The U.S. Securities and Exchange Commission (SEC), the Federal Reserve Board (FRB), and the California Department of Financial Protection and Innovation (DFPI) have taken action against Silvergate Capital Corp., the holding company for Silvergate Bank, and its former executives for misleading investors and failing to monitor significant transactions. Silvergate has agreed to pay penalties without […]
Bitcoin News
Dogecoin’s Ownership Shifts: Whales Downsize As Prices Dip, Who’s In Charge Now?
As the crypto market endures another tumultuous period, Dogecoin has seen significant changes in its ownership structure. Recent data from IntoTheBlock reveals a notable shift, with major Dogecoin whales—those holding more than 0.1% of the total supply—reducing their stakes.
Dogecoin Redistribution: Who Is In Charge Now?
IntoTheBlock data indicates that this position reduction from these whales has been ongoing for the past year. Specifically, the share of Dogecoin controlled by these large holders has decreased from 45.3% to 41.3%.
This trend suggests a possible decentralization of ownership or a strategic shift in the holdings of larger investors, perhaps in response to market conditions or broader cryptocurrency trends.
Simultaneously, this decrease among major holders has been accompanied by increased ownership among retail and mid-sized investors. These smaller investors have seized the opportunity to accumulate more Dogecoin, raising their collective stake in the total supply.
This redistribution of Dogecoin holdings could indicate a growing democratization in the investment landscape of this particular cryptocurrency.
As more individuals and smaller investors become significant stakeholders, the dynamics of market reactions to news and events could shift, potentially leading to increased market stability or different volatility patterns based on these new majority holders’ trading behaviors.
Price Dips: Traders Suffer, Analysts Remain Optimistic
Meanwhile, the decentralization of Dogecoin holdings contrasts with the current market conditions, where the price of Dogecoin has fallen nearly 10% in the last 24 hours to .211.
This decline is part of a broader downturn that saw the cryptocurrency shed 12.5% of its value over the past week, bringing its market capitalization below billion.
This downward trend in Dogecoin’s price is impacting traders significantly. According to Coinglass, the last 24 hours have seen 165,199 traders liquidated, contributing to 9.04 million in total market liquidations.
Dogecoin traders alone have faced about .89 million in losses. Liquidation in the crypto market refers to the forced closure of leveraged positions due to a partial or total loss of the trader’s initial margin. This happens when they cannot meet the margin requirements for their leveraged position.
Despite the prevailing bearish trends, the sentiment isn’t universally negative. Santiment reports a decrease in crowd sentiment towards Dogecoin, suggesting that the current low prices might offer a buying opportunity for patient investors.
This perspective aligns with observations from market analysts who see the potential for recovery. Particularly, Trader Tardigrade, a renowned crypt analyst on X, describes a “Ladle Pattern” in Dogecoin’s price movements, indicating a potential bullish trend.
$DOGE has been forming Ladle Pattern in each cycle.
The bowl is ready
Are you ready for the shaft??
Ride on it#Dogecoin pic.twitter.com/zJQBnWuoSv
— Trader Tardigrade (@TATrader_Alan) June 15, 2024
Meanwhile, Crypto analyst Javon Marks predicts a significant upswing for Dogecoin, anticipating a price surge based on historical performance and projecting an optimistic future for the meme coin amidst its current lows.
Featured image created with DALL-E, Chart from TradingView
Bulls Takes Charge: XRP Price Undergoes Brief Recovery
XRP has recently experienced a temporary recovery amidst ongoing market volatility. After a period of sustained downward pressure, XRP’s price has rebounded, offering a brief respite for traders and investors. This recovery comes amid a broader context of fluctuating market conditions, driven by various factors including regulatory developments, market sentiment, and overall cryptocurrency market trends.
Despite this positive movement, the market remains highly unpredictable, and it is uncertain whether XRP’s recovery will be sustained in the long term. Investors are closely monitoring the situation, analyzing technical indicators and external factors to gauge the potential trajectory of XRP in the coming days. This introduction explores the factors behind XRP’s temporary recovery and the implications for its future performance in a volatile market environment.
Technical Overview Of XRP Price
Technically looking at the chart from the 1-hour chart, it can be observed that XRP is attempting a recovery move from its downward surge. This move, however, will lead to more drop in XRP as the price is trading below the 100-day Simple Moving Average (SMA).
The 1-hour Relative Strength Index (RSI) indicator also confirms this as the RSI line is currently moving toward the 50% level. Therefore the RSI line suggests that XRP’s price will move upward to a point where the price will begin to drop again.
From the 4-hour chart, it can be observed that XRP is also attempting an upward recovery move after creating support at .4714.
A final look at the chart with the 4-hour RSI indicator reveals that the price of XRP will still move upward for a while before continuing in its downward trend. The reason for this is that the RSI line is attempting an upward move out of the oversold zone.
The Crypto Asset Poised For More Drop
In conclusion, XRP’s recent temporary recovery amidst market volatility highlights the dynamic and unpredictable nature of the cryptocurrency market. Thus far, this recovery has led to XRP moving toward the 1-hour resistance level of 0.4887. If the price breaks above this level, it may move higher to test the .560 level.
However, it should be noted that this is just a temporary move, as at some point the price will start declining again. When this happens, XRP will begin to move toward the .4714 support level. Should the asset break this level, it will continue to move downward to test the .4546 support level and may probably move on to test or create new levels.
With a market capitalization of more than billion and a trading volume of more than .2 billion as of the time of writing, the price of XRP is up by 0.04%, trading at around .4802 in the last 24 hours. XRP market cap and trading volume are currently down by 1.09% and 11.13% respectively.
Best 4 Altcoins to Buy for 10x Profits in June 2024: PolitiFi Tokens Leading The Charge
With the cryptocurrency market constantly evolving, investors are always on the lookout for the next big opportunity. Here, we highlight the top four altcoins that are poised to offer substantial returns in 2024.
1. MAGA VP ($MVP)
MAGA VP ($MVP) is making waves in the crypto community with its unique blend of political engagement and rewarding mechanisms. Known for its strong community support and strategic partnerships, $MVP offers token holders rewards in $TRUMP tokens and participates in significant political events. Recent developments include the launch of a new app featuring a prize pool for voting activities, making it a compelling investment for 2024.
2. NOT Token
Notcoin is a Telegram-based game that has garnered the interest of millions of players in recent months. The game has amassed a total of 35 million players, reaching a peak of six million daily active users. This makes it significantly more popular than most other crypto games.
After experiencing a retracement from its previous high, Notcoin (NOT) has started to show significant bullish momentum, capturing the attention of both traders and investors alike. This continuing upward trend suggests a strong level of market confidence and growing optimism regarding its future potential.
3. Solana (SOL)
Solana continues to be a favorite among investors due to its high-speed transactions and scalability. Solana (SOL) is an open-source project leveraging blockchain’s permissionless structure to provide decentralized finance (DeFi) solutions.
The platform has experienced a surge in the total value locked (TVL) in its DeFi applications. This trend is also boosting the popularity of meme coins on the Solana blockchain. Should market conditions shift, this dynamic could position Solana as a noteworthy crypto asset, making it one of the top altcoins poised for significant growth.
4. Ethereum (ETH)
Ethereum remains a cornerstone of the cryptocurrency market. With ongoing upgrades like Ethereum 2.0 and ETF involvement, ETH is set to maintain its position as a leading investment option. Despite facing criticism for high transaction fees, Ethereum remains a dominant force in the crypto space, powering thousands of applications and other altcoins with its robust blockchain infrastructure.
Conclusion
Investing in altcoins can be highly rewarding, especially with thorough research and strategic choices. The altcoins listed here, including MAGA VP ($MVP) and NOT Token, are set to deliver impressive returns in 2024. Stay informed and consider diversifying your portfolio with these promising assets.
Cover image from MAGA VP, Chart from Tradingview
Shifting Sands of Bitcoin Mining: How Hydro-Cooling Tech is Leading the Charge Post-Halving
Now that the halving has occurred and fees are at a six-month low, the profitability of application-specific integrated circuit (ASIC) mining rigs has shifted significantly. It is now essential to ensure electricity is inexpensive and machines are efficient in terms of joules per terahash. The following is an examination of today’s top six ASIC miners […]
Bitcoin News
US Authorities Charge Man in Connection With $43 Million ‘Classic’ Ponzi Scheme
U.S. authorities have charged a man they accuse of operating a Ponzi scheme, which purported to invest in a cryptocurrency trading enterprise. The operator of the scheme is accused of defrauding investors of at least million. FBI Assistant Director James Smith said the actions of Idin Dalpour not only “sever the trust of clients,” […]
Bitcoin News
US Authorities Charge Founders of Bitcoin Mixer Samourai Wallet for Laundering Over $100 Million
The U.S. Department of Justice has indicted the founders of Samourai Wallet, Keonne Rodriguez, and William Lonergan Hill, on charges of operating an unlicensed money-transmitting business and laundering over 0 million through illicit transactions. DOJ Indicts Samourai Wallet Founders for Allegedly Operating 0 Million Crypto Laundering Ring According to the indictment unsealed by the Southern […]
Bitcoin News
XRP Surges 12% As Bulls Take Charge, Expert Raises Target To $1.4
XRP has shown notable signs of renewed bullish momentum in the market. It bounced back from a significant 11% price drop on April 12th, which took the token to its lowest level of the year at .4230.
However, last week saw a solid 12% price recovery, with XRP outperforming the other top 10 altcoins in the market, behind only Solana (SOL) and Binance Coin (BNB).
Signs Of A Strong Bullish Trend Ahead For XRP?
On Tuesday, XRP hit a high of .5571, demonstrating its bullishness and outperforming its peers. This resurgence was paired with a spike in wallet activity, a positive sign for the token’s overall market sentiment.
According to the network intelligence platform Santiment, the number of wallets holding at least 1 million XRP has steadily increased over the past six weeks, rising by 3.1%. It is now just one wallet away from reaching an all-time high (ATH).
In addition, crypto analyst Ali Martinez reported a notable buying spree among XRP whales, who purchased over 31 million tokens in the past week alone. This has contributed to the cryptocurrency’s price recovery, emphasizing renewed confidence in its uptrend prospects.
Regarding price action, market analyst Egrag Crypto points out that XRP has formed a double bottom pattern, considered a strong bullish signal. This pattern, combined with the transition of the consolidation zone into a supply zone and the wicking area into a demand and accumulation zone, indicates a promising outlook for the token, according to the analyst.
Egrag Crypto is confident that a significant price spike or “thrust” is imminent, and the analyst has updated his target to .4 for XRP.
Critical Resistance Levels To Watch
Despite initial bullish outlooks for XRP, the token has retraced to the .5474 price level as of the time of writing, accompanied by a 14% decrease in market capitalization over the past 30 days.
Moreover, as XRP aims to reach higher levels, potential resistance barriers may impede the token’s recovery and the bullish trend. Analyzing the XRP/USD chart below reveals the immediate resistance at .5644, which has prevented consolidation above current levels for the past week.
After that, the final obstacle before a retest of the .600 zone lies at the .5884 level. This level previously served as a support floor for the token, leading to a rebound during the uptrend seen in March, which took XRP to its yearly high of .745.
Conversely, monitoring the support levels at .52910, .5184, and .5044 is crucial. If a bearish scenario develops in the coming days, these levels may prevent XRP from falling below .500.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Halving Sparks Next Bull Run: Cogwise Leads the Charge in Financial Prediction
In the ever-evolving landscape of cryptocurrencies and financial markets, few events generate as much anticipation and excitement as the Bitcoin halving. As this phenomenon approaches, there’s a palpable buzz in the air, with enthusiasts and investors alike speculating about its potential impact on the market. This time around, however, a new player has emerged on […]
Bitcoin News
Bitcoin Readying For A 12-Year Bull Run To $650,000 If Bulls Take Charge: Analyst
Even with Bitcoin prices facing pressure from sellers, Willy Woo, an on-chain analyst, thinks the coin will reach new highs thanks to the launch of new Bitcoin exchange-traded funds (ETFs). In a post on X, Woo said the coin could soar to as high as ,000 in a bear bottom but soar to as high as 0,000 in a bull market top.
However, Bitcoin will only soar to these mega valuations, assuming that leading asset managers will fully deploy their recommended allocations to the world’s most valuable crypto asset.
Bitcoin In A Wide Range
At spot rates, Bitcoin looks shaky. Even after the surge to all-time highs of over ,000 in mid-March 2024, the coin has been under pressure. So far, prices are within a range. There are caps at ,800, or an all-time high, on the upper end and around ,000 on the lower end of its current range.
As long as prices are inside this zone, the uptrend remains. This preview considers the formation established in the better part of Q1 2024 after the first spot of Bitcoin ETFs in the United States was approved.
In the post on X, the analyst should note that the rise to ,000 and 0,000 are long-term targets and not for the current market cycle. Most importantly, Woo added, it will depend on how fast and aggressively asset managers like BlackRock add BTC to their diversified portfolios.
Even so, this projection excludes inflows from non-custodial wallets. Capital flows from these wallets are projected to be higher due to rising crypto adoption.
Here’s How BTC Will Soar In The Coming Years
In Woo’s assessment, asset managers manage around 0 trillion globally. If they decide to invest 2% of their holdings in Bitcoin as Fidelity recommends, the asset could receive around trillion. Additionally, considering the coin’s value, based on on-chain movement, worth around 1 billion, the total investment would reach .56 trillion.
Using the Market Value to Realized Value (MVRV) ratio, Woo said BTC could soar to a market high of 0,000 in a bull cycle. The MVRV is a metric that compares market capitalization to on-chain investment.
Conversely, BTC could reach a swing low of ,000 if the crypto market crushes. The MVRV ratio is typically 5X in bull market tops and 0.7X in bear market bottoms.
Woo thinks Bitcoin, like gold, is ready for a 12-year bull run. Even so, adoption and emerging regulations in Europe and Asia will shape the path to ,000 and 0,000.