The Bank of Thailand might be increasing its gold reserves to power a de-dollarized trading system, according to Jan Nieuwenhuijs, a gold market analyst. Nieuwenhuijs states that the Bank of Thailand’s constant gold purchases might indicate the nation is preparing to address the possible trade imbalances derived from using Mbridge, a CBDC cross-border settlement project. […]
Bitcoin News
Ethereum Eyes $4,000 Comeback Fueled By Bullish Buying Spree
Ethereum (ETH), the world’s second-largest cryptocurrency, has been on a tear lately. After months of hovering, the coin has seen a surge in price, and analysts are now pointing to signs within the derivatives market suggesting this rally might have legs.
Taker Buy Sell Ratio Nears Equilibrium
One key indicator is the Taker Buy Sell Ratio, a metric that tracks the volume of buy orders compared to sell orders in ETH’s perpetual futures market. Traditionally, a ratio below 1 suggests more sell orders are flooding the market, potentially driving the price down. Conversely, a ratio above 1 indicates a dominance of buy orders, often a bullish signal.
SEC Okays Spot Ethereum ETFs, Market Expectations Reversed
The news that the US SEC has approved spot Ethereum ETFs has caused a sharp reversal in the market’s expectations for Ethereum ETF rejection this week, and as a result, the price of Ethereum (ETH) is moving erratically in late Thursday activity.
As of right now, Ethereum was trading for about ,770. That is both considerably higher than the previous session low of ,500 and sharply lower than the previous session highs of over ,000.
BOOM!! APPROVED! There it is. The SEC just approved spot #Ethereum ETFs. What a turn of events. It’s really happening.
h/t @PhoenixTrades_ pic.twitter.com/KQ39mDyCbT
— James Seyffart (@JSeyff) May 23, 2024
CryptoQuant, a leading crypto analytics platform, recently reported that ETH’s Taker Buy Sell Ratio, observed using a 7-day simple moving average, is poised to cross above its 1-center line. This signifies a decline in sell orders and a potential rise in buying pressure. This suggests that the coin may soon retake the ,000 price level.
This upward trend in the Taker Buy Sell Ratio indicates a potential shift in market dynamics, noted ShayanBTC, a pseudonymous analyst at CryptoQuant. If the ratio continues to rise, it may signal a reduction in aggressive selling pressure, which could be a positive development for ETH’s price, ShayanBTC added.
Futures Open Interest Reaches New Highs
Another data point bolstering the bullish case comes from the Futures Open Interest metric. This metric tracks the total amount of outstanding futures contracts that haven’t been closed or settled. A rising Open Interest suggests more traders are entering new positions, potentially anticipating a price increase.
According to Coinglass, another crypto analytics platform, ETH’s Futures Open Interest has skyrocketed to a new all-time high of billion. This signifies a surge in market participation, with more traders betting on ETH’s future.
The all-time high OI suggests a significant increase in investor confidence. This could be due to several factors, including growing institutional adoption of ETH and the upcoming Ethereum 2.0 upgrade.
Featured image from Explorersweb, chart from TradingView
XRP Declares War On Uncertainty: Analyst Predicts Breakout Fueled By Regulation
XRP, a crypto that has faced regulatory challenges, is back in the spotlight with analyst Dark Defender predicting a potential price surge by mid-2024. Defender’s analysis hinges on a confluence of factors, including technical indicators, anticipated regulatory changes, and broader market trends.
Technical Breakout Aligns With Regulatory Shift
Utilizing Fibonacci Time Zones and Elliott Wave Theory, Defender forecasts a significant price increase for XRP before July. This technical prediction coincides with potential regulatory developments that could reshape the cryptocurrency landscape.
1. The House of Representatives passed landmark #crypto legislation yesterday, the #FIT21 Bill.
2. ETFs are loading…
3. #RLUSD was born
4. The lawsuit decision is Soon.Meanwhile;
In accordance with our Elliott Waves, Fibonacci Time Zones says we must commence the… pic.twitter.com/yQFk8NxWIW
— Dark Defender (@DefendDark) May 23, 2024
The recent passage of the FIT21 Bill by the US House of Representatives is seen as a significant step towards establishing clearer regulations for digital assets. This could create a more welcoming environment for cryptocurrencies like XRP, potentially leading to wider adoption and increased investor confidence.
Investors Embrace Crypto, But Newcomer Shakes Things Up
The cryptocurrency market is witnessing a growing appetite from institutional investors, with Exchange Traded Funds (ETFs) increasingly incorporating digital assets into their offerings.
This trend signifies growing recognition of the long-term potential of cryptocurrencies and could provide a significant boost to XRP’s value. The inclusion of cryptocurrencies in ETFs validates their legitimacy and opens the door for a wider pool of institutional capital to flow into the crypto space.
Legal Battle Looms Large, Verdict Could Impact XRP’s Trajectory
Perhaps the most significant factor influencing XRP’s future lies in the ongoing legal battle surrounding its regulatory status. A verdict, expected any day now, could have a profound impact on the currency’s trajectory.
A favorable outcome could eliminate a major hurdle for XRP, paving the way for wider acceptance and market growth. Conversely, an unfavorable verdict could create new regulatory roadblocks, hindering XRP’s progress.
The legal battle casts a long shadow over XRP’s future. Investors should be mindful of this uncertainty, but they should also consider the positive technical indicators and the changing regulatory landscape. The coming months will be crucial for XRP, and the outcome of the lawsuit could very well define its role in the evolving cryptocurrency ecosystem.
Featured image from Pexels, chart from TradingViw
Ethereum Fueled Up: Will 320 Million USDT Inflow Ignite Price Surge?
The winds of change are swirling around Ethereum (ETH), the world’s second-largest cryptocurrency. While the Ethereum network itself is buzzing with activity, the price of ETH has taken a tumble in recent days, leaving investors scratching their heads.
A glimmer of hope emerged with Tether’s (USDT) recent movement. Tether, the issuer of the world’s most popular stablecoin pegged to the US dollar, transferred a whopping 8 million worth of USDT from its treasury wallet directly to exchanges on the Ethereum network.
This outflow suggests potential anticipation of increased demand for USDT, which could, in turn, signal rising investor interest in the broader cryptocurrency market.
Historically, Tether has minted large amounts of USDT during periods of heightened crypto activity, and the rumor mill now churns with speculation that another billion USDT might soon be minted specifically on Ethereum.
However, analysts caution against blind optimism. While an increase in USDT activity could bode well for Ethereum, it’s not a guaranteed path to prosperity.
Other blockchains, like Tron, are also capable of handling USDT transactions, offering investors alternative avenues.
Price Woes And Investor Sentiment
Meanwhile, the price of ETH has stubbornly refused to cooperate. As of today, ETH is trading below the crucial ,000 mark, having dropped by nearly 3% in the last 24 hours.
Ethereum has lost 11% of its value in the last seven days, data from Coingecko shows.
Related Reading: Toncoin Unleashes DeFi Monster Growth: TVL Soars 300% In A Month
A further price drop below ,000 could trigger panic selling, exacerbating the downward spiral.
The current situation presents a complex picture for Ethereum. While Tether’s recent move and steady network activity offer slivers of optimism, the declining price and NFT market correction paint a contrasting picture.
A Hive Of Activity Despite Stress On Price
While the price of ETH might be feeling the heat, the Ethereum network itself is humming with activity. Unlike the recent slump in the NFT (Non-Fungible Token) market, overall network usage has remained remarkably consistent.
This suggests a shift in focus within the Ethereum ecosystem. While the flamboyant world of NFTs might be experiencing a temporary correction, other sectors within Ethereum are picking up the slack.
The rise in DeFi (Decentralized Finance) transactions, stablecoin swaps, and general token activity could be the hidden forces keeping the network busy.
Featured image from Pexels, chart from TradingView
FDUSD Climbs the Stablecoin Ladder, Fueled by Trading Volume and Supply Growth
Statistics indicate that the first digital usd (FDUSD), a recently introduced fiat-pegged token launched in August 2023, has risen to become the fourth-largest stablecoin based on market capitalization. Currently, FDUSD holds the fourth position in terms of 24-hour global trading volume. FDUSD Claims Fourth Spot Among Stablecoin Titans In the realm of U.S. dollar-pegged cryptocurrencies, […]
Bitcoin News
Donald Trump’s Crypto Portfolio Soars to $7.5 Million, Fueled by TRUMP Coin’s Ascension and Ethereum Gains
After the former 45th President of the United States, Donald Trump, saw his cryptocurrency holdings exceed million, just ten days later, the value of Trump’s digital asset collection has escalated to .5 million. This increase is largely due to .66 million emanating from the cryptocurrency he holds called TRUMP, which has experienced a significant […]
Bitcoin News
Polygon (MATIC) Price Fueled By Increase In Whale Activity
Polygon’s native coin MATIC continues to gain traction as the cryptocurrency experienced an impressive increase in whale transactions over the past 30 days, bolstering price growth for the digital asset and the ecosystem.
Whale Activities Propels Polygon MATIC’s Growth
Recently, Polygon MATIC’s whale transaction volume significantly increased over the past 30 days, which has sparked increased interest in the crypto asset. Whale transactions are classified as transactions that are over 0,000.
Data from on-chain analytics firm IntoTheBlock has revealed a 3,800% increase in whale transactions within the Polygon network. The increase in whale transactions might indicate the presence of active buying and selling maneuvers from institutional and large-scale investors.
“Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over 0k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago,” IntoTheBlock stated.
Initially, whale transactions from major players can influence the market dynamics of a cryptocurrency asset. This is one reason why MATIC’s price has experienced a significant uptick in recent weeks.
Furthermore, it was also revealed that wallets holding 100,000 to 1 million MATIC have amassed over 42.88 million of the token since October 24. In addition, 161 transactions totaling 0,000 or more were conducted in a single day—the most since July 2023.
MATIC’s price is not the only asset this increase in whale activity has positively impacted in the last 30 days. The crypto’s market capitalization has also increased significantly following the whale activities and accumulation, recording a 62% increase in the past 30 days.
MATIC’s Performance Over The Past Week
Just last week, the cryptocurrency went past the .75 price mark, indicating an over 50% increase in price surge in the last 20 days. This means the crypto is showing significant strength, which could see it reaching the mark by the end of the year.
MATIC experienced a 33% year-to-date (YTD) decline in September but recovered within a month. The MATIC’s price rally puts it in a profit-making position.
Currently, the price of MATIC is .87, with a 24-hour trading volume of 3,748,349 as of the time of writing. Its market capitalization is valued at 3,748,349, with an over 4% increase in the past 24 hours, according to CoinMarketCap.
In addition, the web3 gaming platform Immutable recent partnership with Ubisoft might also significantly affect the price of MATIC. This is because the platform is the first to establish a zero-knowledge (zk) scaling solution for the Ethereum (ETH) community, and Polygon will power the platform’s zkEVM.
Salvadoran Vice President Felix Ulloa: Bitcoin Adoption Fueled El Salvador’s ‘Rebirth’
The Salvadoran vice president, Felix Ulloa, has given his opinion about the relationship between the “rebirth” of the country and the adoption of bitcoin as legal tender in a recent interview. For Ulloa, bitcoin has been an important factor, alongside others, in this revamp of El Salvador, drawing crypto-related investments and tourists to the country.
Salvadoran Vice President Felix Ulloa: Bitcoin Enthusiasm Attracted Investors
The Salvadoran vice president Felix Ulloa linked the positive developments in the country’s economy and the adoption of bitcoin as legal tender. El Salvador became the first country to adopt bitcoin as legal tender back in 2021, under the guidance of Salvadoran president Nayib Bukele.
While some multilateral organizations like the International Monetary Fund (IMF) questioned this, heavily criticizing Bukele’s actions and calling on the country to drop the plan, Ulloa stresses that this has had a positive effect on the country.
In a recent interview, Ulloa told Forbes:
The enthusiasm that started in the sphere of the digital economy, with bitcoiners, where El Salvador, having positioned itself as the first country to adopt a cryptocurrency as legal tender, was at the forefront and attracted many investors who are in fact installed in Salvador.
Tourism, Bitcoin, and Development
For Ulloa, another industry that has seen a sharp recovery after the Covid-19 pandemic has been tourism, with this increase being linked to the country’s new security policies and bitcoin.
Bitcoin as legal tender makes it easy for tourists who enter the country to pay for goods and services without worrying about currency exchanges, Ulloa stressed.
President Bukele had linked bitcoin and the recovery of the tourism industry before. In August 2022, Bukele stated:
Only a handful of countries have been able to recover its tourism to pre-pandemic levels. And that’s international tourism, so the reasons behind it are mostly bitcoin and surf.
However, Ulloa takes this link even further, explaining that these two (tourism and bitcoin) are part of the recovery that El Salvador experienced during Bukele’s administration. He detailed:
Without a doubt, tourism and the use of digital currencies go hand in hand and are a sign of that future and the rebirth of our country.
What do you think about Felix Ulloa’s thoughts on the influence that adopting bitcoin as legal tender has had on the economic recovery of El Salvador? Tell us in the comments section below.
Bitcoin Rally Fueled By USD Coin (USDC) Rotating Into BTC: Santiment
On-chain data from Santiment suggests the latest Bitcoin rally may have been fueled by USD Coin (USDC) shifting into the cryptocurrency.
USD Coin Shark And Whale Addresses Have Declined Recently
According to data from the on-chain analytics firm Santiment, USDC whale and shark addresses have gone down by almost 8% in the last two months. The relevant indicator here is the “Supply Distribution,” which tells us the total number of addresses that belong to each wallet group in the market right now.
The wallet groups here are divided based on the number of USDC tokens that they are holding currently. For example, an address that’s holding five coins will be included in the 1-10 coins group.
If the Supply Distribution metric is applied to this particular group, it will measure, among other things, the total number of addresses on the network whose balances fall inside this coin range.
Now, in the context of the current discussion, the wallet groups of interest are the ones covering the 100,000-100 million coins range.
Here is a chart that shows the trend in the Supply Distribution data for the three address cohorts that make up this range over the last few months:
The significance of this coin range is that it includes two important USDC cohorts called the sharks and whales. As shown in the graph, the wallet groups that cover these investors had seen a rapid increase in their total addresses when the FTX collapse took place back in the November of 2022.
The reason behind this rise was that investors cashed out of cryptocurrencies like Bitcoin into the stablecoin as the crash occurred. In the last couple of months, however, the metric looks to have been going down instead.
In total, these three wallet groups have lost around 2,001 addresses, which represents a decrease of about 7.8%. This suggests that these sharks and whales have been leaving the stablecoin in this period, possibly for other cryptocurrencies like BTC.
Generally, investors use stables when they want to avoid the volatility that usually comes with the other assets in the sector. However, once they feel that the time is right to jump back into these volatile markets, they rotate back into their desired coins, thus applying buying pressure to them.
This buying pressure can naturally show up as a surge in the price of the cryptocurrencies that they have been shifting into. From the chart, it’s visible that since the USDC shark and whale addresses have started to trend down, Bitcoin has caught an upwards momentum.
A potential interpretation of this trend can be that the latest BTC rally has been, at least in part, fueled by the buying pressure applied by these USDC sharks and whales.
Bitcoin Price
At the time of writing, Bitcoin is trading around ,000, up 6% in the last week.
Bitcoin Price Kicks Off the Week In Red, What Fueled The Crash?
The Bitcoin price has been moving sideways as October marches on, and the cryptocurrency experiences downside volatility. On low timeframes, the sentiment in the market is neutral with upticks towards the bullish side, but on higher timeframes, BTC has been stuck in the same range for months.
At the time of writing, the Bitcoin price trades at ,150 with a 2% loss in the last 24 hours and sideways movement in the last 7 days. BTC’s price remains rangebound in its current levels and with occasional re-test of resistance at ,500 due to macroeconomic conditions.
BTC’s price trends to the downside on the 1-hour chart. Source: BTCUSDT Tradingview
Bitcoin Price Sees Spike In Volatility
The Bitcoin price was recently rejected from the ,500 area as the U.S. economy records higher-than-expected levels of employment and resilience to the Federal Reserve (Fed) monetary policy. The financial institution took over the attention of the financial sector.
The current economic narrative gravitates around the same topics, how far is the Fed willing to go to mitigate inflation, taking markets down with it? And how much pain can the U.S. allies take before the financial institution pivots?
From this main narrative, there are different sub-plots with a potential economic recession taking center stage. In the crypto sector, there are actors already expecting the Bitcoin price to rally as central banks maintain their aggressive approach increasing the chances of breaking key components of the global economy.
In that sense, the upcoming Fed Federal Open Market Committee (FOMC) meeting this Wednesday might provide more insight into the institution’s strategy. This event is probably driven by the Bitcoin price’s increase in volatility.
In the past, the cryptocurrency has seen similar price action ahead of the event, and bullish price action in the days after. This time the U.S. Dollar, as measured by the DXY Index, might operate as a short-term headwind against the cryptocurrency.
On daily timeframes, the DXY was able to score a new monthly high for October as the currency continues its uptrend. At the time of writing, the dollar seems poised to revisit the area around 115, which could limit the upside potential for the Bitcoin price, and three key global currencies: the Japanese Yen, the Euro, and the British pound.
DXY Index is on an uptrend in the daily chart. Source: Tradingview
When Will The Fed Pivot?
In the short term, the Bitcoin price needs to see a retrace in the U.S. dollar to mitigate the downside pressure. As long as the dollar remains strong, risk-on assets and global currencies are likely to trade in the red.
Pressure is already mounting on the Fed to halt their monetary policy and interest rate hike program. From international bodies to hedge funds, the global market is asking for mercy, but the Fed and its Chairman Jerome Powell seem adamant.
Despite UN’s call for the Fed to halt hikes, J. Powell seem adamant to taming inflation – with no other objectives. That stance paired with refuelled recession worries, have driven equities down to nearly oversold levels.
7/n
— AndreasStenoLarsen (@AndreasSteno) October 10, 2022
On Wednesday, if the Fed reiterates its position, the Bitcoin price might continue to see downside volatility. In this scenario, traders should watch key support levels at ,600 and ,600 to prevent a larger drawdown.