Riot Platforms Inc., an integrated bitcoin mining company, reported revenues exceeding .3 million in the first quarter of 2024. The revenue increase was slight, rising from .2 million to .3 million. Remarkably, this was achieved even as Riot Platforms experienced a 36% decrease in the number of bitcoins mined, down to 1,364. Modest Growth Noted […]
Bitcoin News
Stablecoins Gain Ground as Global Financial Asset
According to Chainalysis’ “Crypto Spring Report,” stablecoin adoption and market importance are seeing a rapid increase in 2024, with a significant rise in the number of addresses holding them and their use in on-chain transactions, making them a global financial asset. Legislation efforts in the U.S., such as the Lummis-Gillibrand Payment Stablecoin Act, aim to […]
Bitcoin News
Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today?
The cryptocurrency market tends to thrive on a blend of innovation, utility, and sometimes, just a good meme. This week, the spotlight shone brightly on Dogecoin (DOGE), the Shiba Inu-themed meme coin, after a characteristically playful tweet from tech billionaire Elon Musk sent prices soaring.
While the tweet itself referenced a scene from Monty Python and didn’t directly mention Dogecoin, its timing, with DOGE hovering near the cusp of the top 10 cryptocurrencies by market cap, proved to be enough to ignite a firestorm of trading activity.
This latest episode serves as a stark reminder of the immense influence Musk wields over the meme coin market, and the hair-trigger reflexes of Dogecoin’s dedicated community.
— Elon Musk (@elonmusk) April 15, 2024
Dogecoin Rollercoaster Ride Continues
This isn’t the first time Musk has sent shockwaves through the Dogecoin world. In 2021, his enthusiastic endorsements, including a now-famous appearance on Saturday Night Live where he jokingly referred to himself as the “Dogefather,” propelled DOGE to its all-time high. However, the meme coin’s meteoric rise proved unsustainable, and prices eventually settled into a lower, but still respectable, position.
Currently, Dogecoin sits comfortably as the eighth-largest cryptocurrency, boasting a market cap of over billion. However, there was a different narrative in the price department.
At the time of writing, DOGE was trading at .15, down 8.4% and 22.9% in the daily and weekly timeframes, data from Coingecko shows. Clearly, the Musk tweet magic didn’t work this time. Or, perhaps not yet?
A quick look at DOGE’s daily chart reveals a classic case of price resistance, where the coin struggles to break through specific price ceilings. This back-and-forth price action reflects the ongoing battle between enthusiastic buyers, emboldened by figures like Musk, and more cautious investors wary of the coin’s unpredictable nature.
No Price Boost This Time
Elon Musk’s tweets have long been synonymous with skyrocketing memecoin values, yet today’s unexpected downturn in Dogecoin following his latest post underscores the volatile and unpredictable terrain of cryptocurrency markets.
This stark deviation from the usual trajectory serves as a poignant reminder that even the most influential voices in the industry cannot fully control or anticipate the market’s whims and fluctuations. It highlights the inherent risks and complexities investors face as they navigate this ever-evolving landscape, where sentiments can shift swiftly, leaving even seasoned traders reeling from the abrupt changes.
Featured image from Pexels, chart from TradingView
Crypto Economy Rebounds With 2.13% Gain; Newcomers W, CORE, and ENA Face Downturns
The cryptocurrency market experienced a positive uptick on Thursday, reclaiming its position at .55 trillion, marking a 2.13% gain against the U.S. dollar. Despite a decrease in trading activity, with volumes at .78 billion over the past day, bitcoin rose by 2.3%, surpassing the ,000 threshold, while ether saw a 0.9% rise throughout the day. […]
Bitcoin News
Bitcoin Price Dumped To $66K As Bears Gain Strength, $64K Next?
Bitcoin price started another decline from the ,000 resistance zone. BTC is down over 5% and there was a move below the ,500 support.
- Bitcoin price is gaining bearish momentum from the ,000 resistance zone.
- The price is trading below ,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near ,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its decline toward the ,000 support zone in the near term.
Bitcoin Price Turns Red
Bitcoin price struggled to settle above the ,000 resistance zone. BTC reacted to the downside after it broke the ,200 support zone. There was a sharp move below the ,500 level.
The price even declined below the ,000 level. Finally, it tested the ,000 with a bearish angle. A low was formed near ,992 and the price is now attempting a recovery wave. There was a move above the ,800 level.
The price moved above the 23.6% Fib retracement level of the downward move from the ,884 swing high to the ,992 low. However, Bitcoin is now trading below ,500 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near ,400 on the hourly chart of the BTC/USD.
Immediate resistance is near the ,000 level. It is close to the 50% Fib retracement level of the downward move from the ,884 swing high to the ,992 low. The first major resistance could be ,500 and the trend line. If there is a clear move above the ,500 resistance zone, the price could start a fresh increase.
Source: BTCUSD on TradingView.com
In the stated case, the price could rise toward the ,000 resistance zone in the near term. The next major resistance is near the ,500 zone.
More Losses In BTC?
If Bitcoin fails to rise above the ,000 resistance zone, it could continue to move down. Immediate support on the downside is near the ,000 level.
The first major support is ,000. The next support sits at ,000. If there is a close below ,000, the price could start a drop toward the ,500 level. Any more losses might send the price toward the ,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – ,000, followed by ,000.
Major Resistance Levels – ,000, ,500, and ,000.
Glassnode Insights Into Long-Term Bitcoin Holders Reveal 228% Average Unrealized Gain
An in-depth examination conducted by the onchain analytics firm Glassnode, alongside the researcher Cryptovizart, has shed light on bitcoin’s unexpected rise to record-breaking highs just before the halving occurrence, unveiling key aspects of market behavior. Glassnode Report Sheds Light on ETF Net Inflows and Long-Term Bitcoin Holder Gains In its analysis, Glassnode emphasizes the notable […]
Bitcoin News
Microstrategy’s Bitcoin Portfolio Value Soars to $13.2 Billion, Marking a 116% Gain
According to the latest figures, Microstrategy’s investment in bitcoin has doubled, showing a 116% increase after the cryptocurrency’s value experienced a significant rise this past week. The company, specializing in business intelligence, has acquired a total of 193,000 bitcoins at an expenditure of .122 billion, with the current market value of their holdings soaring to […]
Bitcoin News
Filecoin (FIL) Notches 10% Gain Following Integration With Solana
Filecoin (FIL) continues to enjoy investors’ interest following a 10.28% gain in the last day, according to data from CoinMarketCap. The altcoin has recently been the center of attention following a gradual price rise in the past week culminating in a 15.34% price gain. Interestingly, the spike in FIL’s price over the 24 hours appears to be fueled by exciting developments in the project’s ecosystem.
Filecoin Meets Solana
In an X post on February 16, Filecoin announced an integration with the popular Ethereum rival, Solana. Launched in March 2020, Solana is regarded as one of the most prominent smart contract-compatible platforms offering fast transactions and almost non-existent fees.
Solana’s integration with #Filecoin is a significant move away from centralized storage solutions and a remarkable step towards enhancing the reliability and scalability of the Solana blockchain.@solana is utilizing Filecoin to make its block history more accessible and usable… pic.twitter.com/1NcuaLNYT5
— Filecoin (@Filecoin) February 16, 2024
Ranked as the fifth-largest crypto project with a market cap value of .97 billion, Solana’s integration with Filecoin is aimed at migrating from its widely criticized centralized storage system to decentralized storage solutions, with the aim of improving its existing scalability and integrity.
Through this integration, Filecoin’s network will assist Solana in enhancing access to its blockchain history, which will be beneficial to developers, explorers, indexers, and other network users. In addition, Filecoin’s decentralized storage solutions will allow Solana to experience data redundancy, scalability, and a higher level of security while operating as a decentralized network.
Interestingly, this development created much excitement in the Filecoin user community as FIL surged by over 10%, reaching a value of .36. Meanwhile, FIL’s daily trading volume stands at 7.78 million, having recorded an astounding 178.42% gain.
FIL Price Prediction
FIL began 2024 on a turbulent note losing about 40% of its value between January 1 and January 23. However, in the last few weeks, the token has experienced a steady price recovery which is further aided by its most recent boost in price.
If the bulls are able to sustain the current buying momentum, FIL may hit the price mark representing a return to the levels seen at the start of 2024. However, according to the token’s daily chart, the relative strength index has now crossed into the overbought zone. This indicates that there might be an incoming trend reversal. In that case, FIL’s price may fall as low as .90, which represents its next support level and a 23.71% decline from the current market price.
Filecoin (FIL) trading at .341 on the daily chart | Source: FILUSDT chart on Tradingview.com
NewsBTC
Bitcoin ETFs Threaten Gold’s Dominance As Digitalization Trends Gain Momentum
In just over a month since their approval by the US Securities and Exchange Commission (SEC), Bitcoin ETFs have swiftly gained traction in the market, posing a formidable challenge to the long-standing dominance of gold ETFs.
Bitcoin ETFs Gain Ground on Gold ETFs
The rapid rise of Bitcoin ETFs has led to a convergence in asset values, with BTC ETFs closing the gap with gold ETFs. Bitcoin ETFs hold approximately billion in assets after only 25 trading days, while gold ETFs have accumulated billion in over 20 years of trading.
In this regard, Bloomberg’s Senior Commodity Strategist, Mike McGlone, emphasizes the shifting landscape, stating, “Tangible Gold is Losing Luster to Intangible Bitcoin.”
According to McGlone, the US stock market’s continued resilience, the US currency’s strength, and 5% interest rates have presented headwinds for gold. Moreover, as the world increasingly embraces digitalization, the emergence of Bitcoin ETFs in the United States adds further competition to the precious metal.
McGlone further states that while the bias for gold prices remains upward, investors who solely focus on gold may risk falling behind potential paradigm-shifting digitalization trends.
Ultimately, McGlone suggests that investors should consider diversifying their portfolios by incorporating Bitcoin or other digital assets to stay ahead in the evolving investment landscape.
Bitcoin Rally Driven By Institutional Demand
The success of Bitcoin ETFs is further demonstrated by recent data suggesting that the upward trend in Bitcoin prices is driven primarily by institutional demand. At the same time, retail participation appears to be declining.
According to analyst Ali Martinez, as the price of Bitcoin continues to hover between ,800 and ,100, there has been a noticeable decrease in the creation of new Bitcoin addresses daily, indicating a lack of retail participation in the current bull rally and highlighting the growing influence of institutional investors in the cryptocurrency market.
However, market expert Crypto Con points out a significant shift in Long-Term Bitcoin holder positions, signaling a potential downside movement.
As seen in the chart below shared by Crypto Con, the position change line crossed below -50.00 for the first time in over a year, a pattern that has historically occurred at critical moments in Bitcoin’s market cycles. These moments include the cycle bottom, mid-top (which occurred only once), and the start/end of a cycle top parabola (which occurred most frequently).
According to Crypto Con, this recent shift in long-term holder positions raises two possible scenarios: a mid-top or an imminent parabolic movement. Such a movement at this stage in the cycle is considered unusual.
Primarily, it indicates that long-term Bitcoin holders are exiting their positions in significant numbers, possibly anticipating a market correction or a change in the overall trend.
Overall, the shift in Bitcoin holder positions and the decline in retail participation present contrasting dynamics in the current market landscape. While institutional demand continues to drive the price of Bitcoin higher, long-term holders appear to be taking profit or adjusting their positions.
While BTC is currently trading at ,800, it remains to be seen what the direction of the next move will be and how institutions will continue to influence the price action of the largest cryptocurrency as spot Bitcoin ETFs gain traction.
Featured image from Shutterstock, chart from TradingView.com
BONK Price Jumps Over 30% As Robinhood, Revolut Listing Speculations Gain Traction
The crypto world is always buzzing, and this week, it’s the Shiba Inu-inspired BONK, built on the Solana blockchain, making the headlines. Its price has experienced a remarkable jump, exceeding 30% in just the past week, fueled by whispers of potential listings on two major platforms: Revolut and Robinhood.
The Spark That Ignited The Frenzy
Rumors emerged suggesting BONK could soon become available to Revolut’s staggering 38 million user base. The speculation didn’t stop there, with talk of a “Learn and Earn” campaign potentially adding another half a million to the BONK community.
Robinhood Whispers Stir The Pot
Robinhood, synonymous with the meme stock frenzy of 2021, is known for its ability to bring lesser-known assets to the forefront. The mere possibility of BONK finding a home on its platform sent the price hurtling upwards.
Barking At The Moon Or Running With The Pack
Before you grab your leash and join the BONK bonanza, remember this: these are just rumors. Neither Revolut nor Robinhood has confirmed anything, and diving headfirst into unconfirmed news is never a sound investment strategy.
Additionally, memecoins are notorious for their wild price swings. BONK itself experienced a meteoric rise of 4,424% in 2023, followed by a sharp correction. While the potential upside is tempting, be prepared for some serious volatility.
Digging Deeper Into BONK’s Territory
It’s crucial to remember that BONK isn’t just a meme coin riding a rumor wave. It has carved its own niche within the Solana ecosystem. Major exchanges like Binance and Coinbase already offer BONK trading, and it even played a role as an incentive within the Solana Saga smartphone project. This suggests that BONK isn’t simply a flash in the pan, but a project with some established groundwork.
Investment Considerations: Weighing The Risks And Rewards
The potential impact of major platform listings is undeniable. Increased accessibility could significantly boost BONK’s adoption and potentially positively impact the broader Solana ecosystem. However, the lack of confirmation surrounding the rumors and the inherent volatility of meme coins necessitate a cautious approach. Before investing, thorough research and a clear understanding of the risks involved are paramount.
BONK’s recent price surge serves as a reminder of the fast-paced and ever-evolving nature of the crypto world. While the unconfirmed rumors offer a glimpse of potential opportunities, investors need to proceed with caution, remembering that the path to crypto riches is seldom straightforward. Whether BONK will truly “bark its way” to mainstream adoption or retreat to the shadows remains to be seen.
Featured image from Adobe Stock, chart from TradingView