Former BitMEX chief executive Arthur Hayes believes Bitcoin has hit a local bottom and will slowly grind back up over the next few months. 
In a blog post on May 3, Hayes commented on the recent market slump claiming that “The price action played out as I expected.”
Bitcoin hit a local low of around $58,600 earlier this week but will rally to above $60,000 and then remain rangebound between $60,000 and $70,000 until August, he said.
Hayes added that the 12% Bitcoin retreat this week was a “well-needed market cleansing.”
He blamed it on the tax season in the United States, worry over Federal Reserve decisions, the Bitcoin halving “sell the news event,” and a slowdown of spot Bitcoin ETF asset under management growth.
The 23% correction was the fourth such retrace of similar magnitude over the past 12 months.
Hayes expects crypto markets to slowly grind higher after the recent sell-off, driven by increased dollar liquidity from the Federal Reserve’s quantitative tightening (QT) taper and the U.S. Treasury’s debt issuance plans.
By tapering QT, the central bank is effectively injecting more liquidity into markets which could theoretically make its way into riskier assets such as cryptocurrencies, providing buying pressure.
Hayes views this as “stealth money printing” which is positive for high-risk assets.
“Are the recent Fed and Treasury policy announcements stealth forms of money printing? Yes.”
“The slow addition of billions of dollars of liquidity each month will dampen negative price movement from here on out,” he added before predicting that prices will “bottom, chop, and begin a slow grind higher.”

Sources: TradingView/Cointelegraph
#BTC #bitcoin #BullorBear #bitcoinhalving #BinanceLaunchpool
$BTC $ETH $BNB

In the early morning of today’s Asia time, Jack Dorsey, CEO of Block Inc., revealed the company’s latest plan.
Dorsey stated that it intends to purchase Bitcoin monthly, utilizing the dollar-cost averaging (DCA) method.
This move highlights Block’s commitment to integrating Bitcoin into its financial strategy.
Moreover, it also emphasizes Dorsey’s position as a prominent “Bitcoin maximalist.”
Details of Block’s Bitcoin DCA Strategy Unveiled
Dollar-cost averaging is an investment approach where the same dollar amount is invested in a particular asset at regular intervals regardless of the asset’s price fluctuations.
This method helps reduce the impact of volatility on the overall purchase.
Hence, companies with Bitcoin holdings, like Block, can strategically navigate Bitcoin’s volatile nature using DCA.
Furthermore, this approach offers the potential to achieve a lower average cost per share over time.
Block provided further details on how they will implement the DCA strategy in its official statement.
The company announced it will allocate 10% of its gross profits from Bitcoin-related products towards monthly purchases of Bitcoin.
“Under the DCA program, we plan to purchase Bitcoin on a monthly cadence, starting April 2024.
We will execute these over a shorter time window due to lower notional trade values and improved Bitcoin liquidity compared to 2020 and 2021.
To reduce slippage, we have chosen to purchase Bitcoin over a two-hour window that has historically had the greatest amount of liquidity,” the company explained.
The shift to a Bitcoin-centric portfolio isn’t new for Block.
The company made headlines in October 2020 when it purchased 4,709 BTC at an average price of $10,618 per Bitcoin.
Subsequent investments in February 2021 saw the addition of 3,318 BTC at a much higher price point of $51,236 each.
As of March 31, 2024, Block acknowledged owning 8,038 BTC on the company’s balance sheet.
These early investments have proven lucrative. At the same reporting period, Block claimed its initial $233 million investment in Bitcoin had ballooned to approximately $573 million, marking a 146% increase. The remeasurement gain from its $233 million Bitcoin investment contributed to its net income in the first quarter of 2024.
Block’s involvement in the Bitcoin ecosystem has significantly evolved beyond acquisitions.
It recently launched a “Bitcoin Conversions” feature for Square users.
This feature allows merchants to convert a portion of their sales directly into Bitcoin, enhancing the utility of Block’s services in the crypto sector.
Jack Dorsey explained the rationale behind this strategic direction in a recent letter to investors.
"We believe the world needs an open protocol for money, one that is not owned or controlled by any entity … An open protocol for money helps us serve more people around the world faster," Dorsey stated.

Sources: TradingView/BeInCrypto/Crypto
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#BTC #Bitcoin

Memecoin trading can be hugely valuable to decentralized exchanges (DEXs) as it can attract flows from a mass of non-traditional DeFi traders, says Synthetix founder Kain Warwick.
“There’s an argument that memecoins are pure speculation, in my view speculation is good. It’s valuable,” Warwick told Cointelegraph at MemeGlobal Sydney.
He added he wasn’t totally sold on memecoin critics’ arguments that the assets aren’t creating utility.
Warwick — who is set to launch his “on-chain gateway” platform Infinex this month — explained that “out of memecoin trading, you get DEX volume and then DEXs have to respond and build better tools.”

“Even if the investment is in a purely speculative instrument that has no utility, the ecosystem around it starts to form and that money flows through and the investment flows through into infrastructure, which I think is good.”
Memecoin trading has surged in the last two months.
The bulk of trading happens on DEXs as token creation tools like pump.fun makes them easy and cheap to launch — the majority are short-lived and don’t last long enough to get a centralized exchange listing.
Monthly DEX volumes for March reached a nearly two-and-a-half-year high of $267.9 billion — just below the $292 billion November 2021 record at the peak of the last market cycle, according to DefiLlama.
April figures saw $196 billion in DEX volumes — a 26.8% drop from March but still the seventh-strongest month overall.
Speaking at the May 2 ETHGlobal Pragma Sydney event, Warwick said memecoins, nonfungible tokens (NFTs) and GameFi “tap into more of a human emotion and cultural idea, which is much more interesting and accessible and addressable to the average person than DeFi.”
“Financial engineering is not that interesting,” he added. “There’s just not that many people that find it deeply interesting.”

Warwick said that while finance is “impactful to everyone” it’s not something people think about every day — “The average person doesn’t care.”

Sources: Cointelegraph/DefiLlama/NewsBTC/Tradingview

#Memecoins #BullorBear #DeFi #DEX #Finance
$PEPE $DOGE $SHIB

Ethereum price started a recovery wave from the $2,820 zone.
ETH is rising and now facing a major hurdle near the 100-hourly simple moving average.
Ethereum found support at $2,820 and started a recovery wave.The price is trading below $3,050 and the 100-hourly Simple Moving Average.There was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD (data feed via Kraken).The pair could start a fresh decline if it fails to clear the $3,050 resistance.
Ethereum Price Faces Key Hurdle
Ethereum price extended losses below the $3,000 level, like Bitcoin. ETH even tested the $2,820 support zone.
A low was formed at $2,813 and the price started a recovery wave.
There was a decent move above the $2,880 and $2,950 resistance levels.
The price cleared the 23.6% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low.
Besides, there was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD.
However, the bears are active near the 100-hourly Simple Moving Average.
Ethereum is now trading below $3,030 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $3,030 level.
The first major resistance is near the $3,050 level.
The next key resistance sits at $3,085 or the 50% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low, above which the price might gain traction and rise toward the $3,150 level.

If the bulls remain in action and push the price above $3,150, there could be a drift toward the $3,250 resistance.
Any more gains could send Ether toward the $3,350 resistance zone.
Another Decline In ETH?
If Ethereum fails to clear the $3,050 resistance, it could start another decline. Initial support on the downside is near the $2,940 level. The first major support is near the $2,880 zone.
The main support is near the $2,820 level. A clear move below the $2,820 support might push the price toward $2,740. Any more losses might send the price toward the $2,650 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,940
Major Resistance Level – $3,050
#ETH #Ethereum #Binance #BullorBear #News
$ETH

Seasoned trader Peter Brandt has reignited discussions with a bullish Bitcoin forecast that could see the premier cryptocurrency soar to new heights.
Amid skepticism and divergent market opinions, Brandt’s projection places Bitcoin on a potential path to reclaim its all-time high near $74,000.
Brandt’s Bullish Bitcoin Vision
Peter Brandt, synonymous with market foresight, recently outlined a scenario where Bitcoin could experience a significant rally.
His analysis, shared via a social media post on X with a #BTC analyzed chart, suggests Bitcoin’s recent price movements align with patterns historically indicative of a bull market’s continuation.
Despite the market’s recent downturns, Brandt’s projection points towards a potential surge to $74,000, a figure mirroring Bitcoin’s peak valuation.
While Brandt’s optimistic outlook for Bitcoin has garnered attention, it also faces scrutiny from parts of the crypto community.
Critics point to his past predictions, including significant downturns and peak valuations, as a reason for caution.
Split On Market Forecast
Meanwhile, the broader crypto analyst community remains divided.
Some echo Brandt’s sentiments, seeing the market’s current state as a temporary correction before a bullish reversal.
Others, like analyst Scott Melker, suggest more bearish outcomes. They note the absence of key support levels that could lead to further declines if not held.
Melker’s analysis indicates that, without these supports, #Bitcoin could freefall to as low as $52,000.
Further complicating the landscape are indicators like the Relative Strength Index (RSI), which Melker points out has not reached oversold levels — typically a sign of a potential rebound.
This absence suggests a tepid confidence among investors, potentially paving the way for further price drops.
Despite the debates and technical analyses, the sentiment among some traders remains buoyantly optimistic.
Traders like Marco Johanning argue that the structural market dynamics still favor a bull market scenario.
This suggests that Bitcoin’s current price adjustments are part of a broader upward trend that will resume soon.
Sources: TradingView News & NewsBTC
#BullorBear #newsdaily