PRESS RELEASE. Excitement is brewing in the heart of Asia as Hong Kong regulators pave the way for a new era of innovation with the recent approval of spot Bitcoin exchange-traded funds (ETFs). This groundbreaking development underscores Hong Kong’s commitment to becoming a regulated hub for Bitcoin. At the same time, the Bitcoin Conference is […]
Bitcoin News
Euphoria Or False Dawn? Why The Ethereum $4,000 Party Might End Soon
Ethereum (ETH) experienced a euphoric surge in interest as bullish sentiment enveloped the crypto sector. The recent approval of the Bitcoin ETF served as a catalyst, propelling Ethereum’s price to new heights. However, as the thrilling ride continues, concerns are emerging regarding the sustainability of this upward trajectory.
Increased Demand For Put Options Fuels Market Correction Jitters
Investors are flexing their risk management muscles as they flock towards put options, seeking to protect their gains from potential losses. The mounting demand for these safeguards indicates a shift in sentiment towards a more cautious and bearish outlook for Ethereum. With significant leverage in the market, speculators are wary of a potential correction that could dampen the party atmosphere.
Dencun Upgrade Looms: Anxiety Surrounds Ethereum’s Future
All eyes are on the upcoming Dencun upgrade, set to revolutionize the Ethereum ecosystem. However, the anxiety surrounding this crucial development is palpable. Past upgrades, such as the ill-fated Merge update, which aimed to transition Ethereum to a Proof of Stake network, resulted in a massive correction. As anticipation builds, the market braces itself for the impact this upgrade could have on Ethereum’s price and sentiment.
Influx Of Funds Bolsters Market, Ethereum ETF Remains A Wild Card
Amidst the uncertainties, the crypto market experiences an awe-inspiring influx of approximately billion, with Bitcoin and Ethereum accounting for a staggering billion of that total.
This considerable investment, as revealed by popular crypto analyst Ali Martinez, signifies growing interest and confidence in digital assets. The influx of funds further bolsters the market, while the uncertain approval of an Ethereum ETF continues to be a wild card that could reshape Ethereum’s future.
Ethereum’s Price Soars, Traders Eyeing New Milestones
As the rollercoaster ride continues, Ethereum’s price skyrockets, surpassing ,000 and igniting the imagination of traders. The sentiment surrounding the Dencun hard fork upgrade is a driving force behind this surge.
With expectations set high, traders are eagerly eyeing a monumental milestone of ,000 post-upgrade. The reduction in transaction fees promised by the upgrade further fuels optimism among ETH enthusiasts.
Navigating Uncertainty: A Balancing Act For Ethereum’s Future
In the midst of this thrilling ride, Ethereum finds itself caught in a delicate balancing act. The uncertainty surrounding the approval of Ethereum ETF applications adds an additional layer of complexity to the market dynamics.
While the odds may have dropped, the impact of an ETF approval, as highlighted by Ali Martinez, cannot be underestimated. It could potentially propel Ethereum’s adoption and trigger a surge in price.
Meanwhile, new addresses were still becoming interested in Ether. Alongside that, the overall count of holders who were amassing ETH had also increased.
Amidst Ethereum’s exhilarating climb past ,000, the question lingers: Is this euphoria sustainable or a false dawn? With concerns of a potential market correction and uncertainty surrounding Ethereum ETF approval, the party’s fate hangs in the balance.
Featured image from Pinterest/Pexels, chart from TradingView
NewsBTC
Shiba Inu Climbs 12% On Christmas Day – Brewing Bull Run Or False Dawn?
The Shiba Inu faithful have reason to wag their tails. Over the past few days, the meme coin has witnessed a surge in buying pressure, hinting at a potential bull run. But should investors unleash their inner Doge and start digging for bones, or is this just a fleeting frenzy?
Crypto analyst Ali underscores a noteworthy development in the Shiba Inu (SHIB) ecosystem—a massive 8 trillion token exodus from exchanges since November. This signals investors’ inclination to retain SHIB in private wallets, reducing selling pressure and potentially paving the way for price appreciation.
This strategic move reflects a growing confidence in SHIB’s long-term prospects, creating an environment where the diminished circulating supply may contribute to significant market movements and capitalize on the anticipated bullish momentum.
#ShibaInu | Since November, there’s been a massive withdrawal of over 8 trillion $SHIB from known #crypto exchange wallets – that’s valued at approximately million! pic.twitter.com/RLFA8N0dLI
— Ali (@ali_charts) December 24, 2023
Further fueling the fire is the unwavering loyalty of the “shrimp and fish,” small-time investors steadily accumulating SHIB. Their growing numbers are reflected in the rising number of addresses holding modest amounts of the coin.
But a closer look reveals cracks in the bullish facade. Metrics like the MACD hint at a possible bearish crossover, suggesting a potential pullback. And while social buzz remains high, technical indicators like RSI and MFI hint at some choppy waters ahead.
NewsBTC also examined Santiment’s statistics. According to our research, the Supply on Exchanges for SHIB dropped sharply last month, even if its price rose.
Adding to the uncertainty is the recent price rally, which could simply be a natural correction after a sharp dip. Investors should remember that past performance is not necessarily indicative of future returns, and chasing momentum can be a recipe for disaster.
So, where does this leave us? While the recent buying spree and reduced exchange reserves are undoubtedly positive developments, a cautious approach is warranted. Investors should keep a close eye on technical indicators and market sentiment before diving headfirst into the SHIB whirlpool.
Here are some key takeaways:
- Reduced exchange supply: A positive sign, indicating less selling pressure.
- Strong retail interest: Shrimp and fish are accumulating, boosting long-term prospects.
- Technical indicators mixed: Potential for a pullback before further gains.
- Beware of chasing momentum: Don’t be swept away by hype.
The price of SHIB was .000010 at press time, up 12% in the last seven days. Its market cap rose to 16th place thanks to a 32% rise in value over the last month. That Shiba Inu had come back from a long-term downturn was also clear.
As Shiba Inu marks a solid climb on Christmas Day, the crypto landscape is left to ponder whether this surge is the herald of a brewing bull run or a fleeting false dawn.
Featured image from Freepik
At the dawn of a new Internet, is Bitcoin on path to replace Gold?
After high demand from its customers, banking giant Goldman Sachs has made a 180-degree turn on its position towards Bitcoin. In the second quarter of this year, it will offer its wealthiest customers access to the cryptocurrency.
In March last year, the banking institution denied that BTC is an asset class. Now, Global Head of Digital Assets Mary Rich endorsed one of the narratives that has favored the cryptocurrency the most over the course of the year in an interview with CNBC: Bitcoin is a hedge against inflation. Rich said:
(…) we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.
Bitcoin as sustitute for gold
Galaxy Digital CEO and Bitcoin bull Mike Novogratz also gave an interview to CNBC and stated that his firm is “excited” to work with Goldman Sachs and other institutions. Novogratz believes that the market has matured enough for institutions “as big” as this one to enter the crypto market.
However, he believes the crypto financial ecosystem is in “its first inning” and expects to see more BTC integrations into the traditional market during the year. Comparing the performance between Bitcoin to that of gold and silver, Novogratz determined that the “adoption story” has been BTC’s biggest tailwind and the reason the precious metals are underperforming.
Tesla, MicroStrategy, Morgan Stanley, Goldman Sachs and other institutions’ stake in BTC strengthens it politically, Galaxy Digital’s CEO added, asserting that there are enough Bitcoin users in the U.S. to claim that “we have crossed the Rubicon.”
Taking actions that hurt the cryptocurrency industry could be too unpopular. In response to a question about the “true” value of 1 BTC, Novogratz confessed that his original price for the cryptocurrency was ,000 because it would reach 10% of gold’s market cap. However, Novogratz thinks it could go further:
Bitcoin is on an inevitable path to have the same market cap then a higher market cap as gold. It’s just how fast adoption happens. Adoption is happening faster than I had predicted. It’s shocking to me how people are moving into the system and how short people are. Once you decide it’s an asset class, if you are not long, you are short.
Bitcoin is trading at ,014 with minor gains of 0.1% and 8% in the last week. Upon Goldman Sachs announcement, BTC has seen a bullish momentum after a drop in the 24-hour chart.
With Glassnode data, analyst William Clement claims BTC’s capital inflows are on the rise setting a price floor at ,800. The analyst added:
A lot of distribution in the current range we’re sitting in as well, don’t expect price to stay at these levels for long.