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"Bitrue Launches Massive $1M BTC and XRP Trading Tournament!"

The Crypto Basic

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Bitrue Exchange has unveiled a $1 million prize pool for a trading competition involving cryptocurrencies such as XRP. 

Read more on: https://thecryptobasic.com/2024/02/09/bitrue-introduces-1000000-btc-xrp-trading-contest/
#Bitrue #BTC; #xrp/ #Crypto #CryptoNewsFlash 

Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.

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The crypto market is closing out the year with significant #Bitcoin and Ethereum options expirations and a bullish outlook heading into 2025. Today, a record $18 billion in options expired, marking the last major expiry of the year, with Bitcoin (BTC) and Ethereum (ETH) seeing large volumes of contracts reach their conclusion. Bitcoin and Ethereum Options Data Highlights Specifically, a total of 150,000 Bitcoin options expired with a staggering notional value of $14.17 billion. Notably, these contracts expired with a Put-Call Ratio of 0.69. This figure suggests that more call options were traded relative to put options, signaling that investors are leaning toward a bullish market outlook. Meanwhile, Ethereum options saw 1.12 million expired today, with a notional value of $3.74 billion. Despite these large expirations, the market has been relatively quiet, with no major volatility due to the overlap with the Christmas holiday. However, experts believe this lull is temporary, with significant optimism for the future. Notably, Bitcoin is trading at $96,329, with a 0.7% uptick over the past day. Ethereum is also trading at $3,387, with a gain of less than 1% today. Beyond this passive market today, Bitcoin has already seen strong gains in 2024. Its price more than doubled this year, rising from $42,000 to over $108K, boasting a one-year gain of 120%. Bitcoin’s late-year rally since November set a bullish tone for the broader crypto market, benefiting others like Ethereum. This month, Ethereum set a fresh year-high above $4,100. These strong performances in the market’s leaders have lifted sentiment, with investors and analysts increasingly optimistic about the trajectory for 2025. #CryptoNewsCommunity

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An anonymous crypto whale who participated in #Ethereum ’s Initial Coin Offering (ICO) has come out of a decade of dormancy to move some of their ETH holdings. The popular smart money on-chain platform Lookonchain reported the development today via on X. Transaction Details Lookonchain stated that the Ethereum ICO participant made their first transaction today after 9.4 years of inactivity. The latest transaction saw the whale move 0.01 ETH to an unknown address, “0x296…Ee557,” today at 04:40 a.m. (UTC). With ETH currently trading at $3,394 per coin, this transaction is worth $33.94 at press time. This marks the wallet’s first transaction since it first received 1,940 ETH coins during the Ethereum ICO in 2015. According to Lookonchain, the entire portfolio of 1,940 ETH was valued at $601 at the time. Interestingly, after a decade of holding, the value has skyrocketed to a jaw-dropping $6.56 million today. #CryptoNewsFlash

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A recent campaign of large stablecoin deposits by whales triggers hope of a #Bitcoin and broader market recovery following the latest pullback. The crypto markets have shown signs of uncertainty in recent weeks following the Federal Reserve’s hawkish posture heading into 2025. While the market offered hopes of a recovery with a Christmas Day rally, an ensuing sharp correction on Boxing Day again stirred doubts. Amid the uncertainty, leading crypto analytics platform Santiment Feed has argued that there is hope to be found in the activity of a closely watched class of crypto investors. Whales Preparing to Accumulate? On Christmas day, December 25, 2024, Bitcoin rallied to $99,900 amid a 7% jump from Christmas Eve lows of $93,500 amid a Fed-led slump. But any hopes that a recovery from the recent market slump was underway were likely short-lived. Notably, on Boxing Day, December 26, the asset shed most of its Christmas gains to trade as low as $95,000, dragging the broader crypto market down with it. Despite the wild swings, Santiment Feed has maintained that the crypto market still has bullish undercurrents, citing whale activity. In an X post on Friday, December 27, the firm noted that this class of crypto investors with extensive holdings were increasingly moving stablecoins to exchanges following the most recent dip, per its top centralized exchange deposit dashboard, presumably to load up on more crypto assets. Santiment Feed noted that in the past 24 hours alone, there had been at least seven such deposits worth over $9 million, with the highest carrying a value of $50 million. The firm argued that while some of these deposits are likely aimed towards farming a new Binance Launchpool token BIO Protocol (BIO), the dominance of such large stablecoin transactions on the dashboard boded well for the crypto market regardless. “it’s a strong sign that whales are gearing up for some purchasing, which can push up prices market-wide,” Santiment wrote, even though it is unclear when these whales intend to start making these purchases.

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"Dogecoin’s Breakout Momentum Builds: What $0.39 Could Mean for Investors"

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While Bitcoin fluctuates below $100K, #Ethereum✅ has shown resilience in overcoming the recent pullback. With a fresh bullish candle and increasing institutional investment, ETH is aiming to challenge $3,500 for a breakout run. Ethereum Price Analysis Amid broader market volatility, Ethereum’s price experienced a 4.67% pullback last night, forming a bearish engulfing candle and completing an evening star pattern. The pullback tested the critical support level at $3,300. However, with the market stabilizing, Ethereum is now making a bullish recovery. Currently, Ethereum is priced at $3,427, marking an intraday gain of 3.22%. On the 4-hour chart, a large bullish engulfing candle has crossed above the 20-day EMA line, signaling increased bullish sentiment. Additionally, the MACD and signal lines are preparing for a bullish crossover, reflecting the rising buying pressure. As a result, Ethereum is likely to re-challenge the overhead supply zone slightly above the $3,500 psychological mark. #CryptoNewsCommunity Ethereum Price Chart

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