Polkadot (DOT), a prominent player in the blockchain ecosystem, is currently experiencing a dramatic decline, prompting a bearish alert. The cryptocurrency is in freefall, with its price plummeting towards new lows. A combination of market-wide volatility, negative investor sentiment, and regulatory pressures fuels this sharp downturn. As DOT’s value continues to erode, investors are advised to brace for further losses and reassess their strategies in light of these bearish signals.

In this analysis, we will dive into Polkadot’s price prospects with the help of some technical indicators focusing on the 1-hour and the 4-hour timeframe.

DOT Price Still Actively Bearish

DOT’s price on the 4-hour chart did a retracement after a break from the previous bearish triangle wedge and began to drop again. Although the price currently is attempting to move up, the reality is that it will continue to drop afterward.

Source: DOTUSDT on Tradingview.com

The formation of the 4-hour Composite Trend Oscillator also suggests that the price of DOT may still drop as the signal line and Simple Moving Average (SMA) of the indicator are currently trending close to the oversold zone.

Also, on the 1-day chart, DOT is attempting a bullish move below the 100-day SMA after dropping a bearish candlestick on the past day. Based on the 1-day price formation, it can be suggested that this bullish move that DOT is making is just on a short-term note.

Source: DOTUSDT on Tradingview.com

Lastly, the 1-day Composite Trend Oscillator on the daily chart signals that DOT’s price is still actively bearish as both the signal line and SMA have crossed below the zero line and are heading towards the oversold zone.

More Losses Ahead?

In conclusion, Polkadot is currently in a precarious position as it experiences a sharp and sustained decline, triggering a bearish alert. Therefore, if the price of DOT continues to drop, it might move towards the $4.809 support level. And if it breaks below this level it will drop further to test the $3.542 support level and probably other key levels afterward.

However, if DOT decides to continue its move in the upward direction, it will begin to move toward the $7.701 resistance level. Should it move above this level, it will move higher to test the $9.805 level and probably go bullish to test other key levels.

As of the time of writing, DOT was trading at around $6.23 and was down by 2.58% with a market capitalization of over $8.9 billion and a 24-hour trading volume of over $204 million. Although its market capitalization is down by 2.52%, its trading volume has increased by 19.08% in the past day.

DOT trading at $6.221 on the 1D chart | Source: DOTUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

Source: NewsBTC.com

The post Polkadot (DOT) In Freefall: Will It Recover Or Hit Rock Bottom? appeared first on Crypto Breaking News.

Bitcoin has faced a significant amount of selling pressure over the past week, according to the latest on-chain data. Expectedly, this bearish pressure has had a notable impact on the price of the premier cryptocurrency.

According to data from CoinGecko, the value of Bitcoin has declined by nearly 5% in the past seven days. On Friday, June 14th, the BTC price fell to around the $65,000 level — its lowest level in nearly a month.

Bitcoin Miners Offload Over 1,200 BTC In One Day

In a recent post on the X platform, crypto analyst Ali Martinez revealed that Bitcoin miners have been active in the open market in recent days. Specifically, these network entities have been trimming their BTC holdings, and selling their assets for profit.

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Martinez mentioned in his post that the Bitcoin miners offloaded more than 1,200 BTC (worth roughly $80 million) in a single day. According to the crypto pundit, this increased selling activity by the miners might have played a significant role in the premier crypto’s recent correction to $65,000.

Source: Ali_charts

This on-chain observation is in tandem with CryptoQuant’s latest weekly report. The blockchain analytics firm noted that miners were transferring their coins to exchanges and over-the-counter (OTC) desks for sale, as the Bitcoin price hovered between $69,000 and $71,000.

According to CryptoQuant, the recent decision of miners to offload their holdings Is associated with the declining revenues following the halving event. With reduced transaction fees and persistently high network hashrates, miner revenues have continued to dwindle over the past few months.

Furthermore, CryptoQuant mentioned that historical patterns suggest that sustained low revenues and high hashrate could imply a potential market bottom. Ultimately, this means that the Bitcoin market could be stabilizing or getting ready for upward movement.

Whales Join The Sell-Off, Dump 50,000 BTC

Further on-chain observations show that miners are not the only entities responsible for the recent selling pressure. In another post on X, Martinez revealed that Bitcoin whales have also been offloading significant BTC amounts in recent days.

Based on data from Santiment, whales have sold 50,000 BTC (equivalent to about $3.3 billion) in the past 10 days. Bitcoin whales – in this particular data point – refer to holders that own between 1,000 – 10,000 BTC.

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While the price of BTC fell as low as 65,000 in the past day, it is beginning to show some signs of recovery. As of this writing, Bitcoin is valued at $66,266, reflecting a 0.7% decline in the past 24 hours.

Bitcoin price attempts to hold above the $66,000 level on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

Source: NewsBTC.com

The post Unveiling Bitcoin’s Drop To $65,000: Here’s How Much BTC Miners Sold appeared first on Crypto Breaking News.

Dogwifhat (WIF), the once-booming memecoin featuring a Shiba Inu sporting a stylish knitted beanie, finds itself in hot dog water. After a meteoric rise earlier this year, WIF has been on a downward spiral, trapped within a descending channel since late May. Analysts are carefully keeping tabs as the canine crypto approaches a critical support level, with its future hinging on a tug-of-war between bullish and bearish forces.

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Descending The Price Ladder: A Sign Of Weakness?

Technical analysis paints a worrying picture for WIF. The descending channel pattern, characterized by lower highs and lower lows, indicates sustained selling pressure. The price has plummeted a staggering 30% since the end of May, currently hovering around the crucial $2.44 mark. In the last week, WIF has lost 15% of its value, data from Coingecko shows.

WIF price down in the last 24 hours. Source: Coingecko

This level represents a make-or-break point for WIF. If the bulls – those optimistic investors hoping for a price increase – can’t defend this support line, the price could plunge further, potentially reaching a new low of $1.93.

A Technical Tailspin

Adding fuel to the bearish fire is the Aroon Down indicator, a technical tool that gauges the strength of a downtrend. WIF’s Aroon Down Line sits at a concerning 100%, signifying a robust downtrend with the most recent low occurring not too long ago. This suggests that selling pressure is overwhelming any potential buying activity among WIF holders.

Total crypto market cap currently at $2.3 trillion. Chart: TradingView

Will The Bulls Rise To The Occasion?

A glimmer of hope remains for WIF devotees. If the bulls manage to hold the current support level, a price rebound towards the resistance line at $2.70 is a possibility. This would be a temporary reprieve, but it would offer a chance for the memecoin to regroup and potentially break free from the descending channel.

However, breaching the support would be a devastating blow, potentially leading to a domino effect where investors lose confidence and flee the market, sending WIF into a tailspin.

WIF Price Forecast

Source: CoincCodex

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Meanwhile, the current technical analysis for Dogwifhat shows a bearish sentiment, despite a bullish price prediction of a 225% increase to $7.87 by July 15, 2024. The Fear & Greed Index indicates high greed at 74, suggesting potential overvaluation. Over the past 30 days, Dogwifhat has had 30% green days with 11.82% price volatility, reflecting significant price fluctuations.

The high volatility and current greed sentiment indicate potential risks, despite the optimistic forecast. Therefore, it may not be the best time to buy Dogwifhat until market conditions stabilize or additional positive indicators emerge.

Featured image from Reductress, chart from TradingView

Source: NewsBTC.com

The post WIF Price Crashes 15% – Will The Freefall Continue? appeared first on Crypto Breaking News.

The cryptocurrency market has been experiencing a significant downturn, with Bitcoin leading the way by retracing to the $65,000 mark after failing to retest its all-time high of $73,700 reached in March. 

Market expert Michael van de Poppe has shed light on the reasons behind this ongoing bloodbath, highlighting several key factors that have contributed to the current state of the market.

Crypto Market Battles Uncertainties

A key event highlighted by van de Poppe is last Wednesday’s release of the Consumer Price Index (CPI) data, which has a major impact on the Federal Reserve’s decision on interest rates. 

The data, which came in lower than expected, favored risk assets. A lower-than-expected headline CPI of 3.3% (vs. 3.4% expected) and core CPI of 3.4% (vs. 3.5% expected) pointed to potential rate cuts or a positive outlook for future rate cuts, providing favorable market conditions.

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Another significant event was the release of the Producer Price Index (PPI) data, which provides inflation data from the producer’s perspective. The data revealed a lower-than-expected regular PPI score of 2.2% (versus an expected 2.5%) and Core PPI Y/Y score of 2.3% (versus an expected 2.4%). 

Additionally, the monthly data showed negative figures, further favoring risk-on assets. However, van de Poppe contends that despite these positive indicators, the crypto market has continued its downward trend.

According to van de Poppe, the release of consumer sentiment data on Friday also impacted the market. Consumer sentiment is considered a market leader and a gauge of market strength or weakness. The data came in lower than expected, with a score of 65.6 (versus an expected 72.1). 

This data signaled a lack of economic strength, potentially fueling bullish sentiments for risk-on assets and a shift toward crypto-native markets. 

However, Federal Reserve Chairman Jerome Powell delivered an unexpectedly hawkish speech. Despite data pointing towards the need for rate cuts and worsening economic conditions, Powell maintained a hawkish tone and revised the potential rate cuts in 2024. 

According to Michael van de Poppe, this outlook did not bode well for the markets, adding to existing uncertainties and the notorious price volatility seen in recent days.

Bitcoin Price’s Struggle Continues As Bond Yields Drop

The analyst further pointed out that Market indicators, such as Treasury Bond Yields, declined. The 2-year Treasury Bond Yield dropped to the lowest point in two months, while the 10-year Yield continued its fall to the lowest point since the beginning of April. 

These indicators typically suggest favorable conditions for Bitcoin and risk-on assets, implying a higher probability of a potential rate cut. However, the strength of the US Dollar persisted due to the rate cut by the European Central Bank (ECB). 

Van de poppe believes that this unexpected Dollar strength, driven by the ECB’s actions, further complicated the market dynamics, as rate cuts are usually necessary for economic stability.

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In sum, the cryptocurrency market, particularly Bitcoin, has substantially declined as it struggles to regain its previous highs. Despite positive economic data pointing towards potential rate cuts and market indicators favoring risk-on assets, the market has failed to respond positively. 

The ongoing uncertainties surrounding events, such as the listing of the Ethereum ETF, have contributed to the market’s weakness. With rate cuts on the horizon and the Dollar’s strength persisting, the upcoming weeks will likely be critical in determining the market’s direction.

The daily chart shows that BTC’s price is trending downward. Source: BTCUSD on TradingView.com

When writing, Bitcoin was trading at $65,280, down by 2% in the past 24 hours and over 5% in the past seven days. 

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

Source: NewsBTC.com

The post Bitcoin Crashes To $65,000, Expert Unpacks Drivers Of Crypto Market Bloodbath appeared first on Crypto Breaking News.

According to the latest report by QCP Capital, options data reveals a plunge in trading volatility, particularly for Bitcoin, meaning cryptocurrency traders could be in for a tamer summer.

The research firm, which is well known for spotting new market trends, points out that the data patterns in the charts suggest that we are likely to have a more shallow trading period for now.

This comes as the market is still recovering from recent highs and lows, consigning traders in limbo trying to make sense of the next big play.

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Ethereum Is In For An Active Summer Despite Anticipated Market Lull

The one exception is that the Ethereum options show significantly higher implied volatility than that of Bitcoin. This suggests that although the market, in general, could cool off, Ethereum could still see a relative surge in trade.

In their report, QCP Capital advised traders to consider accumulation strategies, particularly for Ethereum, in preparation for what they term “the long, quiet summer.” This approach could be beneficial if the market maintains its predicted low volatility.

Additionally, they do not foresee any significant price movements for Ethereum in July, aligning with the expectations set around the potential approval of a spot Ethereum spot Exchange-traded funds (ETFs later in the summer.

However, the speculation surrounding the approval of an Ethereum spot ETF is creating a buzz, with traders eyeing the S-1 Form approval that could bring more action to Ethereum’s market.

Ethereum’s implied volatility currently stands at a 10 vol premium to Bitcoin, which QCP analysts expect to narrow as the market begins to price in the anticipated US spot ETF approval.

This suggests that while the summer might be quieter, there could still be critical developments that could influence market dynamics in the latter part of the season.

Bitcoin & ETH Market Performance And Sentiment

Reflecting on recent market performance, Bitcoin and Ethereum have shown noticeable declines. After a bullish phase spurred by the US SEC’s approval of spot Ethereum ETFs last month, cryptocurrencies have closely mirrored each other in market downturns.

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Over the past week, Ethereum has seen a significant 8.5% decline, with a 1.4% drop in just the past 24 hours. Similarly, Bitcoin has experienced a 1.4% decrease today, continuing a week-long downtrend that brought its price below $66,000.

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

In light of these fluctuations, Bitcoin maximalist Samson Mow has made intriguing predictions about potential market movements. According to Mow, the likelihood of Bitcoin experiencing a significant price surge—or what he refers to as an “Omega candle”—is increasing as market pressure builds up.

The #Bitcoin coil is super compressed now. The longer we go without a Godzilla candle, the more likely it is to get an Omega.

— Samson Mow (@Excellion) June 13, 2024

Featured image created with DALL-E, Chart from TradingView

Source: NewsBTC.com

The post Quiet Summer Ahead For Bitcoin, But Ethereum Holds Potential for Surprise — QCP Capital appeared first on Crypto Breaking News.

Crypto analyst Sebastian has outlined why he believes Cardano (ADA) could rise to as high as $3 this year. The developments the analyst highlighted undoubtedly paint a bullish picture for the crypto token. However, it remains to be seen how Cardano will react, given that it is currently one of the worst-performing crypto assets this year. 

Why Cardano’s Price Is Posied To Reach $3 This Year

Sebastian mentioned in an X (formerly Twitter) post four reasons he believes Cardano will reach $3 this year. First, he mentioned Cardano’s partnership with Argentina. The Cardano Foundation recently announced its partnership with Entre Ríos, a central province in the country. The move is aimed at fostering blockchain adoption in Argentina. The partnership also benefits ADA as it will help the network break into the Argentine market. 

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Secondly, Sebastian mentioned the Chang Hard Fork as another reason Cardano is poised to reach $3 this year. This network upgrade is supposed to usher in Cardano’s “Voltaire” era, focusing on decentralized governance. Once this Chang Hard Fork occurs, the Cardano network will become more community-driven, which can help uplift the Cardano ecosystem and further boost investors’ confidence.  

Sebastian alluded to the new decentralized applications (dApps) launching on Cardano as another reason the crypto token can reach $3 this year. The launch of these dApps will help increase Cardano’s network activity and ultimately positively impact ADA’s price since the crypto token will gain added utility. 

Lastly, Sebastian mentioned that 1.5 billion Cardano tokens will be unlocked for marketing and other investments. He believes these funds could go a long way in promoting the Cardano ecosystem and attracting new users. However, some of his followers disagreed with him in this regard, noting that unlocking this significant amount of tokens would only put massive sell pressure on DA. 

Cardano Chang Hard Fork Is A “Big Deal”

Crypto analyst and Cardano bull Dan Gambardello recently remarked that the Chang Hard Fork is a bid deal for the Cardano ecosystem, seeing as the network will pivot into “an ear of decentralized, community governance.” The network upgrade is expected to go live later this month, with Gambardello claiming this is excellent timing for the altcoin season. 

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Gambardello has remained bullish on Cardano despite its unimpressive price action and has even reassured his followers that the crypto token’s current price action is normal. He stated that ADA was in a similar position in the last bull run but still recorded a massive price in that market cycle. He expects something similar to happen again and suggested that ADA’s big move could come once the Altcoin season kicks into full gear. 

At the time of writing, ADA is trading at around $0.4, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

Featured image created with Dall.E, chart from Tradingview.com

Source: NewsBTC.com

The post Crypto Analyst Lists The Cardano Developments That Will Drive ADA Price To $3 In 2024 appeared first on Crypto Breaking News.

Data shows that traders on social media have been calling to buy during the latest Bitcoin dip below $66,000, a sign that FOMO is active in the market.

Bitcoin Investors Are Displaying FOMO After The Recent Decline

As the analytics firm Santiment pointed out in a new post on X, the recent drawdown in the cryptocurrency has instigated the second-largest spike of buying interest in social media users in the past two months.

The indicator of interest here is the “Social Volume,” which keeps track of the amount of discussion related to a topic or term in which users on the major social media platforms are participating.

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This metric makes this measurement by counting the unique number of posts/threads/messages on these platforms that mention at least one keyword.

The reason the indicator counts the posts rather than the mentions themselves is that sometimes, a large number of mentions can appear on social media. Still, the location of these mentions could be restricted within niche circles.

The total number of posts mentioning a topic only spikes when users in the wider social media also engage with the term. As such, the Social Volume can provide a more accurate representation of the actual degree of talk related to the keyword.

In the context of the current discussion, Santiment has used this indicator to pinpoint data related to terms connected with buying and selling Bitcoin. The chart below shows how the social volume for these two topics has changed over the past month or so.

The value of the metric appears to have spiked for the terms related to buying recently | Source: Santiment on X

As is visible in the above graph, the combined Social Volume of phrases related to “buy Bitcoin” has just observed a large spike. This sharp increase in the indicator has come as the cryptocurrency price has been going down.

It would seem that users on social media believe this dip to be a worthy buy. The chart shows that the scale of this buying interest is the largest witnessed in the market since BTC’s rally above $70,000 last month.

It’s also apparent, however, that BTC topped out not soon after this Social Volume spike came. This has often been the pattern observed, as the price becomes more likely to be corrected when FOMO takes over the crowd.

Generally, any negative effects of FOMO can be canceled out if a sufficient amount of FUD also arises in the market simultaneously. As highlighted in the graph, though, the Social Volume of the terms related to “sell Bitcoin” has stayed low amid the spike in calls for buying.

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As such, this high amount of optimism around the drawdown could suggest that the bottom is perhaps not here for the cryptocurrency yet.

BTC Price

It would appear that the bearish effect of the social media FOMO may already be influencing Bitcoin as its price has seen a further drop below $66,000 following the Social Volume spike.

Looks like the price of the coin has been going down over the last few days | Source: BTCUSD on TradingView

Featured image from Dall-E, Santiment.net, chart from TradingView.com

Source: NewsBTC.com

The post Bitcoin FOMO: Social Media Users Calling To Buy Sub-$66,000 Dip appeared first on Crypto Breaking News.

Renowned trader Peter Brandt recently provided insights on the Bitcoin price potential market movements, projecting a challenging period followed by a significant rally.

This analysis comes as Bitcoin’s current trading behavior exhibits signs that might concern short-term investors.

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Bitcoin’s Precarious Path: Potential Drop and Subsequent Rally

Brandt’s analysis indicates that if Bitcoin breaks the $65,000 threshold, it could trigger a further drop to around $60,000, potentially dipping as low as $48,000.

So far, Bitcoin has struggled to sustain momentum above the $70,000 mark, showing a decline of 5.6% over the past week to a current value of $67,170.

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

Despite the somewhat grim short-term outlook, Brandt identifies a silver lining with the potential for substantial recovery. His analysis outlines the immediate risks and hints at a rebound, which he terms the “pump” phase following the “dump.”

Chart of interest – Bitcoin $BTC
Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph. But the most obvious is this:
Break through 65,000, then mkt goes to 60,000
Break through 60,000 mkt goes to 48,000 pic.twitter.com/JsXXVx2EhV

— Peter Brandt (@PeterLBrandt) June 13, 2024

According to Brandt, this pattern typifies the volatile nature of cryptocurrency markets and could serve as a pivotal moment for investors.

Earlier in the year, he made similar observations when Bitcoin was trading at $42,300, suggesting these cycles are common features of bull markets and play a crucial role in distinguishing between novice traders and experienced investors.

JPMorgan Cautions On Bitcoin Touted ETF Demand

Meanwhile, financial institutions like JPMorgan have scrutinized the broader implications of market dynamics on Bitcoin’s valuation. JPMorgan has recently highlighted concerns regarding the overestimation of demand for Bitcoin ETFs.

Their analysis suggests that much of the recent inflow into Bitcoin ETFs does not represent new capital but rather a rotation from traditional cryptocurrency exchange wallets to “more regulated and seemingly secure” ETFs.

This shift has been driven by “cost-effectiveness, regulatory protection, and deeper liquidity” ETFs offer over conventional crypto wallets.

JPM SAYS #BITCOIN ETF DEMAND OVERSTATED BY 2x –>

“Not all of these inflows represent fresh money
entering the crypto space as we believe there has likely
been a significant rotation away from digital wallets on
exchanges to the new spot bitcoin ETFs. This is due to the
cost… pic.twitter.com/l23mDv4Gmd

— matthew sigel, recovering CFA (@matthew_sigel) June 13, 2024

Moreover, following the introduction of spot ETFs, there has been a noticeable decline in BTC reserves on exchanges, indicating that while ETFs are becoming a preferred vehicle for Bitcoin exposure, the overall increase in institutional demand might not be as strong as previously thought.

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JPMorgan estimates that actual net flows into Bitcoin ETFs since January stand at about $12 billion, challenging the bullish narrative of massive institutional demand.

Featured image created with DALL-E, Chart from TradingView

Source: NewsBTC.com

The post Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break appeared first on Crypto Breaking News.

Dogecoin is currently at a critical price junction that might determine its price trajectory in the short term. Although the meme coin has witnessed a significant price drop in the past seven days, recent whale activity suggests that the tide might change soon. Notably, large holders of DOGE have been taking advantage of the price drop to accumulate millions of DOGE. Per data from Santiment, an on-chain analytics platform, addresses holding between 10 million and 100 million Dogecoins have collectively accumulated more than $129 million worth of DOGE in the past seven days.

Dogecoin Whales Accumulate DOGE

According to the on-chain data from Santiment, whales have increased their accumulation in the past week despite the price decline for the meme coin. Remarkably, these whale addresses have bought over 900 million tokens in seven days, suggesting their faith in DOGE despite the price downturn.

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Consequently, on-chain data shows the number of coins owned by this cohort of traders has increased by approximately 5% to a collective 18 billion tokens.

Source: X

A look at the chart above reveals that the collective holdings of these whale wallets have generally been on an uptick since the last week of March. During periods of price increases, the accumulation has typically exhibited an upward tendency and remained stable during periods of price drops. However, the recent accumulation is different because it comes alongside a corresponding price decrease, showing a different strategy from the whale wallets.

Interestingly, similar data from IntoTheBlock suggests a similar increase in activity on DOGE alongside the whale accumulation. This uptick in activity saw around 9.29 billion DOGE tokens traded in the past 24 hours. Additionally, 1,500 transactions were concluded in the past 24 hours, implying traders are actively exchanging DOGE.

Source: X

How Whale Transactions Impact DOGE Price

Considering its meme coin status, Dogecoin is highly influenced by sentiment among traders and particularly huge investors. These big investors, known as “whales” in crypto lingo, can have a significant impact on Dogecoin’s price when they move their funds around. Their buying activity triggers bullish momentum by pumping up demand, which drives the price higher as other traders follow their lead.

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Interestingly, this recent whale accumulation comes as a much-needed catalyst for bullish momentum. At the time of writing, DOGE is trading at $0.1428 and has been down by 11.29% in the past seven days. However, this decline seems to be slowing down, with DOGE only registering a 0.6% loss in the past 24 hours. According to a crypto analyst, this spiral towards $0.14 is forming an important generational bottom for DOGE.

Doge price drops | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source: NewsBTC.com

The post Dogecoin Sees Monumental Surge In Transactions As Whales Spend $129 Million appeared first on Crypto Breaking News.

Polygon’s native token, MATIC, has experienced a notable disparity compared to the broader cryptocurrency market. Unlike the top cryptocurrencies that have posted double-digit gains year-to-date, MATIC has failed to post positive performance across all time frames since the 2021 bull run.

Adding to the concern, MATIC’s price has recorded losses amounting to 16.5% over the past seven days. This downward trend has prompted the token to test a crucial macro support level, raising questions about its future trajectory.

Amid these developments, Polygon has announced a strategic partnership with Aragon, a developer of decentralized autonomous organizations, to introduce a “governance hub” for the Polygon community. 

Simplified Governance Hub For Polygon? 

According to a recent blog post by the Layer 2 solution protocol, the governance hub is “designed to empower” users and builders, allowing them to influence the core development of Polygon’s technology. The hub will reportedly be developed in phases in collaboration with Aragon to ensure that community feedback is incorporated to create a decentralized platform that aligns with community values.

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The governance hub will feature a unified interface for “two essential pillars” of Polygon’s governance: protocol and system smart contract governance. 

New governance hub proposal framework. Source: Polygon

The hub seeks to increase transparency and encourage greater community participation in protocol governance. As for system smart contract governance, it introduces an upgraded framework that prioritizes structured decision-making processes while maintaining transparency and safety.

In addition, Aragon will leverage its expertise to build the Polygon Governance Hub using Aragon OSx. This tool enables the construction of customized on-chain governance solutions that can be adapted over time through a modular plugin-based architecture. Polygon stated in its announcement: 

Polygon, and all related network architecture, needs flexible, transparent, and future-proof governance mechanisms and tooling. The Polygon Governance Hub is central to achieving this. 

MATIC Market Capitalization Drops Dramatically

Despite the developers’ focus on community governance within the Polygon ecosystem, key metrics indicate a consistent decline in the MATIC token’s price over the past year.

For instance, the token’s market capitalization has experienced a significant drop, plummeting nearly 50% in just three months. In March, it was valued at $9.9 billion, whereas it is currently valued at $5.6 billion. This decline suggests a potential capital shift towards other large-cap tokens or profit-taking activities.

Furthermore, MATIC’s trading volume has also seen a notable decrease of approximately 18% in the past 24 hours, according to CoinGecko data. The trading volume now stands at a mere $293 million. Moreover, MATIC has witnessed a substantial 80% decline from its all-time high of $2.92 in December 2021.

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Presently, the token faces a critical test at an 8-month support level, as depicted in the MATIC/USD daily chart below, with its current trading price at $0.5982. Should the price continue to decline without a significant catalyst to drive an upward trend and price recovery, attention should be paid to the next support level at $0.5700.

The daily chart shows MATIC’s price drop toward its 8-month support. Source: MATICUSD on TradingView.com

The future trajectory of the MATIC price remains uncertain, and it remains to be seen whether further downside movement is in store or if a bounce at the current support level will materialize, offering potential opportunities for bullish investors.

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

Source: NewsBTC.com

The post MATIC Price Tests 8-Month Support As Polygon Unveils New Governance Hub appeared first on Crypto Breaking News.

The election results are not expected to have a significant impact on South Africa’s burgeoning crypto industry. The country’s top regulator, the Financial Sector Conduct Authority, recently set up a licensing regime for crypto, making it one of the first African nations to do so. The country recently started licensing digital asset firms, and crypto companies Luno, Zignaly, and VALR were among the first to get a license in April. In 2022, the country included crypto providers in its Financial Advisory and Intermediary Services Act so it could regulate digital assets as financial products.

Source: CoinDesk

The post South Africa Re-Elects Cyril Ramaphosa of the ANC as President appeared first on Crypto Breaking News.

Prosecutors say Thomas Pavey, 38, of Florida, and Raheim Hamilton, 28, of Virginia, owned and operated Empire Market from 2018 to 2020. During the period Empire Market operated, prosecutors say the pair processed $430 million in transactions on the site, which allowed users to anonymously purchase illegal goods and services.

Source: CoinDesk

The post Two Men Charged With Running Darknet Marketplace Empire Market appeared first on Crypto Breaking News.

Ethereum is under pressure at press time, tumbling roughly 15% from March 2024. As sellers press on, reversing all gains posted from May 20, on-chain data points to a bullish picture.

Ethereum HODLers Scoop 298,000 ETH In 24 Hours

Taking to X, one analyst notes a spike in ETH demand, especially from permanent holders. Most likely, these permanent holders are institutions with deeper pockets and are willing to hang on. Unlike retailers, these entities can often choose to hold for longer and won’t be shaken out by market volatility.

Ethereum permanent holders inflow | Source: @@jjcmoreno via X

Citing CryptoQuant data, the analyst said these permanent holders, according to records, are responsible for the second-highest daily purchase. On June 12, when prices briefly rose, they bought a staggering 298,000 ETH. Impressively, this figure just falls short of the all-time high of 317,000 ETH purchased on September 11, 2023.

In light of this, despite the wave of lower lows clear in the daily chart, the surge in demand points to strong bullish sentiment.

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Also, considering the amount of ETH scooped from the markets, it could signal that institutions, possibly hedge funds or billionaires, are beginning to position themselves in the market.

They appear to be taking advantage of the lower prices.

At press time, there is weakness in Ethereum, evident in the daily chart. Even with the bounce on June 12, bulls didn’t completely reverse losses of June 11. The dip on June 13 means sellers are back in the equation, and prices could align toward the conspicuous June 11 bar.

Ethereum price trending downwards on the daily chart | Source: ETHUSDT via Binance, TradingView

From the candlestick arrangement in the daily chart, $3,700 is emerging as a resistance level. After the breakout on June 7, ETH has been free-falling to spot rates, actively filling the May 20 gap.

If the dump continues, it is likely that ETH, even with all the optimism across the crypto scene, will once more re-test $3,300.

Spot ETFs To Begin Trading This Summer: Gensler

Whether prices will recover from current levels or slip towards $3,300 remains to be seen. Overall, the market is upbeat, according to comments from Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC).

Appearing in a senate hearing, Gensler said the spot Ethereum exchange-traded fund (ETF), whose 194-b forms were approved in May, may begin trading at a tentative time in summer. BlackRock has already resubmitted its S-1 filing and is waiting for approval.

Related Reading

If the product is approved in the next few weeks, it will be a major liquidity boost for ETH. Like spot Bitcoin ETFs, institutions will likely channel billions to ETH, allowing their clients to get exposure.

Feature image from DALLE, chart from TradingView

Source: NewsBTC.com

The post Ethereum HODLers Scoop 298,000 ETH In 24 Ahead Of Spot ETF Trading appeared first on Crypto Breaking News.

Ethereum is under pressure at press time, tumbling roughly 15% from March 2024. As sellers press on, reversing all gains posted from May 20, on-chain data points to a bullish picture.

Ethereum HODLers Scoop 298,000 ETH In 24 Hours

Taking to X, one analyst notes a spike in ETH demand, especially from permanent holders. Most likely, these permanent holders are institutions with deeper pockets and are willing to hang on. Unlike retailers, these entities can often choose to hold for longer and won’t be shaken out by market volatility.

Ethereum permanent holders inflow | Source: @@jjcmoreno via X

Citing CryptoQuant data, the analyst said these permanent holders, according to records, are responsible for the second-highest daily purchase. On June 12, when prices briefly rose, they bought a staggering 298,000 ETH. Impressively, this figure just falls short of the all-time high of 317,000 ETH purchased on September 11, 2023.

In light of this, despite the wave of lower lows clear in the daily chart, the surge in demand points to strong bullish sentiment.

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Also, considering the amount of ETH scooped from the markets, it could signal that institutions, possibly hedge funds or billionaires, are beginning to position themselves in the market.

They appear to be taking advantage of the lower prices.

At press time, there is weakness in Ethereum, evident in the daily chart. Even with the bounce on June 12, bulls didn’t completely reverse losses of June 11. The dip on June 13 means sellers are back in the equation, and prices could align toward the conspicuous June 11 bar.

Ethereum price trending downwards on the daily chart | Source: ETHUSDT via Binance, TradingView

From the candlestick arrangement in the daily chart, $3,700 is emerging as a resistance level. After the breakout on June 7, ETH has been free-falling to spot rates, actively filling the May 20 gap.

If the dump continues, it is likely that ETH, even with all the optimism across the crypto scene, will once more re-test $3,300.

Spot ETFs To Begin Trading This Summer: Gensler

Whether prices will recover from current levels or slip towards $3,300 remains to be seen. Overall, the market is upbeat, according to comments from Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC).

Appearing in a senate hearing, Gensler said the spot Ethereum exchange-traded fund (ETF), whose 194-b forms were approved in May, may begin trading at a tentative time in summer. BlackRock has already resubmitted its S-1 filing and is waiting for approval.

Related Reading

If the product is approved in the next few weeks, it will be a major liquidity boost for ETH. Like spot Bitcoin ETFs, institutions will likely channel billions to ETH, allowing their clients to get exposure.

Feature image from DALLE, chart from TradingView

Source: NewsBTC.com

The post Ethereum HODLers Scoop 298,000 ETH In 24 Ahead Of Spot ETF Trading appeared first on Crypto Breaking News.

Ethereum has seen a number of notable withdrawals that suggests that crypto whales are expecting a recovery in price. These large withdrawals has caused the ETH balances on centralized exchanges to fall to their lowest level since 2016.

336,000 ETH Withdrawn From Exchanges

Crypto analyst Ash Crypto took to X (formerly Twitter) to reveal a notable change in the amount of ETH that is being held on centralized exchanges currently. Notably, there has been a marked increase in the withdrawals of small and large investors alike, leading to the highest withdrawal trend of 2024 so far.

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The report focuses on the withdrawals from the Coinbase exchange, which is the largest crypto exchange in the United States. The uptick in the withdrawal trend saw a whopping 336,000 ETH withdrawn from the exchange’s wallets in just 48 hours. This translates to the highest withdrawal trend from the exchange so far this year.

However, Coinbase wasn’t the only crypto exchange hit hard by the Ethereum withdrawals as the cumulative exchange addresses saw their ETH balances fall drastically. As the on-chain tracker Santiment revealed in a report, the total ETH held on centralized exchange wallets has fallen 8.6% in the last two weeks alone.

These withdrawals have greatly impacted the exchange balances, causing them to fall to their lowest point in 8 years. This means that the last time that the exchange balances were this low was back in 2016, which is three bull markets ago.

Will This Propel Ethereum Price To $10,000?

Naturally, the withdrawal of Ethereum from exchanges is bullish given that this is a trend that suggests investors are choosing to hold their Ethereum coins rather than sell them. If coins were moving the other direction and being deposited on exchanges instead, it would’ve been bearish for the price as it meant that investors were looking to offload their holdings for profit.

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Crypto analyst Ash Crypto shares the sentiment that the withdrawals are bullish for the price. According to the analyst, with Spot Ethereum ETFs set to start trading in 2024 in addition to this, it means that the ETH price trading above $10,000 is just a matter of time.

Presently, the ETH price is still closely following the Bitcoin trend. It has recovered above $3,500 once more after initially falling below this support level on Thursday. Nonetheless, it continues to nurse losses on the weekly chart, with CoinMarketCap data showing a decline of 7.88%.

ETH price falls below $3,500 | Source: ETHUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source: NewsBTC.com

The post Ethereum Withdrawals From Coinbase Top $1.2 Billion, What’s Going On? appeared first on Crypto Breaking News.

“The risk of growing adoption is that new entrants aren’t aware of Bitcoin’s core principles: decentralization, self-custody, hard money, etc. If new entrants don’t learn, understand, and espouse these core beliefs, the features that make them reality may not remain in the protocols over time,” said Alex Thorn, the head of firmwide research at investment bank Galaxy Digital.

Source: CoinDesk

The post Mass Adoption Would Ruin Crypto. Keep It a Niche appeared first on Crypto Breaking News.

Dogecoin has observed a plummet of 11% over the past week, but this decline may not continue further, as DOGE is now just above a major on-chain support block.

Dogecoin Is Now Just Above A Major On-Chain Demand Zone

According to data from the market intelligence platform IntoTheBlock, DOGE is currently above a zone of significant on-chain demand. In on-chain analysis, “demand zones” refer to price ranges in which many investors buy their coins.

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These zones are determined using blockchain data; the average price at which an address receives deposits is considered its cost basis. Below is a chart showing how the Dogecoin price levels near the current one are based on how many addresses share their cost basis with them.

Looks like DOGE has a large demand zone just below it at the moment | Source: IntoTheBlock on X

In the graph, the size of the dots corresponds to the number of addresses that acquired their coins within the respective range. It would appear that the $0.096 to $0.139 range currently looks to be the largest Dogecoin price range in terms of this metric.

More specifically, 409,330 addresses acquired a total of 45 billion DOGE inside this range. Now, what’s the relevance of this demand zone, or any other one, for that matter?

Generally, the cost basis is an important level for any investor, so they may be more prone to show some reaction when the spot price of the cryptocurrency retests it.

A few investors showing this reaction would naturally not be relevant for the broader market. Still, if many of them share their cost basis inside the same narrow range, then a retest could produce a large reaction for the price to feel its effects.

The demand zone around the average price of $0.115 had many addresses acquire their coins there, so its retest could be significant for the memecoin.

As the current Dogecoin price is above this range, these investors who bought inside the range would be sitting on some profits. Historically, such demand zones below the price have acted as points of support for the cryptocurrency.

This is because investor psychology tends to work out, so these holders who were in profits before the retest may believe the price would go up again so they could decide to buy more of the asset.

On the other hand, investors in the red before the retest can fuel the cryptocurrency’s resistance as they sell in fear that the price will fall again. “On the upside, DOGE may face resistance around the $0.16 level, where 20 billion DOGE is presently held at a loss,” notes IntoTheBlock.

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It remains to be seen whether the on-chain demand zone below would help stop the memecoin’s decline if its price drops enough to retest it.

DOGE Price

The past week has been a bad time for Dogecoin investors as the asset’s price has crashed around 11%. Following this drawdown, DOGE is now trading around $0.142.

The price of the coin appears to have plunged over the last few days | Source: DOGEUSD on TradingView

Featured image from iStock.com, IntoTheBlock.com, chart from TradingView.com

Source: NewsBTC.com

The post Dogecoin Plunges 11%, But This On-Chain Cushion Could End Decline appeared first on Crypto Breaking News.

NEAR Protocol (NEAR) is making waves in the cryptosphere, surging to the top of Google searches and capturing investor attention. This newfound interest, coupled with strong activity data from blockchain analytics platform DappRadar, fuels speculation of a potential price explosion.

Some analysts are predicting a meteoric rise to $16, despite recent dips. However, beneath the bullish bravado lies a layer of technical analysis and short-term volatility that warrants a closer look.

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Decoding NEAR’s Google Surge

The recent surge in Google searches for NEAR is undeniable. This newfound interest can be interpreted in two ways. Optimists see it as a sign of growing recognition and potential mainstream adoption.

They point to NEAR’s strong fundamentals – its developer-friendly architecture, focus on decentralized finance (DeFi), and active ecosystem with popular DApps like Kai-Ching and Hot Wallet.

heh, sorry kiddos. looks like NEAR is number one in Google Search trends. another huge W. try it for yourself.

literally too ez pic.twitter.com/eYKWZM0iWK

— NEAR Protocol (@NEARProtocol) June 5, 2024

According to DappRadar, NEAR’s protocol boasts high transaction volume, reflecting strong network activity. Additionally, DappRadar highlights NEAR’s promising DeFi presence with a healthy total value locked (TVL) within its DeFi applications. This combination positions NEAR as a contender in the evolving blockchain landscape, attracting both retail and institutional investors.

However, skeptics caution against overhyping Google Trends. They argue that search volume doesn’t always translate to long-term price appreciation. It’s possible that the surge is a fleeting fad, fueled by short-term marketing campaigns or even social media influencers. They point to the current price dip as evidence of this disconnect between online buzz and actual market movement.

NEAR is currently trading at $5.9. Chart: TradingView

Can Technical Analysis Steer NEAR To $16?

Crypto analyst More Crypto Online has thrown down the gauntlet, presenting a bullish case for NEAR based on the Elliott Wave Theory and Fibonacci retracement levels. The theory suggests that market prices follow predictable wave patterns, and the current price action places NEAR in the potential “second wave” of a five-wave sequence. This, according to More Crypto Online, paves the way for a significant “third wave” with a target price of $16.

$NEAR : The price is still holding above the relevant support level at $4.97. As long as this support level holds, it is plausible to watch for a third wave from here, which should send the price to $16+. However, we need more upside momentum.#NearProtocol #NEAR pic.twitter.com/azsWbQTMKG

— More Crypto Online (@Morecryptoonl) June 12, 2024

While this analysis offers an interesting roadmap, it’s crucial to acknowledge the limitations of technical analysis. These models are based on historical price movements, and the future market can be notoriously unpredictable.

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Can The Coin Maintain Its Bullish Balance?

The key to NEAR’s potential surge lies in the crucial support level of $4.97. If the price stays above this point, it bolsters the bullish outlook and potentially triggers the anticipated third wave. A successful third wave could propel NEAR to significant price targets, initially around $10.5 and potentially reaching even higher.

Featured image from Shutterstock, chart from TradingView

Source: NewsBTC.com

The post NEAR Protocol: From Recent Dip To Google Search Darling – Is $16 Next? appeared first on Crypto Breaking News.

The Federal Reserve this Wednesday projected only one rate cut for this year, less than the central bank’s previous forecast, dashing investor hope for looser monetary policy coming this summer. Political uncertainty in Europe with a snap election being called in France also pushed the U.S. dollar index (DXY) higher against other major currencies to its strongest level in more than a month, putting pressure on bitcoin.

Source: CoinDesk

The post Bitcoin Plunges to $65K, Altcoins Bleed 10%-20% as Week Turns Ugly appeared first on Crypto Breaking News.