The Venezuelan National Power Ministry announced a special operation to disconnect all bitcoin mining farms from the grid. Authorities have seized over 11,000 bitcoin miners as the government seeks to reduce the power usage from high-power customers siphoning energy from the national electric system. Venezuelan Authorities Seize and Disconnect Over 11,000 Bitcoin Miners Amidst Energy […]
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Over $23M in Casascius Bitcoins Redeemed in 2024, Leaving $2.7B Untouched
As of the latest data, 352.3 BTC valued at .5 million linked to Casascius physical bitcoins have been redeemed this year. Despite 155 physical bitcoin peels, an estimated .7 billion in value remains unclaimed and associated with these tangible assets. 18,741 of Mike Caldwell’s Casascius Coins Still Remain Unpeeled In the early days, Mike Caldwell […]
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Accidental Bitcoin Transfer Pushes Satoshi Nakamoto’s Genesis Wallet Over 100 BTC
Based on the latest data, the well-known Genesis address owned by Satoshi Nakamoto now holds over 100 BTC after someone inadvertently sent 0.10754671 BTC, valued at ,211, to the wallet. The current value of the wallet, which has never been spent, is estimated at .75 million. Another Unintentional Bitcoin Transaction Pushes up the Value of […]
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Dolce & Gabbana Sued Over $6,000 NFTs Losing 97% Value
Dolce & Gabbana USA Inc. faces a lawsuit from a customer who claims the non-fungible tokens (NFTs) he bought for ,000, which included metaverse outfits, lost 97% of their value due to delivery failures by the luxury fashion house. The complaint, filed in Manhattan federal court, alleges the NFTs were promoted with various digital, physical, […]
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Dolce & Gabbana Sued Over $6,000 NFTs Losing 97% Value
Dolce & Gabbana USA Inc. faces a lawsuit from a customer who claims the non-fungible tokens (NFTs) he bought for ,000, which included metaverse outfits, lost 97% of their value due to delivery failures by the luxury fashion house. The complaint, filed in Manhattan federal court, alleges the NFTs were promoted with various digital, physical, […]
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Crypto Analyst Predicts XRP Price Explosion To Over $18
In a recent analysis provided by the crypto analyst Dark Defender, a compelling case has been made for the potential significant rise in the price of XRP. Through a detailed examination of the XRP/USD chart on a monthly time frame, as sourced from Binance, Dark Defender highlights a large bullish formation, which he describes as a “bull flag” across multiple longer-term time frames including monthly, three-month, and six-month charts.
XRP Price Gears Up For Explosive Move
The analysis shows a substantial initial upsurge in price marked by a green arrow, suggesting a strong bullish momentum that started around early 2017 and peaked later that year. The price action following this peak is what Dark Defender identifies as a bull flag pattern. This pattern is characterized by a period of consolidation following a sharp movement in price, resembling a flag on a pole.
The consolidation, traced with a red descending trend line and a blue ascending trend line, forms a converging pattern known as a triangle, which typically suggests that the period of consolidation is nearing an end as the lines converge. According to Dark Defender, this suggests a breakout is imminent.
“I have read some posts that XRP had a bull flag in the daily time frame, etc. If those are correction bull flags, this is a bull flag, too. But a bullish one. It is in the monthly, three-month, and six-month time frames. If you know a bull flag, you can enjoy your coffee today. Cheers,” he stated.
In his forecast, Dark Defender uses the flag pole and Fibonacci extension levels to predict future price points. After the expected breakout above the red resistance line, the first target is situated at the 161.80% Fibonacci level, which would bring XRP to approximately .88. A further ambitious target is set at the 261.80% Fibonacci level, priced at about .86.
The most optimistic target lies at the 361.80% Fibonacci level, forecasting the price to soar as high as approximately .23. Notably, Dark Defender’s blue line, analogous in length to the flagpole, shows that the XRP price could rise well above .
Different Analysis, Similar Price Targets
This analysis was further commented on by another renowned XRP community analyst, EGRAG CRYPTO, who brought attention to the fact that the flag portion of the pattern extends beyond half the length of the initial pole, a structural detail that might typically invalidate the bull flag designation.
“I’ve dabbled in this analysis before, but lately, I’ve become increasingly intrigued by the potential of a symmetrical triangle breakout. What caught my eye is that the Flag is extending beyond half the length of the Pole which invalidates the structure. Regardless of who’s right or wrong, hope to meet in the near future and being multimillionaires. Keep up the fantastic work,” Egrag noted.
Despite this technical caveat, EGRAG CRYPTO remains positive about the potential of a symmetrical triangle breakout. In a recent analysis of the weekly chart, EGRAG elaborated that XRP will at least explode towards .5 if price breaks out to the upside of the triangle. On a broader triangle pattern, EGRAG expects a move to .89.
“XRP Army, STAY STEADY! There’s a mini pump to .5 and a major pump to .89 in the cards, with the MACRO pump potentially soaring above 2 digits,” he stated. Despite their different approaches, the two analysts are therefore very close in their analyses.
At press time, XRP traded at .5189.
Is Bitcoin’s Rally Over? Top Analysts Predict Imminent Price Corrections
As Bitcoin navigates through significant price changes, varying analyses from crypto analysts have painted a diverse picture of its short-term trajectory.
A prominent crypto analyst, Ali, identified a sell signal on Bitcoin’s short-term charts using the TD Sequential indicator.
According to Ali’s analysis, the TD Sequential indicator suggested that Bitcoin’s current uptrend might be losing momentum. This could potentially lead to a correction over the next one to four candlesticks, particularly noticeable on the four-hour chart.
The TD Sequential presents a sell signal on the #Bitcoin 4-hour chart, anticipating a one to four candlesticks correction for $BTC. pic.twitter.com/OC9Clv0Tat
— Ali (@ali_charts) May 16, 2024
Diverging Bitcoin Views From Top Crypto Analysts
Contrasting this perspective, another prominent analyst, Rekt Capital, recently provided a more optimistic view. According to Rekt Capital, Bitcoin ended its downtrend in mid-April, breaking into an uptrend with its price surpassing previous resistance levels.
This change has been marked by Bitcoin forming its first higher high since its drop to ,000, as highlighted by Rekt Capital. This indicates a possible continuation of the bull market despite periodic market attempts to unsettle investors.
The TD Sequential indicator’s sell signal comes as Bitcoin has shown a 7.6% increase over the past seven days, reaching a 24-hour high of ,567 before retracing slightly to ,592.
Rekt Capital noted the significance of the ,000 support level, suggesting that maintaining this level is crucial for further positive momentum. He remarked that the recent breakout to ,000 is a testament to how quickly market sentiment can shift toward a bullish trend.
The analyst disclosed:
The Bitcoin Bull Market is not over. But time and time again, the market will try to shake you out of your positions before you are able to profit significantly from them.
Insights From Galaxy CEO On BTC’s Future Trends
Meanwhile, Mike Novogratz of Galaxy Digital commented on the broader market trends, noting that the crypto sector is at a critical juncture where narratives are evolving, and the market landscape could change rapidly, especially with impending regulatory developments in the US.
Mike Novogratz further expanded on the macro view, suggesting that the next few months could be pivotal for the crypto market as it responds to new narratives and regulatory developments.
It’s been a fascinating week in crypto. Narratives are forming and odds are shifting. It’ll be interesting to watch the next few months play out, and even more interesting to watch the jump shift that’ll occur as soon as there’s regulatory clarity around crypto in the U.S.… pic.twitter.com/t0g5rTIKjP
— Mike Novogratz (@novogratz) May 16, 2024
He also recently predicted that Bitcoin’s price will oscillate between ,000 and ,000 for some time, indicating a phase of consolidation before any major moves.
Featured image from Unsplash, Chart from TradingView
As TRUMP Coin Surges Over 100% in a Month, Trump’s Crypto Wallet Swells in Value
Over the past week, the meme coin known as maga (TRUMP) has increased by more than 45% against the U.S. dollar, and over the past day, the TRUMP token has climbed more than 7%. Statistics reveal that this rise in value has boosted former U.S. President Donald Trump’s cryptocurrency holdings, with his stash of TRUMP […]
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Vijay Chetty Steps Up as CEO of Eclipse Labs After Founder Neel Somani’s Departure Over Allegations
Vijay Chetty, the newly appointed CEO of Eclipse Labs, has announced his commitment to leading the company’s mission of bridging the gap between Ethereum and Solana with a high-performance and trust-minimized blockchain. Formerly the Chief Growth Officer, Chetty brings firsthand experience of Eclipse’s potential and has expressed his excitement about the project. He acknowledges the […]
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By The Numbers: Over 1 Million New Crypto Tokens Launched Since April
The crypto community created over one million tokens across all chains in the past month, with Solana and Ethereum leading the crypto token frenzy. According to Coinbase’s director, these numbers doubled the tokens created in Ethereum between 2015 and 2023.
Over 22,000 New Crypto Tokens Created Daily
Coinbase’s director Connor Grogan shared on X that 1 million tokens have been launched since April 1, 2024. The tokens created in the Ethereum Network account for 36% of the total number, with 372,642 tokens launched in the past month and a half.
According to Dune Analytics, 327,553 tokens, around 88% of the total, were launched on the Layer-2 blockchain Base. The surge was seemingly propelled by the memecoin frenzy that has taken over this cycle.
Additionally, Ethereum and Arbitrum saw a significantly smaller number of new crypto tokens launched, with 21,474 and 19,284 new tokens, respectively.
However, Solana took the crown after seeing the creation of 643,227 tokens since April 1. Out of those, 464,563 are memecoins, per Dune Analytics. Moreover, Grogan highlighted that Solana registers an average of 20,000 new tokens daily.
As reported by Solana Floor, on Monday, the blockchain reached a new all-time high (ATH) in newly created tokens, with 23,000. This could be attributed to the market pump propelled by the return of renowned crypto trader Roaring Kitty. Since his comeback to social media, several new memecoins have been created, and the top ones have surged.
BREAKING: Over 23K New SPL Tokens created on @solana in the last 24 hours, a new all-time high. pic.twitter.com/cn4ARy0KwC
— SolanaFloor | Powered by Step Finance (@SolanaFloor) May 14, 2024
The crypto community reacted to the astonishing numbers, with many expressing concerns. One user pointed out that most of these tokens are “just spam to farm sniper bots.” He alleged that some people launch tokens “just to rug pull bots that auto-bought.”
Another user playfully added, “The moral of the story is don’t buy projects created after February 2024.” This year, investors have seen many project launches promising big returns. Instead, investors have suffered rug-pull and other scams.
Overabundance Of Altcoins?
At the end of April, DeFi researcher and Web3 investor Thor Hartvigsen pointed out that while only four months into the year, the market had seen a massive increase in the supply of altcoins.
As a result, this increase accounted for .6 billion in additional liquid supply injected into the market. Hartvigsen added that crypto projects will unlock .5 billion over the years, with many tokens launched in 2023 “also unlocking this year with many cliffs ending.”
Moreover, the market observer highlighted that the average float in market capitalization and fully diluted valuation (FDV) for the tokens launched in Q1 2024 was just 13.6%.
To him, this is only “the tip of the iceberg,” as the crypto market will continue to be flooded with new supplies and tokens. He offered a list of categories he believes will see the greatest number of new tokes this year.
His list included Modular Infrastructure protocols, Liquid Restaking Tokens (LRTs), Bridges and Cross-Chain Messaging solutions, and Perpetual Decentralized Exchanges (DEXes).
On Tuesday, DeFi researcher Ignas shared a list based on the recently launched low-float tokens shared by Hartvigsen. According to him, these tokens are down by 63.6% on average.
According to the researcher, tokens like JUP, ONDO, and STRK have registered a 49.2%, 30.5%, and 74.2% decrease from ATH prices.