Between November 2023 and April 10, the number of active cryptocurrency users from the Middle East and North Africa using the Bitget platform grew by more than 1,400%. Bitget’s strong performance in the Middle East and North Africa is attributed to the region’s perceived high adoption rates and the generally friendly landscape for cryptocurrencies. Support […]
Bitcoin News
Bitcoin Tipped To Attain Six-Figure Value Following Fourth Halving – Details
With the Bitcoin halving event now completed, analysts and market experts turn their attention to a much-anticipated bull run based on historical trends in the BTC market. In particular, a crypto analyst with the X handle ecoinometrics has tipped the maiden cryptocurrency to at least achieve a six-figure in the current bull cycle.
How High Can Bitcoin Rise Post Halving?
In an X post on Saturday, econometrics shared a strong bullish prediction of Bitcoin price following the fourth halving event on April 19. The crypto analyst stated that if BTC produced a similar growth pattern seen in previous bull cycles, its market price would likely range between 0,000 – ,500,000.
For context, the bull run, which forms the latter part of the Bitcoin bull cycle, occurs in the months following the halving event, according to BTC’s price history. During this period, the market leader is known to record massive price gains, as seen after previous halvings in 2012 (7,592.30%), 2016 (1,818.8%), and 2020.
Price range for Bitcoin in the 4th halving cycle:
upper bound ~ ,500,000
lower bound ~ 0,000That is *if* Bitcoin ends up following a growth trajectory in the range of the previous cycles. pic.twitter.com/s93yldJEI0
— ecoinometrics (@ecoinometrics) April 20, 2024
Econometrics stated that a repeat of such positive performance could see Bitcoin trade as high as $ 4,500,000 per unit. However, other speculators have attacked this prediction, believing BTC will likely soon experience some level of diminishing returns. Thus, such a high price level seems unfeasible.
In response, econometrics stated that Bitcoin currently operates similarly to “megacap tech stocks”, which have shown notable defiance to this economic theory. However, the analyst acknowledged that ,500,000 may be an unrealistic price target for BTC, but there is much confidence that the digital asset will achieve a mid-six-figure value.
Bitcoin Price Overview
Bitcoin is currently trading at ,043, with a modest 2.21% gain over the last 24 hours. However, its daily trading volume has declined massively, falling by 52.88% to a substantial .62 billion, underscoring decreased market activity and investor interest.
Over the past week, Bitcoin has also shown fair improvement resulting in a total gain of 1.86%. However, despite these recent gains, the monthly chart reflects a decline of 4.16%, following some significant price dips and massive liquidations in the past week.
On a larger scale, Bitcoin remains quite impressive, with its year-to-date growth percentage of 131.69%. With a market cap value of .28 trillion, the premier cryptocurrency remains the largest digital asset in the world.
BTC trading at ,270.47 on the daily chart | Source: BTCUSDT chart on Tradingiew.com
Featured image from iStock, chart from Tradingview
PSG Token Soars After Paris Saint-Germain Defeats Barcelona; CITY Dips Following Elimination of English Champions
The value of the fan token for the French football club, Paris Saint-Germain, briefly surged from just over .30 to after they knocked the Spanish football giants, FC Barcelona, out of the UEFA Champions League. However, the token for the English champions, Manchester City, plunged by nearly 20% after the team was eliminated from […]
Bitcoin News
Historical Trends Show What To Expect For Bitcoin Price Following The Halving
The 2024 Bitcoin halving is only two days away, and there are already varying expectations of what might happen to the BTC price once the event is completed. One way to get an idea of how it could play out for the Bitcoin price, though, is through historical data and how the cryptocurrency has performed at times like these.
Bitcoin Price Trends For Previous Halvings
There have been three halvings so far since Bitcoin was first launched in 2009 and with each one, Bitcoin has demonstrated various reactions to the event. The first halving took place on November 28, 2012, the second happened on July 9, 2016, and the last one was on May 11, 2020.
For the purpose of this report, only the last two halving will be referenced given that adoption had began to climb at the time that these two happened. The 2016 halving happened when Bitcoin was trading around 0, but in the weeks following the halving, the BTC price would drop another 30%, reaching as low as 0 before climbing back up once again.
Then, during the 2020 halving, the BTC price was trending just under ,000, and following the halving, would see a drop in price as well. However, this drop was not as significant as the 2016 drop, with the BTC price only falling around 15% during this time.
This has formed quite a trend with the halving, where the Bitcoin price falls after the event, which is expected to be bullish. Therefore, if this trend continues, then BTC could see a sharp drop in price despite the expectation that the halving will be bullish for price.
However, it is important to consider that subsequent halvings have seen a lower post-halving crash compared to their predecessors. So, if this holds this year, Bitcoin could still be looking at a crash but to a much lesser degree. For example, the 2020 post-halving crash was half of the 2016 post-halving crash, so holding this trend, the crash this time around could only be an around 7-8% crash.
BTC Deviates From Established Halving Trends
While the historical data does suggest where Bitcoin could be headed following the crash, it is also important to note that the digital asset has deviated from a number of pre-halving trends. One of these deviations is the fact that the Bitcoin price hit a new all-time high before the halving, something that has never happened before. This could suggest that there will be a complete deviation from these established trends, meaning that a crash may not follow the halving after all.
Another deviation is that the few weeks leading up to the last two Bitcoin halvings have been green. However, in 2024, the last three weeks leading up to the halving have been red as the BTC price has been in decline. This also lends credence to the fact that there could also be a deviation from its post-halving trends.
One thing to keep in mind though, is that the crypto market has always been uncertain and Bitcoin has a habit of doing what no one expected. The Bitcoin Fear & Greed Index has seen a pull back from the extreme greed territory, but it continues to remain in greed, which means investors are still bullish. In this case, if Bitcoin were to do the opposite of what is expected, then it could follow the established trend and crash back down.
Bitcoin Miners To Lose A Whopping $10 Billion Following The Halving – Here’s Why
The Bitcoin Halving is set to take place this week. Miners’ rewards will be cut in half from 6.25 BTC to 3.125. This event is expected to have far-reaching effects on the miners themselves, as they are bound to lose a significant amount of revenue once the halving occurs.
Bitcoin Miners Could Lose Up To Billion In Revenue
According to a Bloomberg report, Bitcoin miners could lose up to billion annually following the Bitcoin Halving. This is because these miners, who currently earn 900 BTC daily from validating transactions, would see their income drop to 450 BTC once the halving happens. However, it is worth noting that this projected revenue loss is based on Bitcoin’s current price.
Therefore, this revenue loss can be cushioned if Bitcoin’s price experiences a significant surge after the halving. These miners will, however, have in mind that reliance on Bitcoin’s price rise isn’t sustainable, considering that they will also encounter subsequent bear markets, which would lead to a price decline for the flagship crypto.
That is why miners like Marathon Digital and CleanSpark are reported to have invested in new equipment and have sought to weed out the competition by buying out their smaller rivals. Buying out the competition can reduce the number of miners competing for block rewards and cushion the drop in their daily revenue.
Bitcoinist also previously reported that Bitcoin miners were looking to diversify their operations in a bid to boost their revenue streams and earn additional income that could cushion the effects of the halving. The artificial intelligence (AI) sector is one of those areas in which these miners are actively seeking opportunities, considering that Bitcoin mining’s infrastructure is well suited for certain AI operations.
BTC Miners Facing Competition From Tech Giants
Bloomberg also reported that US Bitcoin miners are facing competition from the largest tech companies in the world for electricity to power their operations. These tech giants, who also happen to be high-energy consumers, are looking for as much energy as Bitcoin miners to power their data centers.
The report further noted that electricity constraints in the US, alongside the high demand for electricity among miners and tech giants, have led to a surge in electricity rates. This development is also making it harder for Bitcoin miners to run their operations smoothly in the country.
Tech companies are said to have an edge over them when acquiring power from utility companies due to their consistent revenue streams, unlike Bitcoin miners, whose success largely depends on Bitcon’s volatile price.
TOKEN2049 Dubai Officially Sold Out with 10,000 Attendees Following Unprecedented Demand
PRESS RELEASE. Dubai, UAE — April 5, 2024 — TOKEN2049, the premier crypto event, has officially announced that tickets for the inaugural Dubai conference have sold out over two weeks in advance with 10,000 industry participants confirmed. The unprecedented demand underscores the event’s role as the leading international gathering within the crypto and Web3 space, […]
Bitcoin News
Bitcoin Technical Analysis: Price Consolidates Following Bearish Downturn
On Wednesday, bitcoin’s trade volume and overall value provided insights into its current technical situation. With a daily trading volume reaching .30 billion and a total market value of .29 trillion, the cryptocurrency’s liquidity and market breadth still stands strong. However, recent downturns have left traders wary. Currently, bitcoin has declined by 6% this week […]
Bitcoin News
Binance to Halt Tron USDC Trading Following Circle’s Move Away
Crypto exchange Binance will end support for TRC-20-based USDC tokens on April 5, following an announcement by USDC issuer Circle to discontinue support for the stablecoin on the Tron blockchain. Circle ceased minting USDC on Tron and aims to phase out support entirely, aligning with efforts to maintain USDC’s trust, transparency, and safety. Binance users […]
Bitcoin News
Arbitrum Token Sell-Off: Whales Transfer $58M To Exchanges Following Unlock, ARB Price Reacts
On Saturday, March 16, the Layer 2 protocol Arbitrum (ARB) unlocked 1.1 billion ARB tokens as part of its 2024 roadmap. This event led to a significant decline in the native token’s value, with losses of up to 18% reported over the past week.
In the past 24 hours, more whales have been sending ARB tokens to exchanges for selling, indicating a potential further drop in the protocol’s prices. This token unlocking marks the beginning of a four-year phased process, releasing a specific number of tokens every four weeks until 2027.
11 Whales Dump Million Worth Of ARB Tokens
Following the massive unlocking of ARB tokens, analysis firm Lookonchain revealed that 11 whales deposited 34 million ARB tokens (equivalent to million) into exchanges.
Additionally, on-chain data provider “The Data Nerd” noted that trading firm Wintermute has been continuously depositing ARB tokens for the past 48 hours, potentially for selling purposes.
The data provider notes that digital asset trading firm Wintermute now holds only 7.22 million ARB tokens worth .35 million, indicating that they have already deposited or sold .12 million worth of ARB over the past few days.
The ARB token has been on a 29% downtrend since reaching its all-time high (ATH) of .39 on June 12, 2024. Following the unlock event, ARB traded as high as .96 but dipped to .61 within 48 hours.
The token has managed to reclaim the .68 level despite being in the red zone over the past 24 hours if the price drops further, ARB’s potential support walls are identified at .56, .46, and potentially as low as .32.
Arbitrum Post-Unlock Journey
NewsBTC reported that there has been only one previous unlock event for ARB tokens. On the first day after the unlock, ARB experienced a 3% increase, indicating positive market sentiment and initial demand.
However, the token’s price gradually declined, reaching a low of -21% approximately 21 days after the unlock event. Interestingly, around the 25-day mark, the price began significantly recovering, surging by 19% above the unlock-day level.
These patterns suggest that while Arbitrum may face initial downward pressure post-unlock, there is potential for recovery and positive price movement in the following weeks.
The future trajectory of ARB’s price action remains uncertain despite experiencing a 15% drop from its first unlock day. Drawing from the past unlock event, if historical patterns hold, there may be a further 6% decrease, aligning with the previous 21% drop observed 25 days after the first Arbitrum unlock event.
This hypothetical scenario would place Arbitrum at .57, indicating a favorable mid-term uptrend structure.
However, it is crucial to note that past patterns do not guarantee identical outcomes in current price trading. Nevertheless, analyzing historical data can provide valuable insights and help understand and assess potential price movements.
Featured image from Shutterstock, chart from TradingView.com
UNIBOT Crashes 37% Following End Of Cooperation With Solana Team
In a significant move, the Unibot core team has announced a decisive shift in its collaboration on the Solana blockchain, pointing toward a future where trust, security, and community values take center stage, per a statement on their official social media accounts.
Unibot Core Team Emphasizes Commitment To Transparency and Security
This pivot comes as the team ends its partnership with the group that previously deployed Unibot on Solana, citing a misalignment with Unibot’s foundational principles of transparency, security, and honesty.
According to a recent Unibot’s official X account update, this separation was fueled by “trust and commitment breaches.” Notably, an unauthorized launch of a Blast bot under Unibot’s name without prior approval and a consistent refusal to adhere to Know Your Customer (KYC) protocols “raised red flags.”
Moreover, the Solana group’s failure to fulfill financial obligations to Unibot holders prompted the core team to take decisive action to “protect its community and uphold its standards.”
Despite these challenges, Unibot is turning a new page by announcing a proprietary Solana bot in collaboration with a new partner, which will soon be revealed.
This partnership aims to ensure that Unibot users on the Telegram and Unisol-X platforms can continue engaging with the trading bot securely and efficiently, with the promise of SOL reward tokens directly from the Unibot Core Team.
Unibot Announces Billion-Dollar Milestone And New User-Centric Features
The shift comes at a time of notable achievement for Unibot, having crossed an impressive billion in lifetime trading volume. This milestone, coupled with a daily record of million in volume and an active user base of 10,000, underscores the vibrant growth and potential of Unibot’s platform.
The team is also exploring innovative features to enhance user experience, including trading directly through Telegram for fast transactions, integrating leveraged trades with decentralized exchanges, and expanding trading strategies through options.
As the project embarks on this new chapter, the focus remains squarely on fostering a secure and empowering user environment. With an eye on the future, the Unibot team is committed to “pioneering the next wave of trading bot technology,” guided by the values that have always set them apart.
For those new to the platform or seeking to deepen their engagement, Unibot offers a wealth of resources to get started and maximize their trading experience. According to a community member speaking about the project:
UNIBOT is a pretty incredible invention. Trading with MM (market makers) or a ledger is slow and clunky. Trading directly through telegram is great for fast swaps, scalps, etc. Some things that would blow Team Unibot out of the water…
Cover image from Dall-E, chart from Tradingview