This weekend, following the first presidential debate of 2024, the prediction market Polymarket, powered by Polygon, saw a shift in the wager regarding whether incumbent President Joe Biden will withdraw from the race. Just two days prior, the odds of Biden stepping down were at 39%, and as of June 30, 2024, the probability has […]
Bitcoin News
WIF Heading For Rock Bottom? $2.2 Rejection Fuels Further Decline
Dogwifhat (WIF) is experiencing increased bearish pressure after facing a significant rejection at the .13 resistance level. This rejection marks a pivotal moment, pushing the price downward and signaling potential continued losses for the cryptocurrency.
Market analysts and investors are closely watching this development, as the inability to break through the .13 barrier underscores prevailing selling pressure. As WIF navigates this challenging phase, the focus shifts to identifying the next support levels and understanding the broader market implications of this downward trend.
The main objective of this study is to determine whether WIF’s current price action will stabilize at significant resistance levels or continue to decline. Presently, the market capitalization of WIF is over billion, with a trading volume of over 6 million. The cryptocurrency price is currently down by 3.45%, trading at roughly .04, while its market cap and trading volume are currently up by 0.44% and 30.66% respectively.
Market Analysis: The Impact Of .2 Rejection
On the 4-hour chart, the price of WIF started a bearish move below the 100-day Simple Moving Average (SMA) after the rejection at ,2. It can be seen that after the rejection, the price started building momentum before dropping.
The 4-hour chart Relative Strength Index (RSI) signals a bearish move for WIF as the signal line of the indicator has started dropping towards the 50% level.
Also, WIF’s price on the 1-day chart is currently bearish trading below the 100-SMA. This bearish move, as observed from the chart, started immediately after the price experienced a rejection at .2, which is now a resistance level.
Furthermore, the 1-day RSI for the price of WIF signals extended bearishness. Since the signal line in this case is still active below 50%, the crypto asset’s price may decline even further.
It should be noted that with the formation of WIF’s price actions and that of the RSI indicator, the price of WIF may continue declining toward the .47 support level.
Where Will WIF Find Stability?
As the price of WIF prepares for further decline, there are key support levels it may want to stabilize. If the coin finds stability at the .47 support level, it will start to move upward again toward the .25 resistance level. A break above this level may trigger WIF to move higher to test the .58 resistance level and might move on to test other higher levels.
However, if WIF fails to find stability at .47 support and breaks below, it will continue to decline towards the .71 support level. The crypto asset may pose a further decline toward the .26 support if the above-mentioned level is breached.
SEC Drama Fuels XRP Rally: Open Interest Skyrockets
The cryptocurrency XRP is making waves as open interest (OI) for the token experiences a dramatic rise. This surge in investor positioning coincides with the ongoing legal battle between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC).
Bullish Bets On The Horizon
Cryptocurrency analysis platform CryptoQuant detected a significant increase in XRP’s open interest, indicating a growing number of investors entering positions. This trend suggests a bullish sentiment, with investors betting on a potential price appreciation for XRP in the near future. The logic is simple: more investors entering the market with buy orders typically drives the price upwards.
Recent developments in the SEC lawsuit, which accuses Ripple of selling unregistered securities in the form of XRP, seem to be buoying investor confidence. A recent court decision, for instance, may have provided some clarity on the legal classification of XRP, potentially paving the way for a more favorable outcome for Ripple.
Volatility Ahead: Potential Market Swirls
While the surge in open interest is a positive sign for XRP bulls, CryptoQuant warns of potential market volatility on the horizon. Rising open interest can be a double-edged sword. It indicates increased market activity, but it can also lead to higher volatility.
A market with high open interest can resemble a busy intersection. Increased activity can lead to more opportunities, but it also raises the risk of sudden changes. Just as drivers need to be extra cautious at a crowded intersection, investors in a market with high open interest need to be prepared for potential volatility as new information or shifting market sentiment prompts investors to adjust their positions quickly.
This potential volatility underscores the importance of caution for XRP investors. While the current trend suggests optimism, it’s crucial to remember that the outcome of the SEC lawsuit remains uncertain and the broader cryptocurrency market is inherently volatile.
XRP Price Prediction
Meanwhile, XRP is predicted to rise by 21% to reach .602 by July 19, 2024. Despite this optimistic forecast, the current market sentiment remains bearish, indicating caution among traders. However, the Fear & Greed Index at 64 shows a state of greed, suggesting positive market activity and buying interest despite the prevailing caution.
In the past 30 days, XRP has seen 14 green days, or 47% of the period, indicating moderate positivity. The price volatility over this period has been 3.67%, which is relatively moderate for a cryptocurrency.
Featured image from Search Engine Land, chart from TradingView
Crypto Economy’s Rise Fuels Defi Sector to Surpass $100 Billion TVL
This week, as of March 9, 2024, the cumulative value held in decentralized finance (defi) platforms exceeded 0 billion for the first time since the downfall of Terra in May 2022. In the past 30 days, the leading three defi platforms have experienced an increase of at least 50%, fueled by the substantial rise in […]
Bitcoin News
FOMO Fuels Bitcoin’s 35% Jump, Options Flow Hints At Bigger Upswing
The price of Bitcoin seems on the brink of blasting past its all-time high (ATH) at the high area of its current levels. The cryptocurrency has been on a bull run due to the launch of spot Bitcoin Exchange Traded Funds (ETF), which officially onboarded institutions to the nascent sector.
As of this writing, Bitcoin (BTC) trades at around ,900 with a 3% profit in the last 24 hours. In the previous week, the cryptocurrency recorded a critical 22% profit. It stood as one of the three top gainers in the top 10 by market cap, only surpassed by Solana (25%) and Dogecoin (57%) in the same period.
Bitcoin-Based Derivatives Hint At Further Gains
Data from the derivatives platform Deribit indicates a spike in long positions by Options operators. Since early February, these traders have accumulated important call (buy) contracts with a strike price above ,000.
At first, as the report indicates, the increase in bullish positions was thought to be part of a Bitcoin “Halving” strategy. However, the BTC ETF Flows seem to be the key component behind the rally.
As cryptocurrency entered the ,000 area, several operators rushed to accumulate call contracts, leading to a Fear Of Missing Out (FOMO) rally to its current levels. The chart below shows that the FOMO buying began when BTC breached the ,000 level.
The spike in trading activity during yesterday’s session led to a significant jump in Implied Volatility (IV). Overleveraged positions further propelled the metric, Deribit stated:
The 62k to 64k surge was so quick, and with high leverage across the whole system, that when sales hit the market a cascade sent BTC down to 59k in 15mins, and some Alts (also massively leveraged) dropped 50% on some exchanges before promptly bouncing as BTC jumped to 61.5k.
As the market continues to experience sudden moves due to the high IV, there is little change in the market structure in the derivatives sector. In other words, Deribit still records a lot of bullish positions for the coming months, which suggests optimistic conviction by these players.
BTC Price On The Short Timeframe
Despite the bull run, the Bitcoin price could dip as euphoria takes over the market. According to economist Alex Krüeger, the spike in trading volume across the derivatives sector indicates the formation of a “local top.”
The analyst believes that retail has returned to the market driven by FOMO, which often hints at short-term predicaments for long traders. Krüger predicted further gains into the ,000 area via his official X account and then a drop into the ,000 area.
The analyst stated:
ATH are inches away. That’s price discovery territory. Thus very easy for things to get even crazier. This is just not where one opens new longs. Too easy to get a quick flush out of nowhere. Ideally we see funding cool down and price consolidate below ATH then break out.
Cover image from Dall-E, Chart from Tradingview
Hedera (HBAR) Soars 50% To Mark New 20-Month High, Fuels Bullish Price Targets
Hedera (HBAR), a decentralized public network known for its near real-time consensus and developer-friendly environment, has emerged as one of the top-performing altcoins in the cryptocurrency market.
As the overall market experiences a resurgence of bullish sentiment, HBAR has demonstrated impressive growth, positioning itself as one of the leaders among the top 100 cryptocurrencies by market capitalization.
Trading Volume For HBAR Spikes 200%
Over the past fourteen days, HBAR has recorded substantial gains, surging by nearly 50%. This upward momentum extends to the thirty-day and year-to-date time frames, with gains of 36.8% and 15%, respectively.
In the past seven and twenty-four hours alone, HBAR’s price has continued its bullish trajectory, skyrocketing by 33.5% and 17%, respectively. These price movements have propelled HBAR beyond its previous 19-month high of .1015, reaching a new 20-month high of .1060.
The surge in trading volume, which currently stands at 8,438,657 in the last 24 hours, reflects the increased market activity surrounding HBAR, representing a 204.90% increase from one day ago, according to CoinGecko data.
Despite HBAR’s impressive performance, the road to its all-time high (ATH) of .5759, achieved in September 2021, presents a formidable challenge. Currently facing an almost two-year downtrend structure, HBAR would require a staggering 443% uptrend to reclaim its previous milestone.
In the near term, HBAR faces a crucial hurdle at the .110 level, which must be defended to prevent further gains. A breach of this level would open the door for testing the .1148 and .1285 resistance walls.
Should bullish momentum persist, attention will then shift to the resistance at .1506, followed by .1690 and .1822. These levels represent the final obstacles before potentially reaching the .2000 mark, a threshold not surpassed since April 2022.
On the downside, the .0855 level is expected to act as a support, preventing HBAR from establishing a lower low within the current market uptrend structure.
Hedera Network Welcomes Mondelēz International
As the adoption of cryptocurrencies gains momentum among major companies worldwide, the Hedera Council, responsible for overseeing the Hedera public network, has recently announced a series of significant partnerships.
One notable addition to the Council is Mondelēz International (Nasdaq: MDLZ), a prominent multinational food company renowned for its global brands, including Oreo, Ritz, LU, Clif Bar, Cadbury Dairy Milk, Milka, and Toblerone.
On February 14, the Hedera Council revealed that Mondelēz International had joined its ranks. This collaboration marks a significant milestone as Mondelēz International, with its mission to empower people to “snack right”, sets its sights on leveraging distributed ledger technology (DLT)-based solutions on the Hedera network.
Per the announcement, the initial focus of the partnership will revolve around digital transformation initiatives, supply chain management, and enhancing core business processes to deliver elevated customer experiences.
With an emphasis on digital transformation, Mondelēz International seeks to streamline processes, enhance transparency, and optimize supply chain management using the Hedera infrastructure.
All around, the Hedera protocol and its native token HBAR have experienced substantial growth in market capitalization, trading volume, and partnerships, reflecting the increasing interest from investors in the protocol’s offerings. This positive environment sets the stage for future growth and development of the protocol.
However, it remains to be seen whether HBAR can sustain investor attention and continue to achieve price gains, considering the possibility of market corrections following the significant gains recorded in the past 30 days. Nonetheless, HBAR appears well-positioned to emerge as one of the top-performing altcoins in the current bull run.
Featured image from Shutterstock, chart from TradingView.com
Yuga Labs’ Acquisition of Proof Fuels Moonbirds NFT Sales Uptick
Friday saw Yuga Labs, known for creating the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) series, unveiled its acquisition of Proof, a notable NFT startup behind the Moonbirds collection. Kevin Rose, founder of Proof, will assume an advisory role within Yuga, and the startup’s team plans to integrate into the Yuga framework. Moonbirds NFT […]
Bitcoin News
Avalanche Rumbles: AVAX Eyes To Reclaim $50 As Upgrade Fuels Optimism On Testnet
In the dynamic realm of cryptocurrencies, Avalanche (AVAX) is causing a stir, riding the waves of a recovery rally that commenced last month. As the broader spectrum of alternative coins experiences a resurgence, AVAX stands at the forefront, ready to extend its ascent, with whispers in the market hinting at a potential surge towards the coveted mark.
Avalanche Booms: Durango Upgrade Ushers Growth
Presently, the AVAX price confidently stands above the 50% retracement level at .91, signaling a robust support level within the market range spanning from .00 to . Technical indicators add to the positive sentiment, with the Simple Moving Averages (SMA) gracefully trending upwards. This suggests that the path of least resistance favors continued price appreciation, creating an optimistic atmosphere among market observers.
This is a big opportunity for Avalanche builders and validators to learn all the ins and outs of Durango
Going live right here on X or on YouTube this Wed. at 12pm ET
https://t.co/811uVwOIg9
— Avalanche
(@avax) February 12, 2024
The buzz surrounding AVAX reaches a crescendo as the eagerly anticipated AVAX Durango upgrade gears up for implementation on the 13th of February. The community’s anticipation has been steadily building since the pre-release of the upgrade’s code on February 2.
This upgrade brings forth a suite of exciting features, including the Avalanche Warp Messaging (AWM) functionality. The AWM is poised to revolutionize communication capabilities on-chain and across chains, promising a more interconnected and resilient network. This enhancement is set to facilitate seamless interoperability of protocols on the ever-evolving Avalanche platform.
Market analysts, fueled by the palpable excitement, predict that the mounting buying pressure could propel a substantial 20% surge, potentially propelling AVAX to .95, effectively filling the current market range.
In a more bullish scenario, the gains might extend to .92, marking levels not witnessed since the bloom of May 2022 and showcasing an impressive 35% climb from current valuation.
AVAX: On-Chain Metrics Signal Sustained Growth
Examining the coin’s on-chain metrics, an additional layer of support for this positive outlook can be seen. Both social dominance and social volume metrics for AVAX have gracefully eased, painting a picture of serenity in the market. This tranquility often lays the foundation for sustained price growth, steering clear of premature topping out fueled by heightened volatility from mainstream attention.
As the imminent AVAX Durango upgrade takes center stage, traders and investors are on the edge of their seats, eagerly awaiting the potential surge that might unfold. With technical indicators, on-chain metrics, and market sentiment aligning favorably for AVAX, the cryptocurrency seems poised to continue its upward trajectory, potentially scaling new heights in the unfolding weeks.
Featured image from Pixabay, chart from TradingView
Report of SEC’s Spot Bitcoin ETF Advice Fuels Hope for Approval — Crypto Industry Views It as ‘Real Progress’
The Securities and Exchange Commission (SEC) has reportedly provided specific guidance to exchanges seeking to list and trade spot bitcoin exchange-traded funds (ETFs) on what they should do next. “This is real progress,” said one crypto exchange insider. “The cash vs in-kind debate looks to be finding clarity.”
SEC’s Advice Regarding Spot Bitcoin ETFs
Optimism for spot bitcoin exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC) surged again on Friday after a report of the SEC engaging with exchanges to provide guidance on spot bitcoin ETF applications emerged.
Bloomberg ETF analyst Eric Balchunas shared on social media platform X that he is hearing chatter suggesting that the SEC’s Division of Trading and Markets engaged in discussions with exchanges this week, advising them to use the cash creation method, instead of the in-kind method, for spot bitcoin ETFs. Moreover, the securities regulator reportedly asked exchanges to file amendments to reflect this change in the next couple of weeks. Balchunas noted that this is a good sign.
ETF units can be created in-kind or in cash. In cash creation, authorized participants provide cash to the ETF issuer in exchange for new ETF units.
The Bloomberg ETF analyst noted that “Cash creates makes sense” in his opinion because broker-dealers “can’t deal in bitcoin so doing cash creates puts onus on issuers to transact in bitcoin and keeps broker-dealers from having to use unregistered subsidiaries or third party firms” to deal with BTC. He added that it’s “Less limitations for them overall.”
Balchunas continued: “Only 2-3 filers had planned cash creates, the rest wanted to do in-kind. So [they] may have to adjust or risk delay.” Emphasizing that this development “doesn’t change our 90% odds up or down” of spot bitcoin ETF approval, he said it is a “good sign” that the approval process is progressing and the SEC “has a path forward in the plumbing that they are comfortable with.”
Many people in the crypto space view the SEC’s advice as positive. Marshall Beard, Chief Strategy Officer at crypto exchange Gemini, commented:
This is real progress. The cash vs in-kind debate looks to be finding clarity. For reference as well, the Canadian spot ETFs have been using the cash create model for years now.
However, some argue that in-kind creates are much better than cash creates. Gabor Gurbacs, strategy advisor at Vaneck, stressed that the SEC’s cash creates advice is “a sign that regulators don’t/unwilling [to] understand and accept the best aspects of ETFs and bitcoin.” He emphasized: “In-kind creates are simply much more efficient. Anyone managing an ETF knows this.”
Balchunas further noted: “My point on cash creates was that I could see the SEC’s POV [point of view] for wanting it but from investor’s POV in-kind arguably better in terms of the spread and taxation.” He concluded that we could see some issuers pushing for the in-kind process, adding that they may even succeed in engagement with the SEC staff.
SEC Chairman Gary Gensler recently stated that the securities regulator is considering eight to 10 spot bitcoin ETF applications. A number of people expect the SEC to approve multiple spot bitcoin ETFs at once early next year.
What do you think about the SEC advising exchanges to use cash creates for spot bitcoin ETFs? Let us know in the comments section below.
Alameda’s $150M Bribery Bombshell: Thai Sex Workers and Sam Trabucco’s Disappearance Fuels Mystery
In a riveting development, Caroline Ellison’s recent testimony revealed that Alameda Research is believed to have shelled out a whopping 0 million to Chinese officials to unlock accounts valued over billion. The narrative thickens as the former co-CEO, Sam Trabucco, has seemingly vanished from public view after FTX’s downfall.
FTX’s Downfall, Alameda’s Bribery Allegations, and the Big Question: Where’s Sam Trabucco?
Although Sam Bankman-Fried (SBF) isn’t facing charges of bribery, given the Bahamas’ intervention, federal prosecutors ensured the topic was front and center during Caroline Ellison‘s Wednesday testimony. She recounted that in 2020, Chinese officials put a freeze on accounts totaling billion. By November 2021, the team allegedly turned to David Ma, a colleague with purported “connections” in China, for guidance. Remarkably, Ma managed to thaw the funds. Court coverage was broadcast by Inner City Press reporter Matthew Russell Lee.
But it wasn’t smooth sailing. The FTX leadership initially tried a different tactic: leveraging accounts linked to Thai prostitutes. When this plan failed, bribery took center stage, with Trabucco as co-CEO then. Ellison was emphatic in her testimony, stating she executed the bribe transactions following instructions from both Bankman-Fried and Trabucco in a Signal chat. This marked the debut of Trabucco’s association with the alleged infractions during the trial.
Since FTX’s collapse in November 2022, Trabucco has remained conspicuously silent. Adding to the intrigue, his opulent yacht recenty surfaced in FTX’s bankruptcy discussions, with Bankman-Fried suggesting Trabucco discreetly quiet quit. Ellison also highlighted the dissent of a former Alameda trader, known as “Handi,” who expressed unease over the alleged bribes. When Handi confided in Ellison and she told her boss, SBF’s alleged retort was a curt “shut the f*** up.” While the judge permitted this testimony, the jury was reminded it wasn’t a formal charge.
Ellison also mentioned documenting the alleged bribes on a ledger titled “State of Alameda.” She asserted that SBF advised her to pen it ambiguously to avoid direct implications, hinting at its potential repercussions in court. Describing Bankman-Fried’s ethos, Ellison termed him a “utilitarian,” noting that core values such as “don’t lie” and “don’t steal” didn’t align with his framework. Ellison testified that she recieved a bonus from her job in the amount of million, and lent 0,000 to one of her parents.
With Trabucco’s name now splashed across the trial, associating him with the rumored bribery of Chinese dignitaries, his fate hangs in the balance. Although four top-tier officials have extended their cooperation to the prosecution, there’s still a shroud of mystery surrounding Trabucco’s involvement or even if he’s under scrutiny. Rumors are swirling that he might be evading the spotlight, living it up on his lavish yacht dubbed “Soak My Deck.” Yet, following the recent revelations, the burning question on everyone’s lips is: Where in the world is Sam Trabucco?
What do you think about Caroline Ellison’s testimony on Wednesday and Trabucco being named in the affairs? Share your thoughts and opinions about this subject in the comments section below.