Bitcoin’s supply on exchanges has significantly decreased, reaching new lows amid a bullish market trend, which analysts interpret as a shift towards long-term holding rather than short-term trading. A report by Bybit claimed that the diminishing supply could deplete within the next nine months, driven by factors such as the recent Bitcoin halving event and […]
Bitcoin News
Crypto Broker Fined Nearly $1.7M for Illegally Providing Access to Digital Asset Exchanges
On May 13, the Commodity Futures Trading Commission announced it had fined crypto brokerage firm Falcon Labs Ltd. approximately .7 million. The fines are penalties for the firm’s illegal facilitation of U.S. residents’ access to digital asset derivative exchanges. The commission has urged digital asset intermediaries in similar situations to report their activities to the […]
Bitcoin News
Crypto Exchanges Helping Brazilian Flood Victims
Several cryptocurrency firms are stepping up to support flood victims in Southern Brazil. For example, Okx has partnered with Brazilian cryptocurrency exchange Foxbit to match donations of up to ,000 to the “Ajude o Rio Grande do Sul” emergency campaign, channeling funds to non-governmental organizations (NGOs) in the affected areas. Similarly, Bingx is doubling cryptocurrency […]
Bitcoin News
India Approves Crypto Exchanges Binance and Kucoin as Registered Virtual Asset Service Providers
Cryptocurrency exchanges Binance and Kucoin have successfully registered with India’s Financial Intelligence Unit as Virtual Asset Service Providers (VASPs), a top official has reportedly confirmed. Both crypto exchanges were previously banned in India due to violations of the country’s anti-money laundering regulations. Kucoin and Binance Registered With FIU India The Financial Intelligence Unit – India […]
Bitcoin News
STYLE Protocol Building to Empower Gamers Closes $2.5M Seed and Lists Token on Major Exchanges
PRESS RELEASE. MAY 6, 2024 — Switzerland. STYLE Protocol, which transforms NFTs into 3D assets that can be used in any game or metaverse, has listed its native utility token on major exchanges. The cutting-edge digital asset — $STYLE — made its debut on Bitget and MEXC, and is also available on the decentralized exchange […]
Bitcoin News
India Announces ‘Successful’ Crackdown on E-Nugget Scam — Seizes $10M in Crypto From Exchanges
India’s Enforcement Directorate has declared its multi-year crackdown on the “E-Nugget” scam in Kolkata successful. The operation has resulted in cash and crypto seizures, along with the arrest of the mastermind. Investigations uncovered numerous dummy accounts and led to the freezing of digital assets at various crypto exchanges, which were then transferred to the ED’s […]
Bitcoin News
Russia to Enact a Ban on Domestic Operations Of Cryptocurrency Exchanges
Russia is preparing to enact a ban on the organization of cryptocurrency exchanges in the country via the approval of a bill that regulates mining activities. According to statements made by Russian Duma Financial Market Chairman Anatoly Aksakov, digital financial assets like the digital ruble will be allowed to circulate. State Duma to Enact Ban […]
Bitcoin News
Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges
Recent on-chain data has shown a transfer of 456 million DOGE tokens into crypto exchange Coinbase amidst a flurry of Dogecoin whale transactions across various exchanges in the past 24 hours. The price of DOGE has majorly traded below the .165 price level in the past seven days despite the price uptick among other meme coins. These recent events of whale transfers, however, appear to be leading to a bearish view towards DOGE. Transfers of this nature into a crypto exchange point to the whales getting ready to sell off their bags, which risks crashing the DOGE price.
Whales Move 456 Million DOGE To Crypto Exchange
Whale Alerts, a crypto whale transaction tracker, has shown various instances of whale transactions in recent hours. Amidst these transactions is the transfer of 456.83 million DOGE tokens worth .7 million into popular crypto exchange Coinbase. Interestingly, the transfer of DOGE was made to Coinbase in two bouts of 228 million DOGE, each worth over million.
Related Reading: Renowned Economist Reveals What Will Happen If Bitcoin Can’t Hold ,000
However, considering these transactions were sent in quick succession, the nature of their movement points to them being controlled by the same whale entity.
228,105,810 #DOGE (34,341,747 USD) transferred from unknown wallet to #Coinbasehttps://t.co/G8TGqtW5Ws
— Whale Alert (@whale_alert) April 26, 2024
228,725,906 #DOGE (34,435,104 USD) transferred from unknown wallet to #Coinbasehttps://t.co/ACnqjOBCAO
— Whale Alert (@whale_alert) April 26, 2024
A further look into the two whale addresses involved, “DFBx6m” and “DCTpBb”, showed that they no longer hold any tokens at the time of writing. This lends additional credibility to the idea that the transfers were made with the intention of selling off tokens.
Notably, on-chain data shows that both addresses have been holding their DOGE tokens since last year, considering the last inflow of DOGE occurred on November 1, 2023. During this time, the price of Dogecoin was trading around .068. It is worth noting that DOGE has gone on an over 120% price increase since then, putting the holdings at a significant profit.
What’s Next For Dogecoin?
At the time of writing, DOGE is trading at .1511. The crypto is now on a correction path after failing to substantially break above .164 in the past week. The recent movement of nearly half a billion Dogecoin suggests major price volatility could be on the horizon. Furthermore, the recent DOGE rally seems to have stalled out as other altcoins and meme coins gain momentum.
While DOGE is currently down by 0.64% in the past seven days, Shiba Inu, PEPE, Dogwifhat, and FLOKI are up by 13.8%, 47.5%, and 32.5% in the same timeframe.
The future of DOGE can be hard to predict. As with any meme coin, Dogecoin remains highly speculative. Its price continues to be volatile and heavily influenced by hype and social media. According to a crypto analyst, DOGE could continue to drop in the short term. Other analysts are bullish on DOGE, with analyst Ali Martinez even predicting a rally to the price mark.
Ethereum Withdrawals From Exchanges Top 260,000 ETH – What This Means For Price
Ethereum withdraws from centralized exchanges have ramped up over the last week, suggesting a direction for investor sentiment during this time. Given the sheer volume of ETH withdrawn from these exchanges, it is prudent to try to understand what this could mean for the crypto’s price.
260,000 ETH Leaves Exchanges
Amid the uncertainty that has plagued the crypto market, Ethereum investors are making moves to secure their positions for better price prospects. Pseudonymous crypto technical analyst Titan of Crypto took to X (formerly Twitter) to share what Ethereum investors are doing about their holdings right.
Related Reading: Bitcoin Bears Risk Losing .2 Billion If BTC Price Reaches This Level
The post revealed that these investors have been withdrawing large amounts of ETH from centralized exchanges. In the one week period that was tracked, the report found that a total of 260,000 ETH were withdrawn from exchanges, which was worth almost 0 million at the time.
Crypto exchanges witnessed an outflow of over 260,000 #ETH equivalent to more than 1 million within the past 7 days.
It’s time for #Ethereum shine. pic.twitter.com/jT1aocjvbI
— Titan of Crypto (@Washigorira) April 24, 2024
Now, exchange deposits and withdrawals are important for any cryptocurrency because it can often tell how investors are looking at that coin and what they are doing with their holdings. In the case of large deposits to centralized exchanges, it can be very bearish for the price because investors often deposit their coins in order to sell them as exchanges provide deep liquidity.
In contrast, withdrawals from exchanges suggest that investors are not looking to sell their ETH. Rather, they are accumulating the coins to wait for better prices before selling. Naturally, this is bullish for the Ethereum price as a diminished selling pressure gives room for the price to recover.
In this case, the withdrawals are bullish or the Ethereum price, as investors continue to accumulate. It also signals that investors are expecting a price breakout, and as the withdrawals ramp up, demand could surpass supply, leading to a surge in price.
Ethereum Headwinds Still Negative
Ethereum, while currently seeing some positive activity from investors, has still not turned completely bullish. For one, there has been a significant decline in its daily trading volume. According to data from Coinmarketcap, Ethereum’s trading volume is down approximately 20% in the last day.
This decline in volume suggests a declining interest from investors to actually trade the coin. As such, its price may be negatively affected as attention begins to shift elsewhere, with investors looking for better prospects.
Nevertheless, the cryptocurrency still looks bullish for the long term. Ethereum continues to closely mirror the price performance of Bitcoin, which is expected to go on a bull run following the successful completion of its fourth halving event.
For now, Ethereum continues to struggle to hold above ,100 with small gains of 0.18% in the last day. Over the last month, it has suffered multiple crashes, registering a 12.36% loss in the last 30 days.
Nigerian Central Bank Disavows Letter Directing Banks to Sever Ties With Crypto Exchanges
The Central Bank of Nigeria (CBN) has disavowed a letter that allegedly instructed financial institutions to sever ties with four global cryptocurrency exchanges. The central bank stated that the letter did not originate from its office and recommended that individuals interested in “authentic updates” refer to its official website. Fake Content The Central Bank of […]
Bitcoin News