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Bitcoin, the leading cryptocurrency, has seen significant activity and fluctuations in recent times. As of June 2024, Bitcoin's price is hovering around $60,000-$70,000. A notable surge occurred in early June, with Bitcoin crossing the $71,000 mark, driven by substantial inflows into Bitcoin ETFs and increased buying pressure in the derivatives market (Nasdaq) (BeInCrypto).
Several factors are influencing Bitcoin's current market dynamics. The recent approval of Ethereum spot ETFs has temporarily diverted investor attention towards Ethereum, leading to some volatility in Bitcoin's price. However, Bitcoin is regaining momentum as the effects of the ETF approval stabilize (Nasdaq).
Analysts predict that Bitcoin could reach $75,000 in the near term. This optimism is partly due to Bitcoin's price breaking above critical resistance levels, indicating potential for further growth. Additionally, Bitcoin's symmetrical triangle pattern suggests a bullish trend if it sustains a close above $69,330 (BeInCrypto).
In summary, Bitcoin's market is currently characterized by high volatility and positive sentiment, with potential for significant gains as it continues to attract investor interest and respond to broader market trends.
Bitcoin Mining Giant Announced It Is Mining A Surprise Altcoin: The Price Rises!
Marthon Digital, one of the major Bitcoin miners, said in a statement that it was mining another altcoin besides BTC. Accordingly, the giant company announced that it is also mining the altcoin named #Kaspa (KAS) in addition to $BTC in order to diversify its mining income.
The company has been mining Kaspa since September 2023 and stated that it has issued 93 million KAS tokens worth approximately $15 million.
Marathon's chief growth officer, Adam Swick, said in a statement: “Marathon was uniquely positioned to mine Kaspa and benefit from the higher margins available to those who can deploy Kaspa ASICs today.
“By mining Kaspa, we are able to create a revenue stream that is diversified from Bitcoin and directly linked to our core capabilities in digital asset computing.” In its announcement, Marathon purchased approximately 60 petahash KS3, KS5 and KS5 Pro ASIC mining rigs to mine Kaspa tokens. Half of this is currently operational, while the rest will come online in the third quarter.
Adam Swick also emphasized that Marathon's main mining focus has not changed and is still on #Bitcoin . KAS, which has increased by over 8% in the last 24 hours, continues to be traded at $ 0.174 at the time of writing.
XRP Ready to Rise: Leading Analysts Predict $2 Price with Whale Activity.
A growing number of experts are predicting significant price movements for XRP. Captain Faibik, a respected name in the crypto analysis community, stated that XRP's price may have found its bottom. According to him, the token is about to enter an uptrend and may reach the target price of $2 in the medium term.
This prediction is partially supported by significant whale activity in the $XRP market. Captain Faibik reinforced this prediction with a noteworthy post accompanied by a detailed price chart and strengthened the possibility of a market increase. Consistent with Captain Faibik's views, another respected analyst, EGRAG Crypto, also shared positive predictions for XRP. Their analysis highlights bullish technical indicators. Citing historical data and tools such as Fibonacci retracement levels, EGRAG Crypto predicts that XRP could reach higher levels and even rise to $7.5.
Recent changes in ownership of leading $XRP investors have caught the attention of market observers. According to data from on-chain transaction tracker Whale Alert, approximately 120 million XRP tokens were moved in multiple large transactions. Such significant moves by major holders often indicate strategic positioning and may point to future price increases.
In one recorded transaction, a whale collected 28.89 million #XRP from #Binance . On the other hand, in another large transaction, 24.04 million XRP was transferred to Bitso Exchange. Such activities add layers of complexity and anticipation to market dynamics.
Current market conditions show a slight decline in the price of XRP, with the token trading at $0.4676. However, the speculative excitement created by whale activity and expert predictions offers an optimistic outlook. The recent increase in XRP Futures and Options Open Interest indicates increased investor interest and the possibility of future price fluctuations.
Neva is an EVM-equivalent ZK-application network that provides scalability and security through Celestia DA and Polygon zkEVM, transforming GameFi and streamlining DeFi.
✔️$NEVA recently got listed on Bitmart. ✔️Apache v1 (Neva Testnet) will be released in the next two weeks. ✔️ During the testnet phase, we have plans for two CEX listings. ✔️ Additionally, we’re forging many new partnerships and progressively increasing our visibility.
The Trump-Biden conflict stirred up those memecoins!
The Memecoin market has gained volatility amid the Donald Trump-Joe Biden feud.
TRUMP, the first major token in the PoliFi (political memecoins) space, traded around $8.5 at 07:56, down 0.5 percent on a 24-hour basis. According to crypto data platform Coingecko, Solana-based TREMP fell 7.2 percent to $0.74. BODEN, another Joe Biden-themed memecoin, fell by 16 percent to $0.13. Crypto investors will be following developments closely as Trump has expressed his support for #Bitcoin miners and prioritized digital assets in his presidential campaign. Therefore, crypto is now considered a trading activity of Trump. Standard Chartered expects $BTC to experience a record rise to $150,000 with Trump's potential victory.
Biden, meanwhile, has remained mum and asked federal agencies to explore risks and opportunities, including the potential launch of a central bank digital currency managed by the Fed.
“Ahead of the first presidential debate, crypto investors will be carefully watching the effects of the November election on Bitcoin,” Neil Roarty, an analyst at investment platform Stocklytics, said in an email to CoinDesk.
“The consensus of the crypto community is that Trump's victory will be positive for the industry. “Aside from its vocal support, Bitcoin has tended to perform well during periods of political and economic uncertainty, and a second #Trump presidency would likely see more of both,” Roarty added.
Ethereum Breaks New Ground Against Bitcoin After 1.5 Years: Will There Be More?
Cryptocurrency analyst and investor @CarpeNoctom pointed out a first in the Ethereum/Bitcoin parity after 1.5 years. Taking advantage of the cloud chart for the BTC/ETH parity, the analyst stated that Ethereum made a 2-day close above this cloud chart after approximately 565 days: ETH/BTC closed above the 2-day cloud level for the first time in 525 days. The cloud chart, which has been indicating a downward trend in red for about 2 years, has never been this close to turning green. Similar returns turned the chart green in 2017 and 2021, and then Ethereum gained significant value against Bitcoin.
With the approval of spot #Bitcoin exchange traded funds, #Ethereum , which was crushed against Bitcoin, can rise again with the approval of spot Ethereum, which is expected to come at the beginning of July. According to TradingView data, ETH/BTC parity continues to be traded at 0.055 at the time of writing.
Dogecoin May Rise Up to 1,500%, According to Leading Crypto Analyst.
Dogecoin, a popular #meme coin, is currently exhibiting bullish patterns that have attracted the attention of major cryptocurrency analysts. According to the latest predictions, DOGE may be preparing for an impressive rise and could reach a price range between $1 and $2. This forecast is based on historical trends observed in previous market cycles.
Analyst Kaleo, who has a significant following on social media, notes that Dogecoin's significant rises typically begin eight to nine months after Bitcoin's halving event. Considering that the last Bitcoin halving occurred two months ago, a bullish move may not occur until December and February, according to Kaleo. This pattern overlaps with historical data, providing the basis for the projected timeline.
Despite the positive outlook, analysts warn that DOGE may experience volatility before a significant rise. A potential pullback to the $0.08 to $0.10 range is expected and is consistent with similar market behavior in 2020. Such fluctuations can be possible preparatory stages for larger upward movements.
In summary, although #Dogecoin promises a significant breakout, potential investors should be prepared for temporary market corrections. DOGE's projection of reaching $1 to $2 shows the vibrant potential in the cryptocurrency world. Investors are advised to monitor market trends and be wary of short-term volatility, while also keeping an eye on medium-term uptrends expected late in the year and early next year.
US Government Moves 243 Million Dollars of BTC It Seized
On June 26, 2024, the US government transferred 3,940 Bitcoins worth $243 million originating from a darknet market vendor. This batch of BTC was directed to an exchange address labeled Coinbase.
The government made this transfer of 3,940 BTC worth $243 million. This action by US law enforcement coincided with similar BTC sales by the German government in previous weeks. Leading chain analysts, including Zachxbt and the Arkham Intelligence team, followed this move.
Arkham reported that these funds were seized from narcotics dealer Banmeet Singh and were lost following a trial in January 2024. Singh participated in drug trafficking operations on platforms such as Silk Road, Alpha Bay and Hansa, according to the US. On January 26, 2024, he pleaded guilty to charges of conspiracy to possess with intent to distribute controlled substances and conspiracy to commit money laundering.
BTC fell 0.5% against the US dollar following the incident. Moreover, the price dropped below the $61,000 range. As of the latest updates, the US government owns 213,546 BTC, which is currently worth over $13 billion after the recent divestiture of 3,940 BTC.
Neva is an EVM-equivalent ZK-application network that provides scalability and security through Celestia DA and Polygon zkEVM, transforming GameFi and streamlining DeFi.
✔️$NEVA recently got listed on Bitmart. ✔️Apache v1 (Neva Testnet) will be released in the next two weeks. ✔️ During the testnet phase, we have plans for two CEX listings. ✔️ Additionally, we’re forging many new partnerships and progressively increasing our visibility.
Merge failed? Ethereum supply is on the rise again.
While the Ethereum supply decreased after the Merge update in 2022, this situation has recently reversed. According to data from Ethereum data tracker ultrasound.money, the total #ETH supply has increased by 112 thousand since April 14, 2024. The change in the deflationary structure was observed after the Dencun upgrade implemented on March 13, which was confusing. EIP-4844 and eight other improvements implemented on the Ethereum network post-Dencun may have led to the resumption of inflation.
The Dencun upgrade included an enhancement called proto-danksharding, which increased efficiency for block space on the Ethereum mainnet. EIP-4844, on the other hand, allowed separate and temporary storage of transaction data. These updates significantly reduced transaction fees on layer-2 networks such as Arbitrum and Optimism.
When we look at the big picture, we see that Ether supply has decreased in the medium term thanks to Merge. After the Merge update in September 2022, more than 1.5 billion $ETH was burned and 1.36 billion #ETH was released. As a result, there was a decrease of 345 thousand in total supply.