President Nayib Bukele of El Salvador has indicated that his country’s bitcoin holdings may exceed public estimates. He revealed that El Salvador has been generating bitcoin-related revenue from various sources in addition to the capital gains from bitcoin purchased since its legalization as a legal tender in the country. ‘El Salvador Is Bitcoin Country’ El […]
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Crypto Analysts Are Giga-Bullish On XRP Price, Set Multiple Price Targets
Crypto analysts are currently optimistic about the XRP price trajectory in the coming months, setting different price targets, with some of them more bullish than others. XRP, like most top cryptocurrencies, is always subject to price predictions from analysts as the entire crypto market continues to anticipate the resumption of a market-wide rally.
Consequently, experts on social media are calling for some pretty wild price targets for XRP if the bull run kicks back into gear. Other market factors, like the possibility of an XRP ETF, are also bound to come into play in the quest for a price rally.
Crypto Analysts Remain Bullish On XRP Despite Price Consolidation
XRP has been on price decline since the beginning of the year. At the time of writing, the XRP price is trading at .5375, down 14% from the .625 level in early January. Notably, price movement recently went on a surge at the beginning of February as the broader cryptocurrency market witnessed inflows spearheaded by Bitcoin. As a result, XRP climbed to the .57 price level on February 15.
Despite the ongoing consolidation and lackluster price action, crypto analyst EGRAG CRYPTO has predicted a .4 XRP price target in the coming months. The analyst, known for his strong positive stance on XRP, made this prediction while looking at the wicking, ranging, consolidation, and bullish stages of XRP.
According to a color-coded price chart shared on social media by EGRAG, XRP is currently in the wicking stage. XRP recently closed above a long-term support level of .5141 at the top end of the red flag stage. Consequently, we could see XRP passing through into the bullish stage and .4 in the coming months.
It’s worth noting that the .4 price point coincides with a 1.618 Fib extension from .3536. EGRAG had noted in the past that XRP reaching .4 would set the stage for a progression to .
Dark Defender, another crypto analyst, used the wave strategy to predict various bullish price points. According to a social media post, XRP could continue the current downturn until it reaches the end point of a wave 2 correction between .5198 and .5066. Subsequent waves 3, 4, and 5 formations would then see XRP tearing past .6649, .7707, and .9191.
Analyst Dr. Profit also noted the potential of inflows rushing into XRP in the next 30 to 60 days. The analyst divulged that he bought 500,000 recently while calling XRP the “next shining bull.”
In the spirit of bullish countenance, a popular Bitcoin day trader recently disclosed that his father sold his house for 0,000 and allocated the proceeds to purchase XRP. Although this might seem very daring and unbelievable, it emphasizes the vast amount of optimism among some XRP investors.
Beyond Bitcoin: Ripple CEO Says Approval of Multiple Crypto ETFs ‘Inevitable’ — Embraces Idea of Spot XRP ETF
Ripple CEO Brad Garlinghouse believes that the U.S. Securities and Exchange Commission (SEC) will approve spot exchange-traded funds (ETFs) based on crypto tokens other than bitcoin. “I think it’s inevitable that there’ll be multiple ETFs around different tokens,” he stressed, noting that Ripple would welcome an XRP ETF. “In my opinion, it makes these markets […]
Bitcoin News
Bitcoin Puell Multiple At Crucial Juncture: Will Retest Save Rally?
On-chain data shows the Bitcoin Puell Multiple indicator is currently retesting a crucial level that may end up deciding the fate of the latest rally.
Bitcoin Puell Multiple Is Now Retesting Its 365-Day Moving Average
As explained by an analyst in a CryptoQuant Quicktake post, the interaction of the Puell Multiple with its 365-day moving average (MA) can indicate trends in the market.
The “Puell Multiple” refers to an indicator that keeps track of the ratio between the daily revenue of the Bitcoin miners (in USD) and the 365-day MA of the same. The mining revenue here is simply the total amount of coins issued by the network inside a 24-hour span multiplied by the spot price of the coin.
When the value of the Puell Multiple is greater than 1, it means that the miners are currently making a higher income than the average value for the past year. Naturally, when this happens, the motive to sell would rise for these chain validators and thus, the BTC price may be considered overvalued.
On the other hand, values under the mark suggest the cryptocurrency’s price may be becoming undervalued as the miners are now making lower revenues than the 365-day average.
Now, here is a chart that shows the trend in the Bitcoin Puell Multiple, as well as its 365-day MA, over the history of the asset:
As displayed in the above graph, the Bitcoin Puell Multiple had naturally spiked to high levels just earlier when the asset’s price had observed its rally, which had naturally resulted in the block rewards of the miners also shooting up.
As the price of the asset has struggled recently, though, the indicator’s value has come back down and is now retesting its 365-day MA. This line has been relevant historically for the metric, as the quant highlighted in the chart.
Generally, a break above the line has proven to be bullish for the cryptocurrency, while a move under can imply a transition towards a bearish trend. As such, Bitcoin might be standing at a crucial juncture right now, at least from the perspective of this indicator.
Last year, the Puell Multiple also witnessed a similar retest at its 365-day MA, as is apparent in the graph. Back then, the metric had ended up finding support at this important line, and the resulting bounce was what led towards the latest rally in the asset.
It now remains to be seen whether the 365-day MA would act as support this time as well or if the indicator would go through a breakdown. In the latter scenario, the Bitcoin price could end up observing a deeper correction.
BTC Price
Bitcoin’s struggle has continued recently as its price has come down to just ,800.
Ethereum Technical Analysis: Bearish Trends Dominate Across Multiple Timeframes
Similarly to bitcoin’s action, the second largest crypto asset by market cap, ethereum, has seen some market turmoil and a distinct downtrend. As of Jan. 22, 2024, ether has shown a notable decrease, registering a 3.3% drop in 24 hours and a 5.7% decline over the past week.
Ethereum
Ethereum’s (ETH) market capitalization stands at 7 billion, a reflection of its significant presence in the crypto market. However, its 24-hour trading range of ,364 to ,479 and a 24-hour trade volume of .84 billion indicate a period of heightened volatility and trader caution. This is underscored by the current price of ,380 per ETH, which is down from recent highs, suggesting a bearish sentiment among traders.
The oscillators paint a picture of neutrality with a slight inclination towards bearishness. The relative strength index (RSI) at 48.8, Stochastic at 47.1, and the commodity channel index (CCI) at -10.3 all indicate a neutral stance. However, the momentum indicator at -127.9 signals bullish sentiment, whereas the moving average convergence/divergence (MACD) level at 46.8 suggests bearish action, highlighting the mixed signals in the current market.
Ethereum’s moving averages (MAs) predominantly suggest a bearish outlook. The short-term exponential moving averages (EMAs) at 10 and 20 days, along with the simple moving averages (SMAs) at the same periods, show bearish sentiment. In contrast, longer-term MAs, particularly the EMAs and SMAs for 50, 100, and 200 days, indicate bullish opportunities. This divergence between short-term and long-term MAs could suggest a potential shift in market dynamics.
The 4-hour chart analysis presents a marked downtrend, marked by successive declines, signaling robust bearish momentum. A slight uptick on Monday morning at 9 a.m. Eastern Time hints at a possible recovery, but the subdued trading volume implies a weak buying interest. For traders, considering entry points would depend on a clear trend shift, while opportunities for exiting or engaging in short-selling might emerge with the confirmation of a persistent downtrend.
Parallel to the 4-hour chart, the daily chart underscores this downtrend through a sequence of unbroken drops. A significant sell-off, characterized by heavy volume, underscores the prevailing bearish mood. The subsequent price action indicates a state of market uncertainty. Savvy traders eyeing long positions should be vigilant for signs of bullish trend reversals, whereas those looking to exit or take short positions may find opportunities in the ongoing downtrend. Currently, the trend appears to be inclined towards a downward trajectory.
On the one-hour chart, the detailed view corroborates the bearish trend observed in the longer-term analyses, as evidenced by a consistent pattern of declines forming lower lows. This morning’s rise may suggest a temporary trend reversal; however, the modest volume accompanying this increase still warrants caution.
Bull Verdict:
The current ETH market, while showing signs of bearish trends in the short term, holds the potential for a bullish reversal. Key indicators such as the long-term moving averages and certain oscillator readings suggest underlying strength. This, coupled with the potential for market dynamics to shift rapidly in the ethereum trading arena, could pave the way for a bullish resurgence.
Bear Verdict:
Ether’s market analysis, predominantly driven by the current bearish sentiment visible in the short-term moving averages and oscillator readings, indicates a continuation of the downward trend. The consistent pattern of declining prices across various time frames, coupled with high volatility and cautious trader behavior, suggests a bear market scenario.
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What do you think about ether’s market action on Monday morning? Share your thoughts and opinions about this subject in the comments section below.
SEC Expected to Approve Multiple Spot Bitcoin ETFs in One Day, Says Vanceck CEO
The CEO of asset management firm Vaneck expects the U.S. Securities and Exchange Commission (SEC) to approve multiple spot bitcoin exchange-traded fund (ETF) applications in one day. “I very much expect it will be all in one day because that’s what happened with the ethereum futures,” he explained.
Vaneck’s CEO on Spot Bitcoin ETF Approvals
Jan van Eck, the CEO of asset management firm Vaneck, shared his bitcoin outlook and expectations around spot bitcoin exchange-traded funds (ETFs) in an interview with CNBC on Friday. Vaneck is among the asset managers that have applied to launch a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).
“I think bitcoin is the obvious asset that is growing up in front of our eyes,” the executive began, adding: “There are 50 million users of bitcoin so it’s got the network effect.” He emphasized:
I think it’s impossible for me to imagine some other, what I call, internet store of value that’s going to leapfrog bitcoin.
The executive expects bitcoin to outperform gold, fueled by their shared sensitivity to interest rates. “Interest rates are headed down directionally speaking so the macro behind bitcoin and gold are very strong,” he opined, adding that gold and bitcoin perform similarly. “They both peaked in 2021. They’ve both been rallying this year. Obviously, bitcoin way more than gold for different reasons,” he said.
The Vaneck boss also noted that the upcoming halving in April is “great for bitcoin,” emphasizing that he expects the cryptocurrency to hit all-time highs in the next 12 months. His firm also recently released its 15 crypto predictions for 2024, highlighting that BTC should reach an all-time high after Donald Trump wins the U.S. presidency.
Regarding whether the SEC will approve one spot bitcoin ETF at a time or whether the regulator will approve multiple applications in a batch, the Vaneck CEO said:
I very much expect it will be all in one day because that’s what happend with the ethereum futures.
He believes that the SEC does not want one company to “have an unfair advantage,” so it will likely “let everyone start at the same time.”
Several others share similar expectations. The analysts at JPMorgan Chase, for example, said in September that they expect the SEC to approve multiple spot bitcoin ETFs at once. However, the investment bank warned that spot bitcoin ETFs could put severe downward pressure on the price of bitcoin. There are currently 13 spot bitcoin ETF applications pending at the SEC. The chairman of the securities regulator, Gary Gensler, stated last week that the agency is taking a new look at these filings.
Do you agree with the Vaneck CEO? Let us know in the comments section below.
JPMorgan Expects SEC to Approve Multiple Spot Bitcoin ETFs at Once
Global investment bank JPMorgan expects the U.S. Securities and Exchange Commission (SEC) to approve multiple spot bitcoin exchange-traded funds (ETFs) at once, instead of giving one company the advantage of being the first. The bank’s analyst explained that if the securities regulator wants to defend its denial of Grayscale’s bitcoin ETF conversion proposal, it would have to retroactively withdraw its previous approval of bitcoin futures ETFs. “Such a retroactive withdrawal would be very disruptive and embarrassing for the SEC,” he cautioned.
JPMorgan Expects to See Several Spot Bitcoin ETFs Approved
JPMorgan analyst Nikolaos Panigirtzoglou explained in a note last week that the U.S. Securities and Exchange Commission (SEC) may be forced to approve several spot bitcoin exchange-traded funds (ETFs) after a court ruled in favor of Grayscale Investments regarding the crypto asset manager’s proposal to convert its bitcoin trust into a spot bitcoin ETF.
“The court ruling on the Grayscale case against the SEC has boosted crypto markets optimism,” the JPMorgan analyst wrote, elaborating:
With this decision following on from the recent SEC vs. Ripple court decision, it has in turn raised optimism that the SEC crackdown against crypto companies, that has been very intense since the beginning of the year, would lessen going forward as the SEC faces legal challenges.
“The most important element of the Grayscale vs. SEC court ruling was that the denial by SEC (of Grayscale’s proposal to convert its closed-end bitcoin trust to spot bitcoin ETF) was ‘arbitrary and capricious because the Commission failed to explain its different treatment of similar products’ i.e. futures-based bitcoin ETFs,” Panigirtzoglou detailed.
“Effectively the court argued that fraud and manipulation in the bitcoin spot market pose a similar risk to both futures and spot products because the spot bitcoin market and the CME bitcoin futures market are tightly correlated. Therefore the court ruled that there was no justification for the SEC to be allowing bitcoin futures-based ETFs but deny spot bitcoin ETFs,” the analyst described.
Panigirtzoglou stressed: “This is highly significant because it implies that for the SEC to defend its denial of Grayscale’s proposal to convert its closed-end bitcoin trust to spot bitcoin ETF, it would have to retroactively withdraw its previous approval of futures-based bitcoin ETFs.”
He stated that this “looks unlikely in our mind” because “Such a retroactive withdrawal would be very disruptive and embarrassing for the SEC.” The JPMorgan analyst added:
Instead it looks more likely that the SEC would be forced to approve the spot bitcoin ETF applications that are still pending from several asset managers including that from Grayscale.
“The recent postponement to October of the SEC decision on pending spot bitcoin ETF applications, likely points to approval of multiple spot bitcoin ETF applications at once rather than granting a first mover advantage to any single applicant,” he further said. “That could be beneficial for investors as it would allow for more competition in terms of ETF fees. Grayscale will likely face even bigger pressure to lower fees if its trust gets approval to be converted to the largest bitcoin spot ETF in the world.”
Do you agree with JPMorgan that the SEC will approve multiple spot bitcoin ETFs at once? Let us know in the comments section below.
ARK Invest’s CEO Says SEC Could Approve Multiple Spot Bitcoin ETFs Simultaneously
ARK Invest CEO Cathie Wood has sparked speculation with her recent prediction that the United States Securities and Exchange Commission (SEC) may potentially grant approval for multiple Spot Bitcoin exchange-traded funds (ETFs) simultaneously.
Deviation From The Norm For Spot Bitcoin ETFs
In a recent interview with Bloomberg on August 7, Cathie Wood shared her insight that the SEC might opt for a groundbreaking strategy by approving more than one Bitcoin ETF at the same time.
Wood’s assertion, “I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once,” has captured attention, especially given her prior assurance that her firm would lead in securing approval for a spot Bitcoin ETF.
Wood’s projection deviates from the conventional practice of sequential ETF approvals. By envisioning a simultaneous approval scenario, she introduces a novel approach that could streamline the regulatory process. This potential shift aims to foster a balanced and inclusive investment landscape, catering to an expected demand of over billion.
Implications For The Cryptocurrency Industry
Historically, the SEC has not granted approval for spot Bitcoin ETFs, while permitting the listing of ETFs tied to crypto futures. Wood’s forward-looking statement emerges amidst a surge in applications from major players like BlackRock Inc, Fidelity, WisdomTree, VanEck, and Invesco, all vying for the approval of similar crypto ETFs as ARK.
Wood’s forecast also emphasizes the significance of strategic marketing. Given the anticipated resemblance among various funds, Wood suggests that issuers’ marketing prowess will be crucial in setting them apart as a race for dominance is expected. This insight underscores the competitive edge sought by applicants in a rapidly evolving sector.
As Cathie Wood’s prediction reverberates through the financial realm, industry observers await SEC’s response. With a significant deadline for ARK’s application looming on August 13, amidst speculation of potential delays, Wood suggested that the deadline might pass and be extended but then the date will be eagerly waited on.
Although Ark Invest filed for its spot Bitcoin ETFs application on May 15, earlier than others like BlackRock who filed its application on June 15, this was thought to be a race for winners or losers according to Cathie’s “first in line” phrase to favor Ark Invest. However, her revised view makes the race for Spot Bitcoin ETFs and SEC ruling more interesting.
This innovative forecast accentuates the intersection of forward-thinking and regulatory dynamics, highlighting an era where digital assets are increasingly integrated within traditional financial frameworks, especially the recent push for ETFs.
Wood is known for her unwavering conviction in disruptive innovations and the companies behind them with her investment management firm ARK Invest boasting numerous high-value stocks like CoinBase Global (COIN), Tesla(TSL), and Block (SQ), among others.
Wood also reportedly bought 0,000 worth of Bitcoin years ago when it was sold for 0 apiece and the CEO revealed that she has never sold a single BTC.
Exploring the Crypto World: Join the CoinEx Pizza Month for Multiple Giveaway Events
PRESS RELEASE. As Bitcoin becomes an increasingly popular payment option, we can now use BTC for quick ordering and online shopping in many countries/regions. You can even buy a car with BTC in some places. None of this would be possible without Laszlo Hanyecz, a Bitcoin pioneer who bought two pizzas with 10,000 bitcoins 13 years ago. This is the first time Bitcoin has been priced. Since then, this crypto has been attached with genuine exchange value.
Nearly 13 years have passed since that “pizza transaction”. To commemorate the occasion, Bitcoin enthusiasts have designated May 22 as Bitcoin Pizza Day, which has evolved into a major festival celebrating the advancement of crypto. As the crypto community prepares for the 13th Pizza Day in May 2023, CoinEx has also planned a “pizza” feast with multiple giveaway events to help users review the history of crypto, experience crypto culture, and have fun during CoinEx Pizza Month!
So, what events does CoinEx Pizza Month include? How to participate in those events? Let’s take a look.
- Share Your Investment Story to Win Incredible Rewards!
Date: 00:00 May 1 to 00:00 May 22, 2023 (UTC)
Starting from 00:00 May 1, 2023, all CoinEx users can join the event by sharing their investment stories via CoinEx’s official channels. Share your investment story on CoinEx or your experience with BTC to win mystery prizes and CET rewards!
2. CoinEx Vouchers for Grabs!
Date: 00:00 May 11 to 00:00 May 22, 2023 (UTC)
Event link: The event will soon be released via CoinEx’s official website and official channels. Please stay tuned!
During the event, all new users can visit the CoinEx website through the designated link, and complete tasks including registration, deposit, and trading to receive CoinEx Pizza Month rewards of up to 10 USDT! CoinEx offers beginner tutorials covering crypto basics such as deposit, spot trading, and crypto finance to help new users get started with its products effortlessly and enjoy easy, seamless crypto trading experiences.
3. CETer Challenge
Date: 00:00 May 10 to 00:00 May 25, 2023 (UTC)
During the event, all CoinEx users can sign up for the “CETer Challenge” via CoinEx’s official channels. Join the event via the following simple steps:
- Follow CoinEx’s official Twitter account (@coinexcom);
- Post items worth 200 CET, write down a CET-related story, or share a screenshot of your transaction completed via the [Newbie Zone] on the CoinEx website in the comment section;
- Additional requirement: add #CoinExpizzamonth and #CETerChallenge in your comment;
- Register on CoinEx here.
Become a CETer to win mystery rewards!
4. Interact with CoinEx to Win Surprise Gift Packages!
Date: 00:00 May 26 to 00:00 May 31, 2023 (UTC)
During the event, users can interact with CoinEx’s official channels and comment on #What Web3 Blockchain Applications Do You Know? to win surprise gift packages!
Rules:
- Follow CoinEx’s official account (@coinexcom);
- Leave your answer in the comment section of the event post to win surprise gift packages;
- Share the event on SNS platforms to earn additional CET rewards.
Apart from all the events above, during CoinEx Pizza Month, we will also release informative content such as story posters and posters indicating the value exchange between trending cryptos and pizzas to help beginners dive into the history of crypto. Join the pizza carnival to spend an unforgettable Pizza Month on CoinEx!
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin Puell Multiple Hits 14-Month High, Here’s What It Means
On-chain data shows the 7-day moving average (MA) Bitcoin Puell Multiple has hit a 14-month high recently. Here’s what it may mean for the market.
Bitcoin 7-Day MA Puell Multiple Has Risen Above 1 Recently
As pointed out by an analyst in a CryptoQuant post, the BTC price was around ,000 the last time the metric was at its current level. The “Puell Multiple” is an indicator that measures the ratio between the daily revenue of the Bitcoin miners and the 365-day MA of the same (both in USD).
When the value of this metric is greater than 1, it means the miners are making more right now than the average for the past year. If the indicator hits very high values above this mark, then miners become likely to sell as they are likely raking in a significant amount of profits.
On the other hand, the multiple being below the threshold implies the mining revenues are less than the norm at the moment. Low enough values under this mark have historically been a sign that the cryptocurrency is undervalued.
Now, here is a chart that shows the trend in the 7-day MA Bitcoin Puell Multiple over the last couple of years:
As displayed in the above graph, the 7-day MA Bitcoin Puell Multiple had been below the 1 mark during the past year or so as the bear market had gripped the asset. With the latest rally in the coin’s price, however, the indicator seems to have seen some rapid rise, and it has now broken out of the zone again.
This is the first time in about 14 months that the metric has crossed above the 1 level. To see what effect this might have on the current market, here is a chart that highlights how the indicator behaved during the past cycles:
In the graph, the quant has marked the different levels that have been relevant for the 7-day MA Bitcoin Puell Multiple during the previous cycles. It looks like sustainable rallies have usually taken place whenever the metric has made a successful break above the 1 mark.
When the indicator is below 1, some miners may have trouble running their operations as the lower revenues may not pay costs like electricity bills. Thus, during times like this, some miners may be forced to sell their reserves to keep their facilities going.
However, the analyst explains that when the indicator shows a rising trend breaking through 1, miners start getting more comfortable with keeping their bills paid and therefore, the selling pressure goes down from this cohort.
If the same pattern follows this time as well, then the current break of the Bitcoin Puell Multiple in the region above this level could be good news for the viability of the current rally.
BTC Price
At the time of writing, Bitcoin is trading around ,500, up 13% in the last week.