Galaxy Digital CEO Mike Novogratz sees “a tremendous global demand for bitcoin,” emphasizing: “This is probably the first time in the history of bitcoin that we have true price discovery.” Noting that there is “a new army of buyers” and there is also “an army of salespeople,” he expects the price of bitcoin to be […]
Bitcoin News
Here Are The Largest Institutional Buyers Of Bitcoin This Week
The Spot Bitcoin ETFs have lived up to the hype, as these funds have ramped up institutional adoption of the flagship cryptocurrency, Bitcoin. This is further evident in a recent analysis that captured how much Bitcoin BlackRock and other issuers amassed in this week alone.
Spot Bitcoin ETF Issuers Purchased Over 19,908 BTC This Week
Data from the on-chain analytics platform Lookonchain shows that the Spot Bitcoin ETF issuers combined to purchase over 19,908 BTC (0 million) this week. Meanwhile, it is worth mentioning that Lookonchain’s data didn’t capture WisdomTree’s BTC purchases in its analysis, suggesting that the figure could be way higher when the asset manager’s purchases are also factored in.
Further data obtained from Arkham Intelligence provided insights into how much Bitcoin Wisdom Tree obtained for its Bitcoin fund this week. 74 BTC is shown to have gone into the asset manager’s wallet address for its Spot Bitcoin ETF. The addition of these crypto tokens means that all Spot Bitcoin ETF issuers combined to purchase almost 20,000 BTC this week alone.
Interestingly, Bitcoin ETFs were recently reported to hold 3.3% of Bitcoin’s circulating supply, underscoring their success since launching. Data from Lookonchain shows that these ETFs currently hold over 657,000 BTC (excluding WisdomTree).
Matt Hougan, Bitwise’s Chief Investment Officer (CIO), also revealed how these funds have seen flows of .7 billion after their first 14 trading days. This is more impressive as he made a comparison to Gold ETFs, which saw .3 billion in a similar time frame. In another X post, he mentioned how these Spot Bitcoin ETFs have taken 0 million in net inflows this week alone.
BlackRock Finally Trumps Grayscale
Bloomberg analyst James Seyffart mentioned in an X post that BlackRock’s IBIT looks to have become the first ETF to trade more than Grayscale’s GBTC in a single day. Before now, Grayscale had continued to record the most daily trading volume, although IBIT had come close on a couple of occasions.
From the data that Seyffart shared, IBIT looks to have recorded 1 million in trading volume on February 1, while GBTC saw 0 in trading volume. However, he further stated that the total trading on the day “was kind of a dud,” with all Spot Bitcoin ETFs combined recording 4 million in trading volume.
Interestingly, that happened to be the first day that the daily volume for Spot Bitcoin ETFs was under billion. The Bloomberg analyst didn’t, however, give any opinion as to what could have caused this relatively sub-par performance.
XRP Price Takes Hit, Can Buyers Save The Key $0.50 Support?
XRP price is consolidating above the .50 support. The price could gain bearish momentum if there is a close below the .50 support.
- XRP is showing bearish signs below the .525 and .550 resistance levels.
- The price is now trading below .525 and the 100 simple moving average (4 hours).
- There is a connecting bearish trend line forming with resistance near .520 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair start a fresh increase if it clears the .520 and .525 resistance levels.
XRP Price Revisits Key Support
In the past few days, XRP price saw a fresh decline below the .550 support. The bears were able to push the price into a short-term bearish zone below .525, like Bitcoin and Ethereum.
The price even spiked below the .500 support. A low was formed near .4961, and the price is now consolidating losses. It is back above the .500 level and showing signs of a minor recovery wave. It is now trading below .525 and the 100 simple moving average (4 hours).
On the upside, immediate resistance is near the .520 zone. There is also a connecting bearish trend line forming with resistance near .520 on the 4-hour chart of the XRP/USD pair. The trend line is close to the 23.6% Fib retracement level of the downward wave from the .6240 swing high to the .4960 low.
The first key resistance is near .532, above which the price could rise toward the .560 resistance. It is close to the 50% Fib retracement level of the downward wave from the .6240 swing high to the .4960 low.
Source: XRPUSD on TradingView.com
A close above the .560 resistance zone could spark a strong increase. The next key resistance is near .594. If the bulls remain in action above the .594 resistance level, there could be a rally toward the .620 resistance. Any more gains might send the price toward the .650 resistance.
Another Drop?
If XRP fails to clear the .525 resistance zone, it could start a fresh decline. Initial support on the downside is near the .500 zone.
The next major support is at .495. If there is a downside break and a close below the .495 level, XRP price might accelerate lower. In the stated case, the price could retest the .450 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – .500, .495, and .450.
Major Resistance Levels – .520, .525, and .560.
AI Agents: The Next Big Buyers in Crypto, Predicts Palantir’s Joe Lonsdale
This week, Joe Lonsdale, a founding partner of Palantir, engaged in a dialogue about artificial intelligence (AI) on CNBC’s “Squawk Box.” During this discussion, he highlighted the significant role AI will play in enhancing productivity. Furthermore, Lonsdale pointed out the potential for AI agents to utilize cryptocurrency in economic transactions, suggesting that bitcoin, ethereum, and solana could emerge as the leading assets in such a scenario.
The Unforeseen Buyer — Palantir Co-Founder Suggests AI Agents Could Drive Cryptocurrency Adoption
Joe Lonsdale, co-founder of the data analytics and software firm Palantir Technologies, recently appeared on “Squawk Box” to talk about AI. During the show, he touched on the potential use of digital currencies by AI agents. A staunch advocate for AI, Lonsdale elaborated on its tangible benefits, particularly in boosting profit margins. He specifically cited the healthcare billing sector, noting, “AI is going to be able to double the margins in that area, which means you pull 0 billion of spend out of the economy.”
The discussion then shifted towards bitcoin and crypto assets, where Joe Kernen, often referred to as “Joe Squawk,” shared his perspective. He opined that astute investors who entered the market when bitcoin was valued at 0 or even ,000 made a timely move, implying that it might now be too late for others. Lonsdale responded by hinting at the possibility of an unforeseen buyer, specifically mentioning autonomous AI agents.
“There’s not going to be a whole new financial story driving it from the side of buyers necessarily,” the Palantir co-founder said. “Although, there’s one type of buyer that’s very important here — AI agents are going to start to do a lot of things in our economy and AI agents that coordinate with incentive systems are probably going to use crypto. So, if this AI story works out in consumer areas … everything to AI.”
CNBC host Andrew Ross Sorkin responded, “Well they are not going to be using bitcoin. They might be using ethereum, they might be using solana” or some other crypto. “Those are the three they might use, and they’re probably all correlated at the end of the day,” Lonsdale replied to Sorkin. The Palantir co-founder is not the only one who believes AI and crypto could combine forces. Grayscale, a prominent leader in digital asset management, recently released a study underscoring the burgeoning convergence of AI and cryptocurrencies.
In a blog post, Arthur Hayes, the co-founder and former CEO of Bitmex, delved into the potential demand for bitcoin by autonomous AI agents. He posited that if bitcoin and these AI entities join forces, the value of the digital asset could soar to 0,000 within the next two to three years. Hayes further emphasized that “bitcoin is the monetary instrument closest to representing pure energy.”
What do you think about Lonsdale’s statements about AI and crypto assets? Share your thoughts and opinions about this subject in the comments section below.
Woo-ing Buyers: Woo Network Token 75% Rally Sparks Investor Interest
The market is still on the lookout for distinct signs of a long-term recovery. Given this, it is critical to pay strategic attention to tokens such as Woo Network (WOO), which present chances for short- and long-term trading in the dynamic crypto environment.
The cryptocurrency market is in a positive mood as the new week begins, following a time of increased volatility in the first half of December. The two most popular cryptocurrencies, Ethereum and Bitcoin, have shown signs of stability during the last 48 hours.
Woo Network Explodes 75% In The Last Week
The WOO token, which is part of the Woo Network liquidity protocol, has been rising recently after fluctuating earlier. According to data from Coingecko, WOO was trading at .45 at the time of writing, up over 2% in the previous day and maintaining a strong 75.0% increase over the previous seven days.
A contributing element to the cryptocurrency’s recent price increase was the WooFi exchange, which attracted attention from possible investors after announcing a partnership with Arbitrum.
The cryptocurrency exchange WOO X, which runs on the WOO token, announced this week that it will be partnering with Wintermute to increase liquidity.
With a combined trading volume of about .6 trillion, Wintermute is an algorithmic trading company and liquidity provider. Thanks to its partnership with WOO X, it now serves as the primary liquidity provider for the exchange.
Another market maker, Selini Capital, joined WOO X in order to extend its designated market maker (DMM) program and gain access to over 135 perpetual markets.
When WOO debuted on the open market in late 2020, its value was approximately .03. Woo Network surged ahead of the market in early 2021, breaking through the dollar in April and hitting a one-time high of .34 on May 9.
The price of WOO token has recovered after suffering a significant drop over the weekend. Over the weekend, it dropped to a low of .35, but it rose to a high of .42 following that. WOO continues to be higher above the 50-period moving average.
Woo Network Price Prediction
Additionally, it appears to be creating a double-top pattern, with the upper side located at .4578. The Relative Strength Index (RSI) is heading toward the 70 overbought level after making an upward trend.
As a result, investors are aiming for the double-top point at .4578, which is around 15% above the current price, which indicates a bullish view for the cryptocurrency.
The Woo Network short-term price projection for 2023 by CoinCodex shows that the token will fall to .411 by December 24 and rise to .4881 by January 18. The technical analysis on the website was bullish, with 24 indications indicating a bullish trend and only four indicating a bearish trend.
According to DigitalCoinPrice, Woo Network will trade at .19 at some time in the upcoming year. PricePrediction.net and Bitnation, on the other hand, were more conservative and predicted that WOO would be worth .58 and .18 in 2024, respectively.
Featured image from Binance Academy
NFT Sales Dip 14%, Yet Buyers Increase: Weekly Report Reveals $91 Million Traded
According to the latest statistics, sales of non-fungible tokens (NFTs) have taken a 14% dip compared to the preceding week, tallying up to .86 million in the past seven days. Interestingly, the count of purchasers rose by 38%; however, NFT transactions witnessed a decline of over 30% during this week.
NFT Transactions Dip Over 30% Amid 14% Sales Decrease
From Sunday, August 20, to Sunday, August 27, 2023, the journey of non-fungible token sales led to a total of .86 million exchanging hands throughout the week. However, there was a slip in sales, marking a 14.06% decline from the previous week. Among these figures, Ethereum sales, though 13.87% lower this week, maintained a lion’s share, contributing .35 million to the overall total of .86 million. Solana secured the second spot in blockchain sales, amassing a sum of ,592,656 over the course of the past seven days.
Nevertheless, Solana sales faced an 8.95% drop compared to last week’s SOL-based NFT sales. The sales leaderboard showcased Ethereum and Solana at the forefront, followed by Polygon, Mythos, Immutable X, BNB, and Bitcoin. Bitcoin’s position remained consistent in seventh place for three consecutive weeks, having slipped from its former second position. BTC-centric NFTs garnered ,130,582 this week, yet these numbers were 22.05% lower than the previous week’s records. Among the top ten blockchains, Cardano and Arbitrum were the sole gainers in terms of percentage growth this week.
Shifting the focus to the most prominent collections over the past seven days, the Bored Ape Yacht Club (BAYC) emerged as the frontrunner, securing .18 million. Despite facing turbulent times in recent weeks, resulting in a significant decrease in the collection’s floor value, BAYC NFT sales defied the odds by surging 99% higher than the previous week. Following closely behind BAYC were Dmarket, Sorare, Draftkings, Cross the Ages, and Mutant Ape Yacht Club, in that order. Notably, Cross the Ages experienced an astonishing 1,025.50% surge in sales compared to the previous week.
Topping the list of notable NFT sales this week was BAYC #7485, which fetched 5,923 merely 15 hours ago. A close second was an NFT named “Crown,” which changed hands six days prior for 8,187. The third and fourth spots were claimed by two BAYC NFTs, while the fifth position was secured by a Cryptopunks NFT that commanded a price of 8,371. Interestingly, a significant majority of the top 20 NFT sales this week hailed from the Cryptopunks NFT collection.
What do you think about this week’s NFT sales data? Share your thoughts and opinions about this subject in the comments section below.
Weekly NFT Sales Dip by 1.18% Despite Rising Buyers and Transactions
Based on the most recent week-long data, non-fungible token (NFT) sales experienced a slight decline of 1.18% from the previous week. Despite a recorded 7.05 million in NFT sales, there was a noteworthy rise of 86.71% in the number of buyers. Additionally, NFT transactions increased by a significant 34.66%.
Weekly Digital Collectible Sales Cool Off
This week, NFT sales showed a minor dip, declining by 1.18% compared to the previous week. Out of the 7.05 million in NFT transactions, a significant 61% or .86 million originated from the Ethereum blockchain.
Furthermore, sales of ETH-based NFTs climbed by 7.41% from the prior week. Solana trailed behind Ethereum, boasting sales of around .64 million, marking a 4.8% uptick.
After Solana in the NFT sales race came Polygon, posting sales of .41 million. Mythos followed closely with .30 million, trailed by Immutable X at .55 million, BNB Chain’s .46 million, Bitcoin’s .62 million, and Flow registering .46 million.
Together, these eight blockchains constituted a commanding 96.49% of this week’s total NFT sales. The past week’s top-performing NFT collection was Degods, amassing .59 million. Hot on its heels was Dmarket, tallying about .25 million, while Bored Ape Yacht Club (BAYC) clinched the third spot with sales hitting .43 million.
Trailing the three leading digital collections were Gods Unchained, Draftkings, Sorare, Mutant Ape Yacht Club (MAYC), Wreck League, The Captainz, and Cryptopunks. Together, these top ten NFT collections contributed a substantial .73 million, making up 36.17% of the week’s entire sales.
In the past week, the standout sale was Autoglyph #490, clinching the top spot with a sale of 7,331 just four days ago. Following that sale was Cryptopunk #7107, fetching 4,198 on August 18, while Cryptopunk #5342 wasn’t far behind, securing 0,877 that same day.
Notably, the next two top NFT sales also featured Cryptopunks — with #3306 and #557 both crossing the 0K mark. Rounding out the top six was Fidenza #829, which commanded a price of 6,350 on August 17. In total, these six NFTs raked in an impressive 3,509.
What do you think about this week’s NFT sales? Share your thoughts and opinions about this subject in the comments section below.
ADA Price Plunges 5%, Can Buyers Save The Key $0.275 Support?
Cardano’s price started a fresh decline from well above .30. ADA is testing .275 and remains at risk of more downsides in the near term.
- ADA price is gaining bearish momentum below the .30 level against the US dollar.
- The price is trading above .288 and the 100 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near .288 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
- The pair could start a recovery wave if there is a close above the .30 resistance.
Cardano’s ADA Price Extends Losses
In the past few days, Cardano’s price saw a fresh decline from well above .308. The price traded below the .300 and .288 support levels to move into a bearish zone, similar to Bitcoin and Ethereum.
The price even declined below .280 and tested the .275 support. A low is formed near .2752 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the downward move from the .3018 swing high to the .2752 low.
ADA price is now trading below .288 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near .288 on the 4-hour chart of the ADA/USD pair.
On the upside, immediate resistance is near the .285 zone. The first major resistance is forming near the .288 zone and the trend line. It is close to the 50% Fib retracement level of the downward move from the .3018 swing high to the .2752 low.
Source: ADAUSD on TradingView.com
The next key resistance might be .300. If there is a close above the .300 resistance, the price could start a decent increase. In the stated case, the price could rise toward the .320 resistance zone.
More Losses in ADA?
If Cardano’s price fails to climb above the .288 resistance level, it could start another decline. Immediate support on the downside is near the .275 level.
The next major support is near the .262 level. A downside break below the .262 level could open the doors for a sharp fresh decline toward .235. The next major support is near the .220 level.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – .275, .262, and .235.
Major Resistance Levels – .285, .288, and .300.
Solana Price Sparkles With 9% Increase, But Why Do Buyers Remain Cautious?
Solana (SOL) has managed to shake off recent price dips, rekindling bullish optimism among investors. This resurgence comes on the heels of a determined effort by sellers to flip the altcoin’s trajectory bearish, following a price rejection at the critical resistance level.
However, SOL’s retreat from this resistance proved to be a strategic move as it found support in the bullish order block (OB) at , setting the stage for a renewed uptrend.
SOL’s journey from the formidable price mark to the bullish order block at was pivotal. A recent price analysis has underscored the importance of this OB as a key level for the altcoin’s potential reversal of fortunes.
With a long-term perspective in mind, Solana’s ability to rally from this OB demonstrates the resolve of buyers to reclaim control. This recovery has not only bolstered sentiment but also signified the strategic importance of this price juncture in steering the trend.
BTC’s Influence On SOL’s Trajectory
One notable factor underpinning Solana’s current narrative is the role of Bitcoin (BTC), the flagship cryptocurrency. As SOL seeks to flip the .3 resistance level into a supportive base for further gains, its success may very well depend on the continued bullish advance of Bitcoin.
The interplay between these two prominent cryptocurrencies remains a significant aspect to monitor, as BTC’s trajectory often influences the broader altcoin market sentiment.
At present, Solana stands at a price of .50, as per CoinGecko data. Despite a slight decline of 1.0% over the last 24 hours, the altcoin has showcased a commendable seven-day rally of 8.8%, indicative of its capacity to rebound from adversities.
However, a notable challenge emerges as SOL inches closer to the .7 mark. The impending supply pressure at this level could potentially stall the upward momentum, prompting a sideways trend and leading to a consolidation phase.
Solana: Clearing The Path Forward
Should the SOL price encounter intensified supply pressure around the .7 threshold, a distinct possibility is the emergence of a narrow price range during trading sessions.
This consolidation phase, while seemingly a temporary lull, may serve a vital purpose. By trimming away weaker positions, this period could pave the way for a definitive directional movement.
The shedding of less robust positions would ideally set the stage for a more sustainable bullish advance, as the altcoin continues its journey to reclaim lost ground.
As the altcoin navigates potential consolidation, investors are watching closely, anticipating the emergence of a clearer path forward in this dynamic crypto landscape.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Ana Silva/Getty Images
NFT Sales Rise by 11% This Week as Buyers Surge 95% in Latest Data; ETH Dominates With $85.43 Million in Sales
In the most recent data, non-fungible token (NFT) sales for this week have experienced a rise of 11.60% compared to the previous week. Moreover, the number of individual buyers purchasing NFTs in the past seven days has jumped 95.20%, reaching a total of 664,096 buyers.
This Week’s NFT Sales See a Modest Rise of More Than 11%, Bitcoin-NFTs Still Hold Second Position
According to data from cryptoslam.io on June 20, 2023, the past week has seen a modest increase in NFT sales, with a recorded total of just over 6 million. This marks an approximate rise of 11.60% compared to the previous seven days.
Despite a slight dip of 1.99% in the number of NFT transactions, which amounted to 2,271,293 last week, there has been a surge of over 95% in the number of NFT buyers. Statistics show approximately 664,096 buyers have been recorded in the past seven days.
Out of the total NFT sales amounting to 6 million, a significant portion of .43 million was attributed to ETH-based NFTs, while .38 million came from BTC-centric NFTs. It is worth noting that Bitcoin-based NFTs have consistently maintained their second position among blockchains in terms of sales for several consecutive weeks.
Notably, ETH-based NFT sales experienced a spike of 18.11% within a week, whereas BTC-based NFT sales saw a jump of 10.84% compared to the previous week. Rounding out the top five blockchains for weekly NFT sales, we have Solana, BNB Chain, and Mythos following behind ETH and BTC.
This week, the leading position for NFT sales belongs to the collection called Uncategorized ordinals, which amassed .18 million in sales. Following closely behind is the Grails II collection sold by the luxury auction house Sotheby’s, which generated approximately .67 million in sales.
Completing the roster of the top five collections include the Bored Ape Yacht Club (BAYC), Dmarket, and Gods Unchained NFT card sales. Mutant Ape Yacht Club (MAYC) and Azuki are right on the heels of the top five contenders.
Additionally, among the five most expensive NFT sales this week, two noteworthy NFTs from Sotheby’s Grails II collection secured spots on the list, with the top sale reaching .4 million. Additionally, two NFTs originated from the Uncategorized ordinals collection, while one NFT emerged from the BNB chain.
What are your thoughts on the 11% rise in NFT sales and the surge in buyers this past week? Share your thoughts and opinions about this subject in the comments section below.