A London resident reportedly caught with bitcoins worth over .3 billion has been convicted for entering into a money laundering arrangement. The woman specialized in converting digital assets into physical assets, such as multimillion-dollar houses and jewelry. Converting Bitcoin to Physical Assets A British woman, found in possession of bitcoins currently valued at over .3 […]
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SEC Chair Gensler Calls for More Regulatory Sunlight in Cryptocurrency Sector at Law Conference
At a recent gathering at the Columbia Law School Conference, Gary Gensler, the chair of the U.S. Securities and Exchange Commission, addressed the assembly on the topic of the digital currency landscape. His discourse highlighted the “benefits of mandatory disclosure,” with Gensler humorously alleging that certain “participants in crypto securities markets that seek to avoid […]
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Bitcoin Troubles Far From Over As More Carnage Looms, JPMorgan Analysts
Despite optimism about Bitcoin’s future trajectory heading into the Bitcoin Halving, analysts at JPMorgan have raised concerns that things may not go according to everyone’s expectations. They believe that a storm still lies ahead for the flagship crypto token before any massive move to the upside.
Further Bitcoin Pullbacks Are To Be Expected
According to a Bloomberg report, JPMorgan strategists have warned that Bitcoin could still experience further pullbacks following its recent decline. They alluded to the recent net outflows recorded by the Spot Bitcoin ETFs, which underscored the current bearish sentiment in the Bitcoin ecosystem.
These strategists, led by Nikolaos Nikolaos Panigirtzoglou, also highlighted the sustained open interest in CME Bitcoin futures as another bearish signal for Bitcoin’s price. They further argue that Bitcoin “still looks overbought” and expect further price dips leading up to the Halving event in mid-April.
Meanwhile, these JPMorgan analysts emphasized the decline in net inflows into Spot ETFs, noting that this proves that a sustained one-way net inflow is not possible. Therefore, they expect investors in these funds to keep taking profits heading into the Bitcoin Halving. This wave of profit-taking is also more likely, considering that Bitcoin “still looks overbought despite the past week’s correction.” they claimed.
This recent research note by JPMorgan further reaffirms their bearish sentiment towards Bitcoin’s price despite the flagship crypto exceeding expectations. Last month, the bank predicted that Bitcoin could drop to as low as ,000 after April as “Bitcoin-halving-induced euphoria subsides.”
Naeem Aslam, chief investment officer at Zaye Capital Markets, also echoed JPMoragn’s sentiments when he suggested that Bitcoin’s recent rally didn’t show enough strength. Aslam believes Bitcoin could fall below ,000 if the Halving event “fails to really keep the momentum going.”
What Could Happen After The Halving Event
Crypto trader and analyst Rekt Capital recently provided insights into what could happen after the Havling event while elaborating on the four phases of Bitcoin Halving. According to him, there is usually a re-accumulation period after the Halving, which could last for up to five months.
During this period, he noted that many investors get “shaken out in this stage due to boredom, impatience, and disappointment with lack of major results in their BTC investment in the immediate aftermath of the Halving.” Rekt Capital added that this time could be different since it is the first time this re-accumulation could develop around the new all-time high (ATH) area.
Therefore, he believes this “Re-Accumulation Range may simply take the shape of a regular sideways range and may not last very long before additional uptrend continuation.”
BONK Bonked: Price Crashes 30% In 7 Days – More Pain Ahead?
The memecoin BONK has faced a significant setback as its prices plummeted by 30% in the last week, sparking discussions about the need to reassess predictions for this meme token. This decline in value has been accompanied by a drop in BONK’s open interest to its lowest level in the past month, signaling potential challenges ahead for the token.
Market Performance And Price Predictions
The recent slump in BONK’s prices has raised concerns among investors and traders, with key technical indicators hinting at the possibility of further declines in its value. At present, BONK is trading at .000023, making it one of the cryptocurrencies with the most losses over the past week. The altcoin’s future trajectory remains uncertain as market dynamics continue to evolve.
Following a rejection at .00004, the price of BONK lost momentum and had a 35% value adjustment. After then, there was a period of sideways trading for the memecoin. The bulls lost steam as the volatility increased and broke through the support level; the market has been trading sideways ever since.
The recent analysis of BONK’s price performance reveals a shift in sentiment towards bearish outlooks, with weighted sentiment turning negative and key technical indicators confirming the presence of bearish sentiments. This negative sentiment among market participants could potentially lead to further declines in BONK’s value unless there is a significant shift in market dynamics.
Open Interest Plummets
Futures open interest in the cryptocurrency fell to its lowest level in one month, which led to a decrease in its price. The open interest in BONK began to fall on March 5th and has since fallen by 60%, according to statistics from Coinglass.
Traders’ interest or involvement in the derivative market for an asset declines as its open interest diminishes. This usually happens when there is a change in investor mood, leading to more people trying to cut losses or take profits.
Impact On Investor Sentiment And Market Dynamics
The recent price slump in BONK has had a notable impact on investor sentiment, with many adopting a cautious approach towards the token’s future prospects. This shift in sentiment has also influenced trading volumes and market activity, as investors reassess their positions and strategies in light of BONK’s price movements.
Expert Price Predictions And Analysis
As market observers examine BONK’s price predictions, varying outlooks emerge regarding its future performance. While some forecasts suggest a bearish scenario with a price of .000018 in 2024, others paint a more optimistic picture, projecting an average price of .000067 by April 17, 2024. These contrasting predictions highlight the volatility and unpredictability inherent in the cryptocurrency market.
Featured image from Andrea Piacquadio/Pexels, chart from TradingView
SEC Requests More Funding to Regulate Crypto Sector
The U.S. Securities and Exchange Commission (SEC) has submitted its 2025 budget request, which will partly fund the securities watchdog’s efforts to regulate the crypto sector. “We’ve seen the Wild West of the crypto markets, rife with noncompliance,” SEC Chair Gary Gensler stressed. “As the cop on the beat, we must be able to meet […]
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Goldman Sachs Sees More Institutions Diving Into Crypto — Says Bitcoin ETFs Prompt a ‘Psychological Shift’
Goldman Sachs is seeing more institutions diving into crypto, the global investment bank’s head of digital assets has revealed, noting that until now the bitcoin price action has been driven primarily by retail investors. “But it’s the institutions that we’ve started to see come in,” he stressed, adding that the appetite has “transformed.” Bitcoin ETFs […]
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Bitcoin Price At Risk of More Downsides Before Fresh Increase To $70K
Bitcoin price struggled to recover above the ,800 resistance. BTC is now moving lower and there is a risk of more downsides below the ,000 support.
- Bitcoin price is struggling to start a fresh increase above the ,000 zone.
- The price is trading below ,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at ,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the ,000 resistance zone in the near term.
Bitcoin Price Faces Resistance
Bitcoin price attempted a fresh increase above the ,500 zone. BTC climbed above the ,200 and ,000 levels. However, the bears were active near the ,000 zone.
A high was formed at ,898 and the price is now moving lower. There was a move below the ,500 support zone. The price declined below the 50% Fib retracement level of the recovery wave from the ,555 swing low to the ,898 high.
Bitcoin is now trading below ,000 and the 100 hourly Simple moving average. It is testing the 76.4% Fib retracement level of the recovery wave from the ,555 swing low to the ,898 high.
There is also a connecting bearish trend line forming with resistance at ,800 on the hourly chart of the BTC/USD pair. Immediate resistance is near the ,750 level. The next key resistance could be ,800 or the trend line, above which the price could rise toward the ,800 resistance zone.
Source: BTCUSD on TradingView.com
If there is a clear move above the ,800 resistance zone, the price could even attempt a move above the ,000 resistance zone. Any more gains might send the price toward the ,200 level.
More Losses In BTC?
If Bitcoin fails to rise above the ,800 resistance zone, it could start another decline. Immediate support on the downside is near the ,550 level.
The first major support is ,000. The main support sits at ,500. If there is a close below ,500, the price could start a drop toward the ,500 level. Any more losses might send the price toward the ,000 support zone.
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 – ,500, followed by ,000.
Major Resistance Levels – ,800, ,800, and ,000.
Kiyosaki Warns of Big Bubble, Analyst Predicts $330K BTC, Draper’s Wild El Salvador Prediction, and More— Week in Review
Robert Kiyosaki has issued a stark warning about an impending financial disaster, which he believes will devastate baby boomers. A crypto analyst predicts bitcoin could exceed 0,000, defying historical growth patterns through a combination of pattern disruptions and the theory of diminishing returns. Venture capitalist Tim Draper forecasts that bitcoin will dramatically transform El Salvador […]
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Analysts ‘Now More Convinced’ of Bitcoin Reaching $150,000 by Mid-2025
Global asset management firm Alliance Bernstein has doubled down on its bitcoin price prediction of 0K by mid-2025. “These are still early days of bitcoin’s integration into traditional asset portfolios,” the firm’s analysts described, adding that they are “now more convinced” about their 0K price forecast for bitcoin. Bernstein’s 0K Bitcoin Prediction Bernstein analysts Gautam […]
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Creating a More Fair Ecosystem for Stakers and Validators With Bahamut Blockchain
The Bahamut blockchain is an innovative EVM-based, layer 1 solution, renowned for its security, decentralization, and scalability. It uses the FTN coin for network operations, cross-chain functionalities, and rewards. Notably secure, Bahamut has passed CERTIK and HEXENS assessments and introduces a unique Proof of Stake and Activity (POSA) consensus mechanism, rewarding validators based on engagement […]
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