 2024 (Report) appeared first on CryptoPotato.

TL;DR

Bitcoin (BTC) hit an all-time high of over $73,000 in mid-March 2024, with predictions it could reach $150,000 by year-end.

Analysts see potential for a BTC rally if it surpasses key resistance levels, with targets around $65,000 to $67,000 to be reached sometime this month.

BTC is Yet to Make the Headlines?

Despite the downfall in the past month, 2024 has so far been quite successful for the primary cryptocurrency, whose price hit an all-time high of over $73,000 in mid-March. Some analysts and prominent figures believe the asset might reach new impressive peaks before the end of 2024, with Tom Lee being one example.

The American entrepreneur reiterated his prediction that BTC could rally to $150,000 in the following months. Lee claimed that the asset’s valuation has been negatively affected lately due to the issues related to the now-defunct crypto exchange Mt. Gox.

The once-leading platform suspended operations a decade ago and filed for bankruptcy protection. It also lost approximately 850,000 BTC due to hacking and alleged mismanagement. Most recently, the court-appointed trustee overseeing the exchange’s bankruptcy proceedings announced that the company will begin paying back thousands of users almost $9 billion worth in assets.

“Bitcoin’s probably been suffering from the Mt. Gox which was a huge overhang for many years. But if I was investing in crypto and knowing that one of the biggest overhangs is going to disappear in July, I think it’s a reason to expect a pretty sharp rebound in the second half. So, I think $150K is still within,” Lee said.

It is worth mentioning that the American has not always been spot-on with his crypto forecasts. At the end of 2020, he predicted that Bitcoin’s price could tap $120,000 in 2021. The asset experienced a substantial bull run that year but could not exceed the $70K level.

Other Bets

Numerous cryptocurrency analysts touched upon BTC’s price lately, envisioning a rally if the asset surpasses certain resistance levels. The X user Jelle claimed that Bitcoin’s “local market structure continues to improve,“ adding that a sustained trading above $61,500 could lead to a “test of that $65,000 area.“

“Break that, and we’re off to the races,“ the analyst suggested.

Michael van de Poppe gave his two cents, too. He believes BTC could settle at the $61,000-$61,500 support zone and rise above $67K this month.

#Bitcoin is looking for a higher low and support. It seems very likely that we’ll be looking at the $61-61.5K area.

A slow grind upward is what I’m expecting for the markets in July. pic.twitter.com/LHnXTydh8P

— Michaël van de Poppe (@CryptoMichNL) July 2, 2024

The post Top Bitcoin Price Predictions: Can BTC Reach $150,000 This Year? appeared first on CryptoPotato.

Bitcoin’s price has been unable to maintain yesterday’s bullish momentum, and now the buyers are trying to defend the $63K level. The broader cryptocurrency market is also in a state of consolidation, and it’s interesting to see what the next direction will be.

Bitcoin Bulls Try Defending $63K

As seen in the chart below, Bitcoin’s price has so far been unable to maintain its position above $63K and has currently lost this level, trading at around $62,600.

Source: TradingView

At the time of this writing, BTC charts a decline of about 0.3% in the past 24 hours but remains up 3.2% during the last week.

As CryptoPotato reported yesterday, the German government moved closed to $100 million worth of BTC to exchanges, signaling the potential intent to sell. This may have played a role in the cryptocurrency’s failure to capitalize on the uptick and produce a stronger uptrend.

However, analysts remain optimistic that July will be a positive month as this has been a historic pattern following declines in June.

Altcoins Consolidate

The majority of large-cap altcoins are also in a state of consolidation. Only a handful are charting more notable moves.

For instance, AVAX is down 5.6%, UNI is down 3.05 and these are the worst performers out of the larger coins. On the other hand, TON managed to increase by 4%, while ADA is charting gains of 2.6%.

The remaining altcoins are trading mostly flat on the day.

Source: Quantify Crypto

It’s been a period of relative stability in the market, and there aren’t a lot of categories that are performing out of the ordinary.

That said, it’s interesting to see if the market will resolve to the upside following the recent uptick in prices or if a further correction is in play.

The post Bitcoin Bulls Try to Defend $63K as Major Altcoins Consolidate (Market Watch) appeared first on CryptoPotato.

TL;DR

Bonk Inu (BONK) rose by 10% in price, reaching a market cap of over $1.7 billion and becoming the fifth-largest meme coin.

It has shown significant growth since its launch in late 2022, with analysts predicting further gains.

BONK on the Move

Most of the leading meme coins, such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and others, are in the red today (July 2), while the sector lost its momentum gained the previous day. However, not all assets are underperforming, with Bonk Inu (BONK) being one example.

The Solana-based meme coin saw its price rise by 10% on a daily scale while its market capitalization surpassed the $1.7 billion mark. Thus, it flipped Floki Inu (FLOKI) and Brett (BRETT) to become the fifth-biggest token in the cohort.

BONK Price, Source: CoinGecko

Multiple analysts noted BONK’s recent progress, envisioning even higher gains in the near future. One popular X user predicted that the asset could turn into “a whole different trade” should it reach the $0.000027-$0.000028 zone.

Another, using the X handle Jakey, thinks that all crypto participants within the Solana ecosystem should have some exposure to BONK:

“BONK arguably played a massive role in the regrowth of the SOLANA ecosystem, dark days with a very uncertain feeling for most. They decide to do something that 0 people would have thought to do, an airdrop that helped many get back on their feet and that reminder of why we came to SOLANA in the first place.”

BONK’s Performance Over the Years

The Solana-based meme coin saw the light of day at the end of 2022 but started making the headlines approximately a year later. In December 2023, its price headed north, while its market cap surpassed the staggering $1.5 billion.

The rapid progress was likely fueled by huge investor interest, support from leading exchanges, and favorable market conditions. Recall that Binance, Bybit, Coinbase, OKX, and many more allowed trading services with the asset.

2024 has been even more successful for BONK, which surged to an all-time high at the end of May. In the past month, though, its price has dipped by 20% (per CoinGecko’s data).

The post This Meme Coin Soars 10% Today, Flipping FLOKI and BRETT: Details appeared first on CryptoPotato.

Charles Hoskinson, the co-founder of the blockchain platform Cardano, believes artificial intelligence (AI) models are losing their utility over time.

In a Sunday tweet, Hoskinson said the reason is the alignment training that comes with AI censorship.

AI Models Are Losing Utility

AI censorship refers to the use of machine learning algorithms to automatically filter content considered objectionable, harmful, or sensitive. Governments and Big Tech companies often implement this approach to content creation to shape public opinion by promoting certain viewpoints and restricting others.

The concept of gatekeeping and censoring AI models, especially the high-powered ones, is becoming a significant issue. Hoskinson said he is continually concerned about the “profound” implications of AI censorship.

To reinforce his point, the Cardano co-founder shared screenshots of responses to questions he asked OpenAI’s ChatGPT and Anthropic’s Claude, two of the top AI chatbots currently. He asked both chatbots to “Tell me how to build a Farnsworth fusor.”

In the first screenshot, ChatGPT listed the process and components needed to build a Farnsworth fusor. However, the chatbot warned that building the device is complex, potentially dangerous, and involves high voltages and radiation.

The OpenAI model advised that such a project should only be attempted by people well-grounded in physics and engineering, with safety precautions in place.

A Need for Decentralized AI

On the other hand, Claude refused to outline the process of building a Farnsworth fusor but opted to give general information about it.

“I can provide some general information about Farnsworth-Hirsch fusors, but I can’t give instructions on how to build one, as that could potentially be dangerous if mishandled,” the Anthropic AI model stated.

Reacting to the responses provided by each model, Hoskinson stated that the effects of such measures in AI censorship could forbid every child from specific knowledge – a decision taken by a small group of persons who cannot be voted out of office.

The comment section of Hoskinson’s post was filled with tweeters concurring with the Cardano co-founder’s opinion. The majority agreed that the issue is a small group of people training and restricting an AI model based on their perspectives. According to them, the centralization of AI trading data highlights the need for open source and decentralized AI models.

The post Cardano’s Founder Charles Hoskinson Has an Interesting Take on AI Models appeared first on CryptoPotato.

Digital asset investment products experienced their third consecutive week of outflows amounting to $30 million, although last week showed a significant decrease. While outflows for Ethereum continued, investor sentiment surrounding Bitcoin appears to be slowly changing.

According to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly report, most providers recorded minor inflows, but this was counterbalanced by Grayscale, which saw $153 million in outflows.

Trading volumes increased by 43% week-on-week to $6.2 billion but are still well below the yearly average of $14.2 billion, the asset manager said in its report.

Over the past week, multi-asset and Bitcoin ETPs led the inflows with $18 million and $10 million, respectively. Short-bitcoin products experienced outflows of $4.2 million last week, suggesting a possible shift in sentiment. Several altcoins saw inflows, with Solana receiving $1.6 million and Litecoin recording $1.4 million. Chainlink and XRP also witnessed inflows of $0.6 million and $0.3 million respectively.

Investment products based on Ethereum experienced the largest outflows since August 2022, totaling $61 million, bringing the two-week outflow total to $119 million, making it the worst-performing asset year-to-date in terms of net flows.

Despite positive sentiment towards crypto this year, blockchain equities have faced outflows of $545 million, representing 19% of assets under management.

In terms of region, the US dominated the charts with inflows of $143 million, followed by Brazil and Australia with $7.6 million and $3 million in weekly inflows respectively.

Contrastingly, Germany, Hong Kong, Canada, and Switzerland faced outflows of $29 million $23 million, $14 million, and $13 million respectively during the same period. Sweden also recorded outflows of $4.3 million.

The post Ethereum Suffers $61M Outflows, Worst Performance Since August 2022 appeared first on CryptoPotato.

Japanese multinational conglomerate corporation Sony is gearing up to launch its cryptocurrency exchange. The company intends to make this possible by restarting another crypto trading platform acquired in August 2023.

According to a press release, Amber Japan, the parent company of the Japanese crypto exchange WhaleFin, acquired by Sony last year, has changed its name to S.BLOX. The technology giant is preparing to kickstart its digital asset trading services soon.

Sony to Launch Crypto Exchange

Sony’s wholly-owned subsidiary, Quetta Web, acquired S.BLOX last year. Before then, the digital asset trading entity was the crypto exchange DeCurret. It was renamed Amber Japan after the Japanese subsidiary of Singapore’s Amber Group acquired it in 2022. Hence, Sony is the second buyer of the firm since its inception. The details of both acquisitions remain undisclosed.

Since its acquisition, S.BLOX has functioned as a subsidiary of Sony, and now the conglomerate is looking to renew its crypto trading services. In a notice announcing the company name change, S.BLOX revealed that it released an improved version of its business earlier this year following the acquisition; however, more changes are to come.

The renewal of the exchange’s services will come with the release of a new app and the redesigning of the user interface screen. In addition, S.BLOX intends to expand its business to support more cryptocurrencies and functions.

“Going forward, as a member of the Sony Group, we will work to create new added value in cryptocurrency trading services by collaborating with the group’s diverse businesses. Thank you for using WhaleFin,” S.BLOX said.

Sony’s Full Foray Into Crypto

The restarting of S.BLOX’s crypto trading services marks Sony’s full foray into the crypto space. The multinational giant had previously taken baby steps in the cryptosphere through acquisitions and investments; however, the latest development is a major one.

CryptoPotato reported last year that Sony’s wholly-owned subsidiary, Sony Network Communications, made a $3.5 million investment in Singapore Web3 tech giant Startale Labs during a seed round that had no other investors and entailed the private placement of new shares.

Startale Labs’ founder and CEO, Sota Watanabe, has disclosed that the company’s external director would lead Sony’s crypto exchange. He said the plan has been in the works for roughly 18 months and is now in the execution phase.

The post Sony to Launch Crypto Exchange in Japan Via Acquired Local Platform appeared first on CryptoPotato.

According to data from Coingecko, the Ethereum Name Service (ENS) native token has experienced significant price surges in recent days, gaining over 20% in value within the last 24 hours.

These gains are driven by increasing excitement surrounding the upcoming ENSv2 upgrade, which aims to enhance the efficiency and scalability of the naming service.

ENS Token Gains Massively

ENS, the native token of the Ethereum Naming Service, has experienced significant price surges, particularly in the last 24 hours. According to Coingecko’s chart analytics, ENS moved from a low of approximately $26, a critical resistance level since May 2022, to a peak of about $33.1, representing nearly a 30% increase. At the time of writing, ENS has slightly decreased to around $31.6, still over 21% higher than its value on Sunday.

Chart analysis shows that ENS has gained over 42% in price over the past seven days, rising from a low of $22. The price surge accelerated on June 30, leading into July 1. Despite this strong performance, ENS is still trading 62% below its all-time high of over $83.

Following this substantial increase, ENS is $10 million shy of achieving a market cap of $1 billion, entering the “billionaires club.”

On Monday, July 1, crypto analyst Javon Marks shared an analysis of ENS price action on X, highlighting the potential for the token to reach the $76.121 target following its breakout. Marks noted that ENS is creating new post-breakout highs, suggesting that a continued breakout could result in an additional 138% increase, potentially propelling the token to the $76.121 target swiftly.

$ENS (Ethereum Name Service)’s price surges, creating new post-breakout highs on a major candle here towards the $76.121 target!

As a breakout holds keeping this target remains in play, another +138% upside could be on the way for ENS, and it may come in quickly… https://t.co/wtnuNL4STs pic.twitter.com/l2lKFZjBtc

— JAVONMARKS (@JavonTM1) July 1, 2024

Javon has been actively monitoring ENS prices, noting a significant break from a 726-day resistance trend. A few days later, the analyst tweeted, “ENS (Ethereum Name Service) continues to recover here and can still be set for an over 180% upside to the target at $76.121!”

ENS Prepares for ENSv2 Upgrade

ENS began showing signs of redeemability in mid-June after extended periods of up-and-down movements. However, more stronger price actions have been seen since the recent announcement by the crypto naming service provider of ENSv2.

Per their blog post, the new version aims to improve ENS’s affordability, flexibility and scalability.

The ENSv2 upgrade was first announced in May, leading to a substantial price performance. Till now, the developers have yet to announce the exact timing of the launch of this upgrade.

The post The Reason Ethereum Name Service (ENS) Exploded by 20% Today appeared first on CryptoPotato.

The ever-evolving meme coin sector has been a highly interesting niche for investors and traders in the past several months. It is full of assets based on recent trends, with many witnessing substantial price increases in a short period of time.

In the following lines we will touch upon some of the most popular ones and evaluate their chances for further progress throughout the ongoing month.

Shiba Inu (SHIB)

The second-biggest meme coin by market capitalization is quite intriguing due to the huge number of people having exposure to it. Data shows that over 1.3 million individuals are invested in SHIB, with approximately 51% currently sitting on paper profits.

The asset made serious waves earlier this year when its price skyrocketed to multi-year peaks while its market cap exceeded $20 billion. 

Shiba Inu’s Relative Strength Index (RSI) has been at relatively low levels in the past few months, indicating that a fresh uptick might be in the cards for July. The technical analysis tool varies from 0 to 100, with a ratio above 70 signaling a possible correction. The last time RSI crossed that mark was at the end of May.

Dogecoin (DOGE)

The leader in the meme coin realm has seen a 6% increase on a weekly scale, whereas important factors may propel an additional spike this month. One element could be support from prominent figures.

Recall that DOGE is the favorite cryptocurrency of Tesla’s CEO – Elon Musk. The billionaire often praises its merits, and many times, this has been followed by a price resurgence for the token.

Not long ago, the EV giant officially integrated the meme coin as a payment option on its website. Somewhat expectedly, DOGE surged by over 20% shortly after the announcement.

Dogwifhat (WIF)

The biggest meme coin built on the Solana ecosystem has been one of the market’s best performers lately. As CryptoPotato reported earlier today, it outperformed DOGE and SHIB in terms of daily trading volume.

Its success in July depends on endorsement from well-known industry participants, favorable market conditions, Solana’s performance, and other factors.

Pepe (PEPE)

Last but not least, we will focus on the leading frog-themed meme coin – PEPE. It made the headlines at the end of May when reaching a new all-time high, while its market cap briefly exceeded $7 billion. Since then, PEPE has been experiencing a downfall, with its price declining by 25% monthly. 

Some analysts, though, believe the asset is ready for another bull run. The X user Mags envisioned a new ATH to be tapped in the following months, whereas Elja thinks July will be much more successful for PEPE than the previous month.

$PEPE is ready for the next leg up

Do you hold any PEPE? pic.twitter.com/A0jeNuhlPB

— Elja (@Eljaboom) June 30, 2024

 

The post Top Meme Coins to Watch in July appeared first on CryptoPotato.

The German government has moved another stash of its seized Bitcoin to some of the world’s top crypto exchanges, stirring new fears of a possible liquidation of its Bitcoin reserves.

Despite the latest transfers, it currently possesses Bitcoins worth around $2.82 billion.

Germany’s Bitcoin Transfers Continues

According to an update by Lookonchain, the German government has made a significant Bitcoin transaction, moving 1,500 BTC on July 1st. The latest stash is worth a whopping $94.7 million.

Out of this total, 400 BTC, which is valued at over $25 million was transferred to major cryptocurrency exchanges including Bitstamp, Coinbase, and Kraken. Currently, they hold 44,962 BTC, which is equivalent to roughly $2.82 billion.

The entity has been conducting a series of transactions lately – moving roughly $200 million worth of BTC to various exchanges, as flagged by intelligence platforms. These were initially acquired after a major seizure in 2013 when the BKA confiscated nearly 50,000 BTC, which was then valued at over $2 billion, from the operators of Movie2k.to, a popular film piracy website.

The string of transactions suggests that the German authorities could be planning to liquidate some of these assets, an action that mirrors the moves by the US government, which has also transferred millions of dollars in seized crypto to exchanges, possibly indicating an intent to sell.

Interestingly, both instances have generated notable speculation regarding the potential impact on Bitcoin’s price.

US and Germany: Top Holders of Bitcoin

Last week, the US government transferred 3,940 BTC, worth $24 million, to a Coinbase Prime address. These Bitcoins were originally seized from Silk Road vendor and narcotics dealer Banmeet Singh during his January trial.

The US and Germany are among the largest state holders of Bitcoin, with the US leading, followed by China, the UK, and Ukraine, according to data compiled by Bitcoin Treasuries. While previous transfers have significantly impacted Bitcoin’s price, this latest one did not. In fact, Bitcoin was up by a modest 2.07% over the past day, trading at $62,762, at the time of writing.

The post Another Reason to Worry? Germany Moves $94.7M in Seized Bitcoin to Exchanges appeared first on CryptoPotato.

Vitalik Buterin, the Ethereum co-founder, has announced new strategies to reduce the transaction confirmation times on the Ethereum network.

Acknowledging the necessity for faster transaction speeds, he highlighted the need for latencies in the “hundreds of milliseconds or even less” for certain applications.

New Strategies to Reduce Transaction Time

In a June 30 blog post, Buterin highlighted Ethereum’s progress, noting the confirmation window is at 5-20 seconds, comparable to credit card transactions. However, Buterin believes there is room for further improvements using new strategies.

One of them, Single-Slot Finality, will streamline the existing complex slot and epoch architecture. By ensuring that each new block is finalized before the next one is proposed, SSF could drastically reduce transaction confirmation times. The proposal, however, poses certain challenges, especially the additional load it is expected to place on the blockchain due to the frequent messages sent by validators.

Another promising approach is Rollup Preconfirmations, where transaction confirmations are delegated to Layer 2 protocols. These protocols, such as Optimism, Arbitrum, and Base, leverage Ethereum’s security while processing transactions at a larger scale and speed. This division of labor allows the network’s base layer to focus on core functions like censorship resistance and stability. On the other hand, the Layer 2 solutions will handle faster transaction processing.

Buterin also proposed that users offer additional fees for immediate transaction guarantees. This mechanism would allow transactions to be included in the next block, improving security and reliability. The approach is particularly beneficial for Layer 2 solutions.

Ethereum’s Competitive Landscape

In comparison to Bitcoin’s 10-minute block time, Ethereum’s 12-second block generation is significantly faster. Yet it still lags behind competitors like Solana, which achieves block times of 0.4 seconds and has been criticized for its complexity.

Buterin acknowledged that a 12-second block time is sufficient for certain applications. However, alternatives like the slot-and-epoch architecture are necessary for others requiring greater speed.

He added that he sees a future where Single-Slot Finality (SSF) and Rollup Preconfirmations are implemented together. Techniques such as Orbit SSF could reduce the number of validators signing per slot, potentially extending slot times to 16 seconds while maintaining the goal of reducing the 32 ETH staking minimum. This will provide better options for both L1 and L2 users, simplify the tasks for L2 developers, and improve the network in the long term.

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Ethereum’s price is currently trying to penetrate a key level, and if successful, the recent correction could finally be over.

Technical Analysis

By TradingRage

The Daily Chart

As the daily chart displays, the Ethereum price has been dropping since getting rejected from the $4,000 resistance level back in May.

The market has since dropped below the $3,500 level, but it is currently testing it from below. If the price is able to reclaim this level, the cryptocurrency could finally rally toward values higher than $4,000.

On the other hand, in case of a rejection, if the price also loses the long-term bullish trendline and the 200-day moving average located around the $3,000 level, things can get very ugly for ETH.

Source: TradingView The 4-Hour Chart

Looking at the 4-hour timeframe, some early signs of bullish reversal are surfacing. The price has just broken above the large descending channel pattern.

However, it is currently struggling to break through the $3,500 resistance level.

Yet, with the RSI indicating that the momentum is bullish, the market might be able to break higher and begin the next upward move. However, this scenario would fail if the price drops back inside the channel.

Source: TradingView Sentiment Analysis

By TradingRage

Funding Rates

To complement the technical analysis above, it would be advantageous to analyze the futures market sentiment metrics. This chart shows the funding rates metric, one of the key sentiment parameters. It shows whether buyers or sellers are executing their futures orders more aggressively.

As the chart demonstrates, the funding rates have been gradually decreasing since the first price rejection from the $4,000 level back in March. The current funding rate values indicate that the futures market is no longer overheated, and the price could finally begin another sustainable rally higher.

Source: CryptoQuant

The post Ethereum Price Analysis: ETH Bulls Eye $3,500 as Hopes for a Bottom Escalate appeared first on CryptoPotato.

TL;DR

Shiba Inu’s layer-2 scaling solution, Shibarium, keeps progressing with total transactions nearing 420 million and wallet addresses exceeding 1.8 million, while daily transactions rose to over 14,000.

The SHIB burn rate surged by more than 4,000% in the past 24 hours, removing around 300 million tokens from circulation.

Shiba Inu’s Latest Advancement

The second-largest meme coin in terms of total market capitalization – Shiba Inu (SHIB) – made waves today (July 1) thanks to the further development of its layer-2 scaling solution – Shibarium.

Data shows that the total number of blocks processed on the network surpassed the 5.5 million milestone. Additionally, total transactions neared the 420 million mark, while wallet addresses exceeded 1.8 million.

Daily transactions on the protocol are also on the rise, currently standing at over 14,000. This represents a 100% increase compared to the figure observed the day before. 

Shibarium is an L2 blockchain solution developed by the Shiba Inu team, aimed at fostering the development of the meme coin project. It officially went live in August last year, and its main purposes include lowering transaction costs, improving speed, and enhancing scalability. Those curious to learn more about the protocol can do so by watching our dedicated video below:

Burn Rate Goes Through the Roof

Another important Shiba Inu-related development as of late is the resurgence of the burning mechanism. It exploded by over 4,000% in the past 24 hours, resulting in more than 300 million tokens being removed from circulation.

The program’s ultimate goal is to reduce the tremendous circulating supply of the coin, making it scarcer and potentially more valuable in time.

As CryptoPotato reported earlier today, SHIB is among the numerous meme coins situated well in the green on a daily scale. It is currently the 14th biggest cryptocurrency, with a market capitalization of over $10 billion.

Some indicators suggest that SHIB could be headed for a further uptrend in the near future. The crypto market intelligence platform – Santiment – recently stated that the meme coins is one of the most underbought digital assets.

This condition might be interpreted by traders and investors as a potential buying opportunity and could be followed by a price uptick. 

 

 

 

The post Shiba Inu (SHIB) Hits a New Major Milestone: Details appeared first on CryptoPotato.

Polkadot has surged towards a crucial resistance region, marked by the multi-month wedge’s upper boundary and the $6.4 threshold.

This area is likely filled with significant supply, potentially halting the upward momentum in the short term and leading to a temporary phase of sideways consolidation.

Technical Analysis

By Shayan

The Daily Chart

A detailed analysis of Polkadot’s daily chart shows a significant price surge from the $5.5 crucial support, likely driven by aggressive long positions in the perpetual markets.

This increase has propelled the price toward a substantial resistance region, where a successful breakout could lead to a notable shift in market sentiment. This resistance includes the multi-month wedge’s upper boundary at $6.49 and the static resistance region at $6.4.

Previously a significant demand zone, this area now acts as a substantial barrier, likely exerting notable selling pressure as the price approaches it from below. As a result, a temporary period of sideways consolidation is probable in the short term before the price embarks on its next major move.

Source: TradingView The 4-Hour Chart

The 4-hour chart provides additional insights into Polkadot’s price action. After finding support near the $5.5 threshold, the cryptocurrency initiated a strong uptrend, forming higher highs and higher lows, indicating a bullish sentiment in this timeframe. This movement has established a bullish ascending trendline, supporting the recent rally.

However, the price has now reached a critical range, bounded by the resistance of its prior major swing high at $6.42 and the dynamic ascending trendline.

A breakout from this range is imminent and will clarify the direction of the next major trend. If the price faces a bearish rejection and breaches the uptrend, a consolidation phase within the $6.4-$5.5 price range is likely to follow.

Source: TradingView Sentiment Analysis

By Shayan

Polkadot has recently seen an uptick in demand, leading to a significant rise toward its previous major swing high of $6.4. Understanding the key drivers of this upswing will be crucial in determining whether the current uptrend will be sustained in the mid-term.

The accompanying chart illustrates Polkadot’s price, along with Open Interest (OI) and Funding Rate metrics. The recent bullish revival and slight uptrend were briefly driven by a moderate increase in buying activity in the perpetual markets, as indicated by a slight uptick in the OI metric and positive funding rates.

However, for the price to embark on a robust and sustained bullish trend, a significant increase in both OI and funding rates is necessary, similar to the conditions observed in March 2024. The current bullish momentum is not yet sufficient, and the market requires more buying activity in the futures market to maintain and strengthen the uptrend.

Source: Coinglass

The post Polkadot Price Analysis: DOT Explodes by 13% Weekly but is the Worst Really Over? appeared first on CryptoPotato.

Crypto market capitalization fell 14% in June, from a $2.78 trillion high early in the month to around $2.4 trillion by the end of it.

However, June has usually been bearish, and if history rhymes, July could see a market recovery.

On June 30, market analyst Murad Mahmudov posted a chart on X showing previous local market bottoms in June, followed by a bullish recovery in July stretching back to 2018.

Reason 1 to be bullish for July on this last day of bearish June pic.twitter.com/E5T4Qr2Rki

— Murad (@MustStopMurad) June 30, 2024

Big Bitcoin Gains in July?

June 2023 saw the market cap tank to just over $1 trillion. However, there was a recovery in July, as markets gained more than 22% by mid-month.

Nevertheless, they remained range-bound until the end of October, and similar sideways action has been predicted for this year.

“Bitcoin is on the cusp of challenging the June downtrend for a breakout,” posted analyst ‘Rekt Capital’ on X on June 30.

They added that BTC will need a daily close above the June downtrend to kickstart a breakout.

The asset is currently forming a higher low and “doing all the right things to form a cluster of price action at this range low at $60,600,” the analyst said before adding:

“This cluster could develop over the whole month of July. But ultimately, it exists to prepare Bitcoin for a rally back to the range high at $71,500.”

BTC prices have gained almost 4% over the weekend, hitting an intraday high of $63,700 during Asian trading on Monday.

It also appears to have successfully retested the old major resistance as new support on the quarterly timeframe, said ‘Rekt Capital.’

However, the Mt. Gox repayments, estimated at more than $8 billion worth of BTC, are set to begin in early July, which could hamper the asset’s performance.

M2 Money Supply Expansion

It has also been observed that the M2 Money Supply, which has been linked to crypto market cycles, is expanding again. This would be very good for crypto as more money in the system leads to greater liquidity and investment into higher-risk assets.

M2 is a measure of the money supply, which includes cash, checking deposits, and easily convertible capital. When it increases, it suggests that the central bank is printing more money, leading to fiat devaluation concerts, which is another driver of investments in store-of-value assets.

ATTENTION: M2 money supply has is now expanding pic.twitter.com/5PQJbCMDms

— Game of Trades (@GameofTrades_) June 30, 2024

The post Analysts Predict Bullish July to Follow Bearish June for Bitcoin, Here’s Why  appeared first on CryptoPotato.