Over the past 158 days, starting from the beginning of the year, the quantity of bitcoin held by exchanges and miners has decreased by 183,253 BTC, valued at nearly billion. Roughly 90.95% of this bitcoin withdrawal originated from cryptocurrency exchange reserves. Exchanges and Miners See Massive Reductions From Jan. 1 to June 7, 2024, […]
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Mike Novogratz Expects Bitcoin to Hit $100K by Year-End as US Political Support for Crypto Grows
Galaxy Digital CEO Mike Novogratz predicts bitcoin could hit 0,000 by year-end, citing a positive U.S. political environment for digital assets. He highlighted growing optimism for cryptocurrencies and progress on SEC approval of spot ethereum ETFs. However, the industry recently faced a setback when President Joe Biden vetoed a resolution to overturn the controversial crypto […]
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PEPE Shows Persistent Bullish Strength As Market Optimism Grows
PEPE has been on a remarkable upward trajectory, showcasing significant bullish momentum that has caught the attention of traders and investors alike. This sustained uptrend suggests strong market confidence and growing optimism about the prospects of PEPE.
As the cryptocurrency continues to climb, market analysts are closely monitoring key indicators and trends to gauge how long this bullish phase might last and what potential heights PEPE could reach. In this analysis, we will dive into PEPE’s price prospects with the help of some technical indicators.
As of the time of writing, PEPE’s price was trading at around .00001531 and was up by 3.33% with a market capitalization of over .3 billion and a 24-hour trading volume of over .5 billion. Its market capitalization and trading volume are down by 3.51% and 26.3% respectively in the last 24 hours.
Technical View Of PEPE Price With Indicators
From the 4-hour time frame, the price of PEPE is still actively trading below the 100-day Simple Moving Average (SMA), which is a clear indication that it might be poised for a more bullish movement.
The 4-hour Moving Average Convergence Divergence (MACD) also signals that PEPE might move bullishly as the MACD histograms show signs of moving above the MACD zero line. In addition, although the MACD line and the MACD signal line are trending below the zero line, the MACD signal line is seen attempting to cross above the MACD line, suggesting that the price of PEPE might still move upward.
In the 1-day time frame, it can be observed that PEPE, after making a pullback is showing signs of undergoing a rally as it is dropping a daily bullish candlestick.
Although the 1-day MACD is giving a bearish signal as the MACD histograms have dropped below the MACD zero line and both the MACD line and the MACD signal line have crossed while still above the zero line, there is the possibility that the development might turn bullish again based on the price action in the 4-hour timeframe.
Future Prospects For The Meme Coin
Based on the previous price action of PEPE, it can be observed that a high of .00001731 and lows of .00001313, .00001152, and .00000888 have been created which are key points in determining its next destination.
If PEPE continues to move upward to the resistance level of .0001731 and breaks above it, it therefore means that it will move higher to create a new high.
However, if it fails to break above this resistance level, it will begin a downward move toward the .00001313 support level. Should the price break below this support level, it might move even further to test the .00001152 level and probably other levels on the chart.
Bitcoin Spot ETF Records Consecutive Weeks Of Inflows As Investor Confidence Grows
Ethereum exchange-traded funds (ETF) have been the talk of the town – and rightly so – after the United States Securities and Exchange Commission (SEC) approved the listing of the investment products during the week. Meanwhile, the Bitcoin spot ETF market continued its resurgence on one side, marked by a second consecutive week of positive inflows.
This streak of positive inflows represents a complete shift from previous weeks when investment activity was dangerously low. However, this recent turnaround reflects a rise in investor confidence over the past two weeks.
Bitcoin Spot ETF: 2 Million In Net Inflows In One Day
On Friday, May 24, the US Bitcoin spot ETF market saw another day of positive inflows, marking the 10th consecutive day of significant investment into these funds. According to data from SoSoValue, the market recorded a total net inflow of approximately 2 million to close the week.
Breaking this down, BlackRock amassed a substantial percentage of the total daily investment, with the IBIT ETF posting an inflow of 2 million. Grayscale Bitcoin Trust (GBTC), on the other hand, did not attract any capital on Friday, ending the week with zero daily outflows and inflow.
Other ETF issuers, such as Fidelity, Bitwise, and ARK Investment, also witnessed impressive inflows on Friday. Most notably, Fidelity’s FBTC came second to BlackRock’s fund after attracting about .7 million on the last day of the week.
More importantly, this positive inflow day means that the Bitcoin spot ETF market has amassed significant investment every day for the second week in a row. And after the close of Friday’s trading session, the net inflow in the past week stood at an impressive .06 billion.
This sustained positive trend in terms of capital inflow suggests that investor confidence in Bitcoin ETFs might be back at an all-time high. The last time there was a consistent positive capital inflow into these products, the Bitcoin price rose to a new all-time high.
With Ethereum spot ETFs on the brink of trading in the US, crypto exchange-trade products seem to be in fashion at the moment. And they might just be the catalyst that the crypto market – particularly Bitcoin – needs to resume what is left of the bull cycle.
Bitcoin Price At A Glance
As of this writing, Bitcoin is valued at ,868, reflecting a 2.5% price increase in the last 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by 3% on the weekly timeframe.
Chainlink’s (LINK) Outlook Grows Bleak: Signals of Bearish Continuation Surface
Chainlink’s LINK price is struggling to surpass the .80 resistance. The price could continue to move down if it breaks the .00 support.
- Chainlink price is showing bearish signs below the .00 resistance against the US dollar.
- The price is trading below the .60 level and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near .50 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
- The price could start a decent increase if it clears the .80 resistance zone.
Chainlink (LINK) Price Turns Red
In the past few days, Chainlink saw a steady decline from well above the .80 level. LINK price declined below the .50 support level to enter a short-term bearish zone, like Bitcoin and Ethereum.
The price tested the .10 support zone. A low was formed at .07 and the price recently attempted a recovery wave. There was a move above the .50 level. It even jumped above the 23.6% Fib retracement level of the downward move from the .30 swing high to the .07 low.
However, the bears were active below the .80 resistance and the 50% Fib retracement level of the downward move from the .30 swing high to the .07 low. LINK price is still trading below the .80 level and the 100 simple moving average (4 hours).
Immediate resistance is near the .50 level. There is also a key bearish trend line forming with resistance near .50 on the 4-hour chart of the LINK/USD pair.
The next major resistance is near the .80 zone. A clear break above .80 may possibly start a steady increase toward the .00 level. The next major resistance is near the .35 level, above which the price could test .50.
More Losses?
If Chainlink’s price fails to climb above the .50 resistance level, there could be a fresh decline. Initial support on the downside is near the .10 level.
The next major support is near the .80 level, below which the price might test the .20 level. Any more losses could lead LINK toward the .50 level in the near term.
Technical Indicators
4 hours MACD – The MACD for LINK/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now below the 50 level.
Major Support Levels – .10 and .80.
Major Resistance Levels – .50 and .80.
Fidelity Digital Assets Study: Bitcoin’s Volatility Declines as It Grows, Echoing Historical Asset Trends
A new study by Fidelity Digital Assets reveals that as bitcoin matures, its volatility is decreasing, making it less volatile than several S&P 500 stocks. “As the asset class matures and its total market cap grows, the inflow of capital is expected to have a smaller impact because it will be flowing into a larger […]
Bitcoin News
Bitcoin Futures Market Attracts Unprecedented Open Interest as Derivatives Appetite Grows
The latest bitcoin derivatives data indicates a continued climb in bitcoin futures open interest, hitting all-time peaks. Over the last day, statistics reveal an open interest of .30 billion across fourteen distinct bitcoin futures markets. Soaring Open Interest in BTC Futures Signals Growing Derivatives Market Friday, March 8, 2024, marked a notable day when BTC […]
Bitcoin News
FLOKI Grows Over 300% As Memecoin Breaches $400 Million TVL – Details
Floki Inu (FLOKI), a canine-themed cryptocurrency, has witnessed a remarkable surge in its price, capturing the attention of investors, traders, and enthusiasts alike. The coin’s value has experienced a sharp increase, with the past 24 hours alone seeing a surge of over 50%.
FLOKI Tallies An Impressive 336% Weekly Gain
However, it is the weekly timeframe that has truly astounded market observers, as FLOKI recorded an impressive rally of 336%. This surge in price comes on the heels of a community-backed proposal to burn 2% of the token’s supply.
The proposal to burn tokens was met with overwhelming support from the community, with nearly 90% of votes favoring the initiative. The top voter staked a staggering 117 billion tokens, demonstrating the belief in the long-term security and stability of the Floki project.
IT’S OFFICIAL: FLOKI DAO PASSES VOTE TO BURN 190,918,585,431.84 FLOKI TOKENS
The #Floki DAO has voted in favor of burning 190,918,585,431.84 $FLOKI tokens. At the current market value, this is worth over MILLION.
In line with the decision of the Floki DAO, the tokens will… pic.twitter.com/uGu0XFU5p9
— FLOKI (@RealFlokiInu) March 2, 2024
The burn event is scheduled to take place after a seven-day period, and its purpose is to minimize the risks associated with token exploitation and dumping, thereby ensuring the project’s sustainability.
Social Media Buzz And Positive Sentiment
An investigation by NewsBTC has revealed a surge in social media mentions for Floki Inu in recent days, indicating the continued popularity of the meme coin within the cryptocurrency community.
Moreover, a rise in weighted sentiment suggests that positive views towards the token prevail at the time of writing. This growing social media buzz and optimistic sentiment have played a role in attracting attention to Floki Inu and contributing to its meteoric rise in value.
FLOKI Total Value Locked Soars
Meanwhile, Floki has reached a noteworthy accomplishment. Total Value Locked (TVL) across its ecosystem goods has exceeded 0 million. This accomplishment follows the cryptocurrency’s all-time high of 6 million, which showed its quick rise and investor appeal.
FLOKI CROSSES RECORD 0M IN TVL#Floki has just crossed 0M in TVL across two of its key ecosystem products, hours after it hit an ATH of 6 million:
– Floki Staking: 7M+
– FlokiFi Locker: 1M+$FLOKI now has more TVL than that of other top memecoins like $PEPE,… pic.twitter.com/rjCXPF7y6H— FLOKI (@RealFlokiInu) March 2, 2024
As the crypto market continues to evolve, all eyes remain on Floki Inu and its future trajectory. Market participants eagerly await the outcome of the token burn event and closely monitor the impact of social media trends and cautionary indicators on the coin’s price.
The coming days will shed more light on whether Floki Inu can sustain its current momentum or if a correction is on the horizon.
Related Reading: Shiba Inu Just Ballooned To 124% – What’s Pushing The Price Up?
Floki Inu’s recent surge in price, driven by overwhelming community support for a token burn proposal, has captured widespread attention. The coin’s popularity on social media and positive sentiment within the cryptocurrency community further contribute to its rise.
Featured image from Pexels, chart from TradingView
Major Acquisition: MicroStrategy Grows Bitcoin Reserves By 14K BTC Ahead Of ETF Approval
MicroStrategy (MSTR), a prominent Bitcoin holding company, has once again expanded its BTC holdings with a substantial purchase of 14,620 Bitcoin, amounting to a staggering 5.7 million.
The former CEO of the American business intelligence (BI) firm announced the acquisition, highlighting the company’s continued confidence in Bitcoin’s long-term potential.
With the potential approval of Bitcoin spot exchange-traded funds (ETFs) on the horizon, MicroStrategy aims to capitalize on the positive impact on BTC’s price and the company’s profitability in the leading cryptocurrency market.
MicroStrategy Stock Skyrockets 337%
According to a CNBC report, MicroStrategy’s stock has experienced a remarkable 337% surge in 2023, making it one of the top gainers among US companies valued at billion or more.
This success surpasses the rallies of industry giants like Nvidia and Meta. Unlike its tech peers, MicroStrategy’s appeal to investors stems primarily from its Bitcoin holdings.
MicroStrategy’s market capitalization currently stands at .5 billion, with a staggering 90% directly tied to its Bitcoin holdings. The company’s stock price closely mirrors the performance of Bitcoin, with significant fluctuations in response to the cryptocurrency’s price movements.
Per the report, in 2022, when Bitcoin experienced a 64% decline, MicroStrategy’s stock plummeted by 74%. Despite the substantial gains achieved this year, MicroStrategy shares are still below their peak levels in 2021, during the cryptocurrency’s peak.
Michael Saylor’s Vision
MicroStrategy’s decision to invest in Bitcoin dates back to July 2020, when the company recognized the potential of alternative assets, including digital currencies.
At that time, MicroStrategy had a market capitalization of around .1 billion, primarily driven by its software business, which has been shrinking since 2015. Co-founder Michael Saylor, who was CEO then, saw an opportunity to put the company’s idle cash reserves to work, considering low interest rates and the need for diversification.
Saylor’s conviction in Bitcoin as a digital form of gold led MicroStrategy to prioritize Bitcoin purchases over equities and precious metals. This strategic move exposed investors to Bitcoin indirectly through MicroStrategy’s stock.
Saylor, who transitioned to executive chairman, remains optimistic about Bitcoin’s future, expecting the bull market to continue into the next year. Despite its growing popularity, Saylor emphasized that Bitcoin still represents only a fraction of global capital allocation, with ample room for further growth.
As of December 27, 2023, MicroStrategy’s latest purchase adds to its already impressive Bitcoin portfolio, bringing the total holdings to 189,150 BTC.
The company has invested approximately .9 billion, with an average purchase price of ,168 per Bitcoin. These strategic acquisitions position MicroStrategy as a major player in the crypto space, aligning its interests with the anticipated growth and adoption of Bitcoin.
The current market data shows that Bitcoin is trading at ,900, reflecting a marginal 0.5% increase over the past 24 hours. The cryptocurrency briefly dipped below its critical support level of ,000 but has since regained its position.
The market is anticipating the potential approval of the Bitcoin Spot ETF applications between January 5 and 10, 2024.
This development holds significant promise for Bitcoin, as it could drive the cryptocurrency’s price well beyond ,000, establishing a new yearly high and edging closer to its historical peak.
Featured image from Shutterstock, chart from TradingView.com
Senate Coalition Grows to Crack Down on Crypto’s Use in Illicit Finance
U.S. Senator Elizabeth Warren’s bill to crack down on crypto’s use in illicit finance has gained more support among lawmakers. “The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks,” said Senator Warren.
Elizabeth Warren’s Crypto Bill Gains More Support
U.S. Senator Elizabeth Warren (D-MA) announced on Monday “an expanded coalition of Senate support” for her bipartisan Digital Asset Anti-Money Laundering Act. Senators Raphael Warnock (D-GA), Laphonza Butler (D-CA), Chris Van Hollen (D-MD), John Hickenlooper (D-CO) and Ben Ray Luján (D-NM) have joined the bill as cosponsors.
The Digital Asset Anti-Money Laundering Act “would mitigate the illicit finance risks that crypto poses by closing loopholes and bringing the digital asset ecosystem into greater compliance with the anti-money laundering and countering the financing of terrorism (AMF/CFT) frameworks that govern much of the financial system,” the announcement describes. Senator Warren first unveiled the bill in December last year. In July, she and Senators Roger Marshall (R-KS), Joe Manchin (D-WV), and Lindsey Graham (R-SC) reintroduced the bill. Crypto proponents have called this bill the most direct attack on the personal freedom and privacy of crypto users.
Besides Warren, Marshall, Manchin, and Graham, the bill’s existing cosponsors comprise Senators Gary Peters (D-MI), Dick Durbin (D-IL), Tina Smith (D-MN), Angus King (I-ME), Jeanne Shaheen (D-NH), Bob Casey (D-PA), Richard Blumenthal (D-CT), Michael Bennet (D-CO), Catherine Cortez Masto (D-NV), Sheldon Whitehouse (D-RI), and John Fetterman (D-PA).
Senator Warren commented:
The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks.
“The lack of basic legal safeguards around crypto opens up Americans to countless risks. What’s more, crypto has become the payment method of choice for terrorist organizations, drug cartels, and authoritarian regimes in order to fund their illicit activities,” said Senator Van Hollen. “Crypto should be governed by the same transparency rules as traditional banks to protect Americans and help ensure it isn’t used to facilitate illegal behavior by criminal enterprises and rogue nations.”
This bill has also been endorsed by Bank Policy Institute, Massachusetts Bankers Association, Transparency International U.S., Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, Massachusetts Sheriffs’ Association, AARP, National Consumer Law Center (on behalf of its low-income clients), and National Consumers League.
The announcement details that the Digital Asset Anti-Money Laundering Act would:
Extend Bank Secrecy Act (BSA) responsibilities, including know-your-customer requirements, to digital asset wallet providers, miners, validators, and other network participants that may act to validate, secure, or facilitate digital asset transactions.
The bill will also “Address a major gap with respect to ‘unhosted’ digital wallets … by directing FinCEN to finalize and implement its December 2020 proposed rule, which would require banks and money service businesses (MSBs) to verify customer and counterparty identities, keep records, and file reports in relation to certain digital asset transactions involving unhosted wallets or wallets hosted in non-BSA compliant jurisdictions,” the announcement notes.
In addition, it would “Strengthen enforcement of BSA compliance” and “Extend BSA rules regarding reporting of foreign bank accounts to include digital assets by requiring United States persons engaged in a transaction with a value greater than ,000 in digital assets through one or more offshore accounts to file a Report of Foreign Bank and Financial Accounts (FBAR) with the Internal Revenue Service.”
In October, Warren and over 100 lawmakers asked the Biden administration to address “crypto-financed terrorism” after reports claimed that Hamas raised millions in crypto to fund its operations. Blockchain analytics firm Elliptic, however, has debunked the claim, stating that there is no evidence that Hamas received significant crypto donations. While Warren is worried about crypto’s illicit use, less than 1% of the trillions transacted annually in crypto are illicit. Meanwhile, the UN estimates that annually between 2% to 5% of global GDP (0 billion – trillion) is used for illicit activities and money laundering through the traditional banking system and cash.
What do you think about Senator Elizabeth Warren’s crypto bill gaining support among lawmakers? Let us know in the comments section below.