Former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo has emphasized former U.S. President Donald Trump’s critical role in the cryptocurrency industry, dubbing him “America’s first crypto president” due to the approval of bitcoin futures during his administration. Trump’s crypto stance has evolved significantly since he was in office. ‘Trump May Justifiably Claim to Be […]
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US Congress Passes First Standalone Crypto Legislation
The U.S. Congress has passed its first standalone crypto legislation, which aims to overturn the controversial U.S. Securities and Exchange Commission (SEC)’s SAB 121 rules regarding crypto assets. However, President Joe Biden has threatened to veto this decision, citing concerns about financial stability and market uncertainty. ‘We Are Just Getting Started’ In a historic move, […]
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The First Web3 RPG From Saudi Arabia Astra Nova Launches a SocialFi Platform on Immutable zkEVM
PRESS RELEASE. Astra Nova, the pioneering Web3 RPG from Saudi Arabia, is excited to announce the launch of its SocialFi platform, The Black Pass. This innovative platform is accessible through a free soulbound NFT and offers a competitive edge by tracking players’ in-game activity. On The Black Pass, users embark on social quests and collect […]
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Robinhood Launches Its First Crypto Staking Product
Robinhood has introduced its first-ever crypto staking product, which will be available to European customers. The company has also launched several other new features for European users. “Robinhood Crypto customers can now stake their solana (SOL) holdings directly through the app, allowing them to earn rewards with the flexibility to unstake at any time,” the […]
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Bitcoin: This Indicator Flashes Green For The First Time Since January 2024
According to the candlestick arrangement in the daily chart, Bitcoin is moving inside a range. BTC is also down roughly 20% from the all-time high at spot rates. Though the series of lower lows posted in the past few trading days is bearish, one analyst is upbeat, expecting an encouraging recovery in the sessions ahead.
This Indicator Flashes Green: Time For Bitcoin To Rally?
Taking to X, the analyst notes that the 50-day Williams %R oscillator is turning from oversold territory, signaling that the bear run could end. Historically, the indicator has accurately signaled buying opportunities whenever it turns from oversold territory.
The Williams %R oscillator is a crucial technical indicator chartists use to assess momentum and identify potential oversold or overbought conditions. When the indicator falls below -80, it suggests the asset being analyzed is oversold, potentially indicating a buying opportunity. Conversely, when it rises above +20, it may mean that the asset is overbought, prompting the trader to adjust their strategy accordingly.
Since the beginning of 2023, the analyst observes that the 50-day Williams %R oscillator mapping Bitcoin prices has dipped into oversold territory on four occasions. Notably, each time the oscillator reversed from this zone, BTC prices rose in tandem.
Now, with the Williams %R oscillator returning from the oversold territory roughly ten days ago, the analyst is optimistic. It returned from the oversold territory in January 2024, preceding the bull run in Q1 2024.
If past performance is anything to go by, BTC is likely ready for a leg up. Considering the extended sideways movement and lower lows since prices peaked in mid-March 2024, this development will be a massive boost for the coin.
Does BTC Stand A Chance After Extended Consolidation?
The asset has become more dynamic since the approval of spot Bitcoin exchange-traded funds (ETFs). Broader market conditions, such as regulatory changes, macroeconomic trends, and investor sentiment increasingly influence it.
Subsequently, this dynamism can impact the accuracy of technical indicators like the Williams % R oscillator. This tool lags and doesn’t factor in events in real time. Therefore, while the oscillator has been reliable in the past, it may not necessarily accurately predict the future cycle.
For this reason, the coming days and weeks will be crucial for Bitcoin. If the price breaks out of its current range upwards, it could lend credence to the bullish interpretation.
Currently, BTC is in a narrow range. According to the daily chart, support is at ,500, and resistance is at ,000.
Ghana’s Vice President Says His Government Aims to Become the First to Be Powered by Blockchain
The Ghanaian government’s next phase in its digitalization drive is set to be the adoption of blockchain technology, according to the country’s vice president. He stated that his administration aims to become one of the few governments worldwide powered by blockchain, and the first in Africa. A Blockchain-Powered Government The Vice President of Ghana, Mahamadu […]
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Is The Crypto Winter Thawing? US Bitcoin ETFs Record First Inflows In Weeks – Coinshares
After experiencing outflows for four consecutive weeks, US spot Bitcoin exchange-traded funds (ETFs) have marked a notable shift in momentum, witnessing net inflows once again.
According to recent data from CoinShares, digital asset investment products have seen inflows totaling 0 million for the first time in five weeks.
This change suggests renewed investor interest in crypto-focused investment products, particularly in the United States, where most of these inflows, totaling over 0 million, occurred.
A Mixed Bag Of Global Investment Flows
Grayscale, a major player in the digital asset space, reported a significant decrease in weekly outflows, recording its lowest since January at 1 million. This trend indicates a potential stabilization in the market after a period of volatility and declining interest.
Meanwhile, interaction between US regulators and spot ETF issuers has remained minimal, particularly for spot Ethereum ETF applications.
This lack of engagement has fuelled speculation that approval for these ETFs might not be approaching, as reflected by the amount of outflows from Ethereum-based products. James Butterfill, Head of Research at Coinshares, particularly noted:
Low interaction by the US regulators with ETF issuer applications for a spot Ethereum ETF have increased speculation that the ETF approval is not imminent, this has been reflected in outflows which totalled USm last week.
On a global scale, the investment landscape showed mixed signals. After a week of record inflows likely driven by “seed capital” post-Bitcoin ETF launches, as highlighted by Butterfill, Hong Kong saw a significant drop to million in inflows.
Conversely, Switzerland experienced inflows amounting to million. Canada and Germany continued to see outflows, with their year-to-date figures reaching a combined 0 million, indicating sustained bearish sentiment in these markets.
Bitcoin has rebounded with 4 million in inflows, counteracting a generally “weak month.” In contrast, short-Bitcoin exchange-traded products (ETPs) recorded outflows totaling .1 million, up to million over the last eight weeks.
These figures highlight the volatile dynamics within the crypto market, with Bitcoin currently showing stronger performance than Ethereum.
Bitcoin And Ethereum Market Performance
Over the past 24 hours, Bitcoin surged nearly 3%, while Ethereum increased by only 1.2%. Despite these gains, both assets are down by 2.3% and 6% over the past week.
Amidst these market movements, crypto analyst Ali provided insights into Bitcoin’s potential paths. According to Ali, Bitcoin could climb to ,000 if it reclaims ,290 as a support level.
Failing to achieve this could see the flagship crypto drop to support at ,970, based on Market Value To Realized Value (MVRV) extreme deviation pricing bands, identifying this figure as the all-time mean.
If #Bitcoin can reclaim ,290 as support, it is likely to rise towards ,610. However, if it fails to surpass ,290, $BTC might retest support at ,970. pic.twitter.com/s4D1fTEU7k
— Ali (@ali_charts) May 12, 2024
Featured image from Unsplash, Chart from TradingView
Lightning Labs CTO Conducts First Mainnet Multi-Hop Asset Payment via Taproot Asset Channels
Olaoluwa Osuntokun, co-founder and CTO of Lightning Labs, recently executed the first successful mainnet multi-hop asset payment using Taproot Asset channels, marking a new development in asset transfer capabilities over the Lightning Network. Asset Transfer Achieved on Lightning Network Using Taproot Channels The transaction, conducted by Osuntokun, involved a multi-hop payment using a digital asset […]
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Bitlight Labs Launches Public Release of Bitlight Wallet, the First Self-Custodial Bitcoin Wallet Supporting RGB Assets
PRESS RELEASE. Bitlight Labs Launches Public Release of Bitlight Wallet, the First Self-Custodial Bitcoin Wallet Supporting RGB Assets Bitlight Labs, a pioneer in RGB protocol and Lightning Network infrastructure development and a board member of the LNP/BP Association, announced the launch of its flagship product, Bitlight Wallet, on April 27, 2024, at 14:00 UTC. Bitlight […]
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Philadelphia’s Republic First Bank Closed by Regulators, Assets Assumed by Fulton Bank
In the wake of a turbulent period for U.S. banks, the Pennsylvania Department of Banking and Securities has shut down Philadelphia-based Republic First Bank, also known as Republic Bank. The Federal Deposit Insurance Corporation (FDIC) has stepped in as receiver, with Fulton Bank assuming nearly all deposits and assets. Republic First Bank Shuttered as FDIC […]
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