According to the crypto payments company Wyre, based in San Francisco, which ceased operations in June 2023, the multi-currency self-custodial wallet platform Rockwallet has taken over Wyre’s entire customer base. On Thursday, Rockwallet announced it has been reaching out to customers to ensure a smooth transition in their digital asset endeavors, eliminating the need for […]
Bitcoin News
Bitcoin Price Targets $55,000 Following Bull Pennant Breakout
The Bitcoin price has experienced a notable increase of over 4% in the last 12 hours, marking a departure from the recent lull. This movement follows a bull pennant breakout, with the price of Bitcoin now aiming for the ,000 mark.
The 4-hour (BTC/USD) chart below shows Bitcoin trading at ,609, having just breached the confines of a bullish pennant pattern—a bullish continuation signal frequently followed by an upward price trajectory.
What This Means For Bitcoin Price
The pennant, which is characterized by converging trend lines following a substantial price move, signifies a pause in trading before the market resumes its prior uptrend. The breakout from the pennant suggests a continuation of the bullish trend with a potential target that is often extrapolated from the length of the prior move, known as the flagpole, which initiated the pennant formation.
Looking at the moving averages, Bitcoin has displayed a golden cross pattern, with the 20-period EMA (currently at ,389) ascending above the 50-period EMA (currently at ,049) and the 100-period EMA (currently at ,727). This cross underpins the bullish sentiment in the market.
Volume, a key indicator of the strength behind price movements, has also shown an uptick as the breakout occurred, further validating the bullish scenario.
The Fibonacci retracement tool, applied from the swing high at ,092 to the swing low at ,484, shows Bitcoin’s price breaking above the 0.5 (,788) retracement level. The next critical levels to watch are the 0.618 (,040) and the 0.786 (,822) Fibonacci levels, which may serve as resistances in the short term.
Beyond that, the full 1.0 extension (,092) is on the horizon, with the 1.618 extension (,648) aligning closely with the target of ,000, reinforcing its significance as a potential price objective.
The RSI, at 73.47, indicates strong buying pressure but also suggests caution as the market approaches overbought conditions. However, it is important to note that Bitcoin price in its strongest moments tends to reach very high levels, exhibiting the massive momentum. Therefore, it is essential for traders to watch for any potential divergence that may signal a weakening of the current momentum.
In conclusion, Bitcoin’s break above the bullish pennant pattern has set the stage for a possible rally towards the ,000 mark. The intersection of the golden cross, increased volume, and the Fibonacci extension levels adds credence to the bullish outlook.
However, traders should remain vigilant of the overbought conditions that could prompt a retest of key support levels. The most crucial support is found at the 0.5 Fibonacci level (,788), with further support levels at 0.382 (,536) and 0.236 (,988). A sustained move below these levels could challenge the bullish thesis and shift focus to the next significant support at ,484.
Bitcoin Nears $45,000 Level In Historic Price Surge Following Spot ETF Debut
Bitcoin (BTC) shook off recent bearish whispers and roared back to life on Wednesday, clawing its way past ,000 and marking a four-week high as the top crypto asset approaches the vaunted K level. This bullish charge was fueled by a potent cocktail of factors, from resurgent accumulation by major investors to record highs in US equity markets and a surprise regulatory shift from Thailand.
Bitcoin Surges Amid Whale Activity
The day began with Bitcoin hovering around ,700, but it quickly gained momentum, reaching a peak of ,300 – its loftiest perch since January 12th. This 2.5% surge in 24 hours outpaced the broader cryptocurrency market’s 1.6% gain, showcasing Bitcoin’s renewed vigor. While Ether (ETH) and Cardano (ADA) saw modest increases, Bitcoin clearly stole the show.
What sparked this fiery comeback? Analysts at Bitfinex had initially pointed to heightened miner selling as a potential culprit for recent price dips. However, the narrative flipped as whales, those enigmatic holders of vast Bitcoin stashes, began gobbling up the digital gold.
Crypto sleuth Ali Martinez, analyzing data from Glassnode, revealed a multi-month high of 73 wallets holding over 1,000 Bitcoins (roughly million each). This whale activity signaled a renewed vote of confidence in Bitcoin’s long-term potential.
#Bitcoin whales are accumulating more $BTC! Around 73 new whales now hold 1,000 #BTC or more, marking a 3.66% increase in two weeks. pic.twitter.com/VFArJYTQZl
— Ali (@ali_charts) February 7, 2024
Adding fuel to the fire were record-breaking performances by US stock indices. The S&P 500, Dow Jones, and Nasdaq Composite all flirted with all-time highs, creating a positive ripple effect that buoyed riskier assets like Bitcoin. This synchronized surge suggested a broader investor appetite for risk, emboldening cryptocurrency bulls.
Thailand: VAT Elimination Spurs Crypto Adoption
Meanwhile, the Finance Ministry of Thailand announced the elimination of the 7% value-added tax (VAT) on Bitcoin and cryptocurrency trading.
This groundbreaking decision positions Thailand as a frontrunner in digital asset adoption, aiming to attract investment and establish the country as a regional hub for innovation.
This bold regulatory shift injected a powerful dose of optimism into the already bullish trend, showcasing government recognition of the potential of cryptocurrencies.
As Bitcoin navigates its next move, technical indicators and the supportive trend of the Simple Moving Average suggest continued upside potential. However, the cryptocurrency market remains inherently volatile, and investors should exercise caution.
Nonetheless, Wednesday’s surge, fueled by diverse factors, paints a promising picture for Bitcoin’s future, leaving many wondering if this is the beginning of another bull run. Only time will tell, but one thing is certain: the Bitcoin bulls are back, and they’re roaring loud.
Featured image from Adobe Stock, chart from TradingView
Monero Plummets Following Major Crypto Exchange Delisting, Are More Losses Imminent?
On February 6, Monero (XMR), a privacy and security-focused token, saw its price drop after Binance, one of the largest crypto exchanges, announced its delisting in the following weeks alongside another three tokens.
Monero (XMR) To Be Delisted This Month
Binance recently announced the delisting and cease of all trading activity of Aragon (ANT), Multichain (MULTI), Vai (VAI), and Monero (XMR) starting on February 20, 2024, at 03:00 (UTC). The decision came after Binance’s most recent review, which determined that the platform could no longer support the tokens.
Following the review of digital assets in the exchange, Binance revealed its resolution to delist these tokens, affirming that they no longer met the exchange’s standards. Some of the factors the decision was based on include “evidence of unethical or fraudulent conduct or negligence” and “contribution to a healthy and sustainable crypto ecosystem.”
Binance has announced the removal of Monero’s trading pairs, including XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT, from the platform. All trade orders will be automatically removed once the trading ceases.
Additionally, any XMR deposit done after February 21, 2024, at 03:00 (UTC), won’t be credited to the user’s accounts, and withdrawals of XMR will be supported until May 20, 2024. Binance also informed that XMR tokens may be converted into stablecoins on behalf of users after the withdrawal deadline, although it “is not guaranteed.”
Binance Faces Criticism Upon Delisting News
A plunge in Monero’s price immediately followed the announcement. According to data from CoinGecko, XMR went from trading at 5 before the announcement to 8 in the following 30 minutes. Since then, the token has continued to dive lower, trading at 1,85 at writing time, accounting for a 32.7% drop in the last 24 hours.
The crypto community received the news with concerns. Several users questioned the reasons for Monero’s delisting and expressed disappointment in the exchange’s decision.
The team behind Monero shared on its X account (formerly known as Twitter) that the delisting comes after Binance’s new requirement. The crypto exchange stated that deposits must come from a “publicly transparent address, which Monero doesn’t allow.”
The delisting is happening because Binance is now requiring that deposits come from a publicly transparent address. Monero has used stealth addresses for ALL addresses since it’s launch in April 2014
Monero allows selective disclosure with view keys but not a transparent address
— Monero (XMR) (@monero) February 6, 2024
Crypto Trader John Brown shared his thoughts on XMR’s delisting from the exchange on his X account, saying that, although it’s a negative situation for Monero, this is mostly a “negative sign for Binance” due to his belief that the exchange is “so compliant” that they no longer can choose the assets to support.
Monero dropped strongly on the delisting news from Binance.
While bad for Monero, I mainly see this delisting as a sign of the slow demise of Binance. They are now "so compliant" that they cannot choose anymore which assets to support.
— John Brown (@john_j_brown) February 6, 2024
Last year, Binance and its former CEO Changpeng Zhao, known as CZ, faced regulatory scrutiny after pleading guilty in the United States to the charges of Anti-Money Laundering, Unlicensed Money Transmitting, and Sanctions Violations.
LUNC Price Rally Is Far From Over Following Falling Wedge Breakout, Analyst Says
Over the weekend, the LUNC price saw some of the most bullish price action that sent its price soaring over 20%. This rally eventually brought the price above .0001 after struggling around .00009 for the last two weeks. However, the tides seem to be completely changing for the altcoin, as one analyst expects the rally to continue.
Prepare For The LUNC Price To Double
The LUNC price, despite having risen so much, is still showing signs of a continuation. This is evident in the Falling Wedge Breakout that was confirmed by crypto analyst Ava Cryptoo on TradingView. This Falling Wedge Breakout is significant as it often precedes some of the most significant rallies in cryptocurrencies, such as LUNC.
The price of the altcoin is currently retesting the significant resistance at .000115. Now, this level is significant because rejection from this level had initially stopped the LUNC price breakout on Saturday. Now that the price is starting to retest it again, it shows that the bulls are far from done with this altcoin.
In a scenario where the LUNC price successfully retests and breaks above this level, then the crypto analyst expects that the price will more than double from its current level. They put the price target for the altcoin as high as .00022, and the timeline for this is shown to be a matter of days. However, all of this hinges on the fact that the price makes a “Perfect Retest” and breaks out completely.
Why Is The Altcoin Rallying Amid Low Market Sentiment?
The LUNC price breaking out during such slow market movements suggests an end to the accumulation that happened below .0001. In addition to this, Binance carrying out its scheduled LUNC burn contributed to the rise in price that was seen this weekend.
Binance, the largest crypto exchange in the world, has been committed to burning LUNC tokens realized from fees in an effort to help reduce its vast supply. The latest burn which took place on February 1 saw approximately 2.1 billion tokens performantly removed from circulation.
This is the 18th burn that the crypto exchange has carried out, each time removing hundreds of millions to billions of tokens from circulation. Following this burn, the crypto exchange has helped the LUNC burn figure cross the 51 billion threshold.
A wave of excitement naturally followed the monthly burn as the price started to rise rapidly. The LUNC trading volume reportedly surged more than 700% at the time, at first triggering a 10% increase in price. By the time the weekend was over, the LUNC price had already risen more than 20%, and continues to hold on to the majority of its gains.
Bitcoin SV (BSV) Price Dips Following Coinbase Delisting
Bitcoin SV (BSV), a hardfork of the Bitcoin token, has drawn much attention in the last day after top American exchange Coinbase announced its termination of support for the asset. Following this news, BSV’s price has taken a hit, falling by over 5% in the last 24 hours.
Coinbase Ends Support For Bitcoin SV
In an X post on February 3, Coinbase shared that it had officially withdrawn support for BSV on its platform. This announcement follows a previous post in December when the exchange first communicated its intentions to delist BSV.
According to Coinbase, all BSV remaining in customers’ wallets have been liquidated and replaced with the equivalent market value of another asset. However, the exchange states that certain wallets may not receive any compensation assets due to the transaction costs associated with the liquidation and replacement process.
As a reminder, any BSV funds in your Coinbase account have been liquidated and converted to the equivalent market value of another supported digital asset and credited back to your account, minus any transaction costs.
— Coinbase Assets (@CoinbaseAssets) February 3, 2024
As of now, Coinbase has provided no official reason behind its decision to remove BSV from its coin offerings. However, it is worth noting that Bitcoin SV has been a rather controversial asset since its creation in 2018.
Notably, the BSV blockchain network has been subject to multiple 51% attacks in the past due to its rather “centralized” structure, which serves as a source of concern to many exchanges. Aside from Coinbase, other top exchanges that have delisted Bitcoin SV include Binance, Kraken, Bittrex, Robinhood, etc.
Furthermore, the token’s founder Craig Wright has continuously drawn criticism to himself for claiming to be the anonymous inventor of Bitcoin – Satoshi Nakamoto. In 2022, Wright filed to obtain the Bitcoin copyright and block the operations of the Bitcoin network and Bitcoin Cash claiming a violation of intellectual property. However, the court rejected this petition in the face of surmountable evidence against the plaintiff.
Bitcoin SV Price Overview
At the time of writing, BSV trades at .65 with a 5.61% price loss on the last day but a 0.10% gain on the weekly chart. Despite an impressive end to 2023 in which it gained by almost 110% in the last week of the year, the Bitcoin hardfork is now down by 15.20% in the last 30 days.
Meanwhile, the token’s daily trading volume is barely positive, having gained by 7.54% to attain a value of .39 million. With a total market cap of .43 billion, Bitcoin SV ranks as the 52nd largest cryptocurrency in the world.
1,210 ‘Sleeping Bitcoins’ From 2016 Stir After Years of Inactivity, Following Previous Day’s Mysterious Movements
On the final day of January 2024, a series of nine enigmatic transactions emerged from wallets established in 2016. Subsequently, another tranche of 15 transactions from wallets created on that same day in 2016 moved a total of 1,210.41 bitcoin, valued at million. This marked the first movement of these funds in almost eight years.
After the 9 Enigmatic Transactions 2 Days Ago, the Same 2016 Whale Moves a Tranche of Bitcoins Worth Million
In the last three days, an entity that accumulated a significant amount of bitcoins in 2016 has chosen to transfer these assets for the first time in several years. On Feb. 1, 2023, Bitcoin.com News covered the activity of a 2016 whale, highlighting the transfer of 726 BTC across nine separate bitcoin wallets, with each transaction involving slightly more than 80 BTC.
Merely two days following this event, the same individual or entity made another move, this time transferring 1,210.41 BTC worth million (1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15). Initially valued at 2,102 when the wallets were established on March 30, 2016, the funds followed a pattern similar to the Jan. 31 transactions, with each of the user’s 15 transfers slightly exceeding 80 BTC.
The breakdown of these transactions saw three executed at block height 828,477, followed by a single transaction confirmed at 828,478. Another trio of transfers was authenticated at 828,479, with an additional single transaction verified at block height 828,481.
Subsequent to these, one transfer was confirmed at block height 828,482, and three others took place at 828,494. Another solo transaction was confirmed at block 828,497, with the final duo of transactions occurring at block height 828,498.
All 15 transfers were discovered by the blockchain parsing tool btcparser.com. Mirroring the transfers from Wednesday, these transactions recieved a privacy score of 55 out of 100, according to Blockchair’s privacy meter. Furthermore, the corresponding 1,210.41 bitcoin cash (BCH), also possessed by the entity, remains untouched.
Additionally, the wallets, which were Pay to Public Key Hash (P2PKH) addresses, simply moved their contents to alternative P2PKH legacy addresses after their initial activity. The reason behind the user’s pattern of transactions remains a mystery, yet it maintains market vigilance as substantial quantities of aged BTC are mobilized after years of quiescence.
What do you think about the 1,210 bitcoin worth million moving in this fashion after all these years? Share your thoughts and opinions about this subject in the comments section below.
New York Community Bancorp Grapples With 40% Share Drop Following Disappointing Earnings Report
New York Community Bancorp (NYCB) faced significant challenges on Wednesday, with its shares plummeting by over 40%, prompting a halt in trading. Currently, NYCB shares have experienced a decline of just above 36%, trading at .61 per share.
Last Year’s Banking Fears Resurface as NYCB Faces Harsh Earnings Reality
Financial challenges have resurfaced with New York Community Bancorp (NYSE: NYCB), the entity that acquired Signature Bank, witnessing a steep decline in its stock value during Wednesday’s trading. The shares of NYCB nosedived over 40% against the U.S. dollar following the bank’s recent earnings announcement. The financial organization has declared firm measures to bolster capital, fortify its balance sheet, and enhance its risk management practices as the company enters the realm of 0 billion large banks.
*NEW YORK COMMUNITY BANCORP PLUNGES BY RECORD 44% AT THE OPEN https://t.co/SW7aEJTjRM
— zerohedge (@zerohedge) January 31, 2024
For the quarter ending Dec. 31, 2023, NYCB reported a net loss of 2 million, a stark contrast to the net income of 7 million in the quarter ending Sept. 30, 2023. The bank also noted that In the same period ending Dec. 31, 2023, the net loss available to common stockholders was 0 million, compared to a net income of 9 million for the quarter ending Sept. 30, 2023.
In a dramatic financial turnaround, the company’s diluted earnings per share (EPS) plunged to a loss of .36 in the quarter ending Dec. 31, 2023, a stark reversal from the diluted EPS of .27 per share just three months earlier. The troubles faced by NYCB are reviving the same concerns that rocked the U.S. banking sector in March 2023, following the failures of Silicon Valley Bank, Signature, and First Republic. NYCB’s acquisition of Signature Bank was facilitated through an arrangement with the Federal Deposit Insurance Corporation (FDIC).
JUST IN: The last time Bank Credit contracted this much was the Global Financial Crisis of 2008.
It’s probably nothing…
@MFHoz pic.twitter.com/SE7ota9t2B
— Radar (@RadarHits) January 31, 2024
Large financial entities are grappling with the repercussions of long-term notes amidst the high interest rates set by the U.S. central bank. An uptick in interest rates leads to a reduction in the value of long-term notes, posing potential losses for banks. This is particularly precarious if banks are compelled to liquidate these assets at a loss, driven by abrupt withdrawals of deposits or other financial demands. This scenario adversely affected all three major U.S. banks last year, each struggling with the dual challenge of long-term notes and surging interest rates.
The collapse of Silicon Valley Bank triggered a massive exodus, with over 0 billion in deposits withdrawn, forcing the bank to liquidate long-term bonds at a loss and culminating in a classic bank run. NYCB’s net income and diluted EPS for the fourth quarter of 2023 were influenced by costs related to the merger and a special assessment by the FDIC, the bank reported on Wednesday. “In 2023, New York Community reached an inflection point in its transformation to a dynamic, full-service commercial bank,” Thomas R. Cangemi NYCB’s CEO said.
What do you think about the issues New York Community Bancorp is dealing with on Wednesday? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Technical Analysis: BTC Reclaims $41K Mark Following Short-Term Consolidation
At present, the price of bitcoin is ,106, marking a significant climb from its 24-hour low of ,538 and peaking at ,474. This upward movement signifies a 3% gain within the last day, reflecting a surge of optimistic sentiment among investors in the short term. Yet, when expanding the view to include a broader timeframe, the picture shifts: there’s a marginal 0.5% decrease over the previous week, a more pronounced 10% fall in the past fortnight, and an aggregate drop of 4.3% since the preceding month.
Bitcoin
As of Friday, bitcoin’s market capitalization stands impressively at 6 billion, bolstered by a vigorous 24-hour trading volume of .44 billion. A glance at the 1-hour chart reveals bitcoin’s recent upward trajectory, marked by significant price increases underpinned by strong trading volume, vital for maintaining this upward trend.
However, recent declines hint at a moderate retraction from its highest point, likely a standard correction after a steep rise. The 4-hour chart offers a broader view, depicting a stagnant market pattern before the rally, indicative of horizontal trading. The ensuing sharp increase in price, coupled with a noticeable rise in volume, indicates a powerful market movement with the potential for further development, although a slight pullback is currently evident.
On the daily chart, the wider market mood is discernible. Prior to the latest price activity, bitcoin experienced a downward trend and then entered a consolidation phase. The escape from this phase was characterized by a substantial jump but was soon followed by a decline, suggesting persistent selling pressure.
Current oscillators shed light on BTC’s market dynamics. The relative strength index (RSI) is at 45, suggesting a neutral market. The Stochastic and commodity channel index (CCI) reinforce this neutral position, showing values of 28 and -69, respectively. Meanwhile, the momentum indicator indicates positive market sentiment at -2001, while the current moving average convergence/divergence (MACD) level at -807 points towards bearish tendencies, presenting a market with conflicting dynamics.
The moving averages (MAs) provide a varied outlook. Short-term exponential moving averages (EMAs) and simple moving averages (SMAs) for 10 days reflect a positive trend, mirroring the recent upward shifts. In contrast, the 20, 30, and 50-day EMAs and SMAs suggest a bearish trend, underscoring the downturns in these periods. However, the longer-term 100 and 200-day EMAs and SMAs lean towards bullish territory, indicating a fundamental strength in the market.
Bull Verdict:
From a bullish perspective, bitcoin’s recent price action, characterized by a 3% rise in the last 24 hours and a strong rebound from its 24-hour low, demonstrates a resilient market presence. The substantial trade volume and a robust market capitalization of 6 billion further reinforce the underlying strength of bitcoin’s market standings. The short-term bullish signals in moving averages and positive momentum indicators suggest the potential for further upward movement.
Bear Verdict:
On the bearish side, bitcoin’s performance over broader time frames cannot be overlooked. The 0.5% decline over the past week, coupled with a 10% drop in the last two weeks and a 4.3% decrease since last month, paints a picture of lingering uncertainty and potential downward pressure. The mixed signals from oscillators and the negative indications in longer-term moving averages suggest a cautious approach.
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What do you think about bitcoin’s market action on Friday? Share your thoughts and opinions about this subject in the comments section below.
Trezor Issues Security Alert Following Phishing Attack and Data Breach
In a recent security alert, Trezor announced a breach in its support ticketing system, potentially exposing the personal contact information of over 66,000 customers and raising the alarm for possible phishing attacks.
Trezor Alerts Users to Phishing Risk After Security Breach
Satoshilabs, the company behind the popular cryptocurrency hardware wallet Trezor, has issued a critical security alert. On January 17th, 2024, Trezor identified unauthorized access to a third-party support ticketing portal, potentially compromising the contact details of up to 66,000 customers.
The breach was first detected at 20:20 CET, and Satoshilabs immediately took measures to prevent further unauthorized access. While the security of users’ digital assets remains intact, the incident has raised concerns over the potential exposure of customers’ names and email addresses since December 2021.
In response to the breach, Trezor has reached out to all potentially affected users, warning them of increased risks of phishing attacks targeting their recovery seeds. Although no recovery seed phrases have been disclosed, 41 users were directly contacted by the malicious actor via email, requesting sensitive information.
Trezor’s internal audit indicates that, in addition to the 66,000 potentially exposed users, 8 people who created accounts on their trial discussion platform might also have their contact details compromised.
The company has emphasized the importance of vigilance and cybersecurity best practices in light of this incident. Trezor assures its customers that their hardware wallets and funds remain secure, reiterating that they will never ask for recovery seeds through any communication channels.
As a precaution, Trezor has urged all users to be cautious of unusual or suspicious contact attempts and to verify the legitimacy of any communication purportedly from Trezor Support.
The investigation into the full scope of the data breach is ongoing, and Trezor is working closely with the third-party service provider to resolve the issue. Affected users are encouraged to reach out to Trezor’s support team for any concerns or to report suspicious activity.
Do you consider this to be a major or minor security breach? Share your thoughts and opinions about this subject in the comments section below.