Alex Blania, CEO of Tools For Humanity, the company behind Worldcoin, recently traveled to Argentina and met with high-profile officials of President Milei’s administration. The objective behind these meetings would be to clarify this project’s objectives given that it has found opposition from local regulators who allege Worldcoin is violating the Argentine citizens’ rights. Worldcoin […]
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Elon Musk Meets President Milei, Reccomends to Invest in Argentina
Elon Musk, the billionaire entrepreneur and CEO of Tesla and Spacex, called to invest in Argentina after meeting with Argentine President Javier Milei. Musk and Milei met for the second time in less than a month after Milei participated in the Milken Institute Forum, an event that gathers important entrepreneurs, bankers, CEOs, and investment funds. […]
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Breaking Free: Analyst Eyes $1.68 Breakout For XRP After Years In The Shadows
The price of XRP, the native token of Ripple, has been on a rollercoaster ride in recent years. After reaching a peak of nearly in April 2021, it has been in a downward motion, leaving investors wondering if a comeback is on the horizon.
However, a recent analysis by market analyst Jonathan Carter suggests that XRP might be on the verge of a significant breakout.
XRP Stuck In Symmetrical Triangle
Carter’s prediction hinges on a technical chart pattern known as a symmetrical triangle. This pattern typically forms during periods of consolidation, with prices bouncing between converging upper and lower trendlines.
XRP has been trading within this triangle for several years, indicating a potential struggle between buyers and sellers.
Support Retest Fuels Breakout Hopes
The recent price drop in April, which mirrored a broader market correction, saw XRP retest the lower trendline of the symmetrical triangle.
In technical analysis, such a retest is often seen as a precursor to a breakout, where the price decisively breaks through one of the trendlines. Carter believes this retest signifies an imminent upswing for XRP.
Ripple is bouncing from the lower trendline of a symmetrical triangle on the weekly chart
A successful breakout above this triangle would be a bullish signal with mid-term targets at .93 and .68 pic.twitter.com/sbZXfEYMCM
— Jonathan Carter (@JohncyCrypto) May 6, 2024
Undervalued XRP? MVRV Ratio Hints At Opportunity
Adding fuel to the fire is the MVRV Ratio, a metric used to gauge whether an asset is overvalued or undervalued. XRP’s current MVRV sits at a low -0.5733, suggesting that the token is trading significantly below its historical average price.
This could be interpreted as a sign of undervaluation, potentially attracting investors seeking undervalued opportunities.
Analyst Projects Mid-Term Target Of .68
Carter forecasts an initial spike towards .93, a level that XRP briefly touched in July 2023 after a favorable verdict in the current SEC dispute, should a breakout from the symmetrical triangle occur.
Carter, however, thinks that XRP will overcome this resistance level this time around in order to reach its more ambitious mid-term goal of .68. It would take an incredible 213% increase from the current price of .53 to reach this goal.
Experts Urge Caution Despite Bullish Outlook
While Carter’s analysis paints a bullish picture for XRP, financial experts advise caution. The cryptocurrency market remains highly volatile, and unforeseen events can drastically alter price movements.
Additionally, the ongoing lawsuit between Ripple and the SEC regarding XRP’s classification as a security continues to cast a shadow over the token’s future. A negative outcome in the lawsuit could dampen investor sentiment and hinder any potential price surge.
Featured image from iStock, chart from TradingView
Australian Tax Office Seeks Personal, Transaction Details from 1.2 Million Cryptocurrency Users
The Australian Tax Office reportedly has requested that cryptocurrency exchanges share both personal and transaction details of as many as 1.2 million cryptocurrency users. The revenue collector recognized that some users are fulfilling their tax obligations unknowingly, but maintained that others are intentionally avoiding payment. Australian Tax Office Targets 1.2 Million Cryptocurrency Users The Australian […]
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Bitcoin Gets A ‘Monster’ Whale Boost With $1.2 Billion ETF Purchase
Susquehanna International Group, a behemoth in asset management with a trading volume handling numerous financial products globally, has made a substantial investment in Bitcoin through various exchange-traded funds (ETFs). A disclosure to the Securities and Exchange Commission (SEC) on May 7 revealed that Susquehanna held approximately .2 billion in spot ETFs during the first quarter of 2024.
The Bitcoin ‘Monster Whales’ Are Here
The details of the investment are particularly notable for their scale and diversity. Susquehanna now holds 17,271,326 shares in the Grayscale Bitcoin Trust (GBTC), which alone is worth approximately .09 billion as of March 31, 2024. This single investment represents a significant portion of the entire BTC investment, indicating Susquehanna’s preference for Grayscale due to its high liquidity.
Further diversification in Susquehanna’s holdings includes 1,349,414 shares of Fidelity‘s spot Bitcoin ETF (FBTC), valued at roughly .74 million. In addition, the firm has significantly increased its stake in the ProShares Bitcoin Strategy ETF (BITO), which offers exposure to BTC futures contracts. Susquehanna owned 7,907,827 shares of BITO as of the same date, valued at approximately 5.42 million — this represents a 57.59% increase from a February filing that listed 5,021,149 shares.
Additionally, Susquehanna’s Bitcoin ETF portfolio includes stakes in other high-profile funds such as the BlackRock ETF, ARK21 ETF, Bitwise ETF, Valkyrie ETF, Invesco Galaxy ETF, VanEck ETF Trust, and WisdomTree ETF. The firm’s strategic selection of funds illustrates its comprehensive approach to capitalizing on different aspects of Bitcoin’s investment potential.
Susquehanna International Group, LLP holds over Billion in Bitcoin ETFs in Recent Portfolio Update pic.twitter.com/0UPzLUVRsK
— Phoenix » PhoenixNews.io (@PhoenixTrades_) May 7, 2024
Julian Fahrer, CEO and co-founder of Apollo, commented on the magnitude of this development, stating, “HUGE: Susquehanna International Group is the biggest Bitcoin ETF whale yet! .2 Billion held across 10 ETFs! The monsters are here.” This enthusiastic endorsement reflects the growing optimism and institutional interest in cryptocurrency investments.
Despite these considerable stakes, Susquehanna’s allocation to BTC remains a relatively minor fraction of its total portfolio. With total investments surpassing 5.8 billion, the .2 billion in Bitcoin ETFs constitutes approximately 0.22% of the firm’s holdings, signaling a cautious yet significant entry into the digital asset space.
This move by Susquehanna has far-reaching implications for the market. Bitcoin ETFs got off to a roaring trading start and have seen interest wane in recent weeks. The rise in institutional investment, as evidenced by Susquehanna’s activities, is expected to enhance Bitcoin’s credibility and stability as a financial asset.
Moreover, Susquehanna’s diverse investment is not just limited to direct Bitcoin exposure. The company also reported indirect exposure through its holdings in MicroStrategy stock, which possesses a substantial Bitcoin reserve on its balance sheet. However, in a recent rebalancing, Susquehanna reduced its stake in MicroStrategy by nearly 15%, adjusting its exposure in line with its strategic portfolio adjustments.
At press time, BTC traded at ,352.
Bitcoin Lightning Network Infrastructure Provider Mash Is Shutting Down Its Current Version
In a recent announcement, Mash, a provider of Bitcoin Lightning Network infrastructure, has decided to shut down its current version. This comes nearly two years after Mash successfully closed a million seed round in June 2022 to build out its usage-based revenue model for content creators. All products and services will cease to function […]
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US Sanctions Lockbit Leader in Ransomware Crackdown
On May 7, the U.S. announced sanctions against Dmitry Yuryevich Khoroshev, a key figure in the Lockbit ransomware group. The U.S., alongside international allies including the UK and Australia, has taken coordinated measures to curb the activities of this prominent cybercriminal group. Khoroshev, responsible for developing and deploying Lockbit ransomware, is now facing an indictment […]
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Nigerian SEC to ‘Delist’ Local Currency From P2P Crypto Trading Platforms
The Director General of Nigeria’s Securities Regulator has announced plans to delist the local currency from peer-to-peer cryptocurrency trading platforms in the coming days. He insisted that the decision to delist the naira aims to eliminate the manipulation of the local currency by P2P cryptocurrency traders. P2P Crypto Transactions Ban The Nigerian Securities and Exchange […]
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DOT Price (Polkadot) Reaches Key Juncture, Is This Bulls Trap or Correction?
Polkadot (DOT) is correcting gains from the .5 resistance against the US Dollar. The price could start another increase if it stays above the .75 support.
- DOT gained pace and tested the .5 resistance level against the US Dollar.
- The price is trading above the .00 zone and the 100 simple moving average (4 hours).
- There is a short-term expanding triangle forming with resistance at .50 on the 4-hour chart of the DOT/USD pair (data source from Kraken).
- The pair could continue to decline if it fails to stay above the .75 support.
Polkadot Price Holds Support
After forming a base above the .00 level, DOT price started a decent increase. It broke many hurdles near .75 and even spiked above .25. A high was formed at .46 and the price is now correcting gains, like Ethereum and Bitcoin.
There was a move below the .25 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the .03 swing low to the .46 high.
DOT is now trading above the .00 zone and the 100 simple moving average (4 hours). Immediate resistance is near the .25 level. The next major resistance is near .50. There is also a short-term expanding triangle forming with resistance at .50 on the 4-hour chart of the DOT/USD pair.
Source: DOTUSD on TradingView.com
A successful break above .50 could start another strong rally. In the stated case, the price could easily rally toward .00 in the near term. The next major resistance is seen near the .80 zone.
More Downsides in DOT?
If DOT price fails to start a fresh increase above .25, it could continue to move down. The first key support is near the .00 level and the 100 simple moving average (4 hours).
The next major support is near the .75 level or the 50% Fib retracement level of the upward move from the .03 swing low to the .46 high, below which the price might decline to .50. Any more losses may perhaps open the doors for a move toward the .10 support zone or .00.
Technical Indicators
4-Hours MACD – The MACD for DOT/USD is now losing momentum in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now below the 50 level.
Major Support Levels – .00, .75 and .50.
Major Resistance Levels – .25, .50, and .00.
P2P XMR Exchange Localmonero/Agoradesk Announces Closure After Seven Years of Operation
In a recent announcement, Localmonero/Agoradesk, a popular platform for trading monero (XMR), has decided to wind down its operations after nearly seven years. The decision, influenced by a mix of internal and external factors, initiates a six-month winding-down process starting from May 7, 2024. Effective immediately, all new signups and ad postings are disabled, and […]
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