According to the Money Laundering Risk Assessment Report by Singapore’s central bank, the banking sector is identified as the highest money laundering risk to the country. The report also highlights risks related to digital assets and cryptocurrencies. To mitigate these risks, the Monetary Authority of Singapore (MAS) has implemented stringent regulatory measures under the Payment […]
Bitcoin News
Bitcoin ETF Inflows Soar To Highest Level In Months As BTC Price Surges Past $68,000
After enduring a significant 20% price correction earlier this month that saw Bitcoin fall below ,400 and increased outflows from the Bitcoin ETF market, the world’s largest cryptocurrency has managed to stage a strong comeback. It has broken above the key ,000 resistance level and turned it into a new support zone.
BTC Bounces Back As Bitcoin ETF Inflows Soar
The resurgence in Bitcoin’s price has been closely tied to a rekindling of inflows into the US spot Bitcoin ETF market. Data from Farside shows that spot Bitcoin ETFs saw their best inflow week in two months, with the US fund category collectively notching 8 million in positive net flows from May 13 to May 17.
Interestingly, the majority of these inflows, approximately 89%, occurred in the last three trading days of the week, which industry analysts and researchers such as James Butterfill of CoinShares attribute to a shift in investor sentiment following the release of a lower-than-expected Consumer Price Index (CPI) report on Wednesday. Butterfill stated:
The inflows were an immediate response to the lower-than-expected CPI report, highlighting our view that Bitcoin prices have recoupled to interest rate expectations.
Notably, the Grayscale Bitcoin Trust, which has seen outflows of .6 billion since the launch of the first Bitcoin ETF in January, saw small inflows totaling million.
Beyond just spot Bitcoin ETFs, the digital asset investment product space experienced inflows for the second consecutive week, totaling 2 million, according to CoinShares. However, trading volumes remained relatively low at .5 billion, compared to the billion seen in March.
Bitcoin Poised For Further Gains?
The renewed institutional interest in Bitcoin ETFs and the broader digital asset space has coincided with a strong price recovery for the leading cryptocurrency. Bitcoin’s ability to firmly hold the ,250 support level, with over 530,000 BTC traded at this price, has given analysts confidence in the asset’s potential for further gains.
According to crypto analyst Ali Martinez, if the ,000 support holds, Bitcoin could see strong potential for further gains in the coming days, demonstrating the bullish sentiment surrounding the largest cryptocurrency on the market.
However, while Bitcoin has managed to bounce back above the crucial ,000 level after the recent pullback, the leading cryptocurrency still faces a critical test as it attempts to break out of its established trading range.
Crypto analyst Rekt Capital has pointed out that despite Bitcoin recording a bull flag breakout confirmation, the asset still needs to secure a daily close above ,000 to continue its trend of higher highs and confirm the potential for further upside.
The analyst further explains that Bitcoin has been oscillating between its low and high range between ,000 and ,000 for over two months, a natural consolidation process. As part of this, Rekt Capital believes that Bitcoin should be able to revisit the range high of ,500 over time.
At the time of writing, BTC is trading at ,130, up a substantial 9% in the last week alone and over 8% in the last fourteen days.
Featured image from Shutterstock, chart from TradingView.com
Silver Squeeze: Precious Metal Soars 11.8% in 5 Days, Reaching Its Highest Price Since 2013
This week, the price of one ounce of silver has seen a significant rise. Over the past five days, silver has increased by more than 11% against the U.S. dollar, surpassing gold’s 2.3% five-day gain. Silver reached per troy ounce for the first time since February 2013. Silver Hits per Ounce, Outperforms Gold […]
Bitcoin News
Bitcoin Miners Log Second Highest Monthly Revenue in April, Despite Falling Hash Value
In April, bitcoin miners amassed the second-highest monthly revenue of the past year, following the unprecedented earnings in March. In total, they collected .79 billion, which, although 0 million less than the previous month, still exceeded the revenues of December 2023, which totaled .56 billion. Bitcoin Miners Recorded Strong Revenue Last Month On May 1, […]
Bitcoin News
Increased Bitcoin ETF Adoption Propels BTC Dominance To Highest Level Since 2021
Bitcoin’s dominance within the cryptocurrency market has reached a three-year high, signaling strong demand for US spot Bitcoin ETF holding the largest digital asset and a challenging period for smaller tokens.
Bitcoin accounted for nearly 55% of the .4 trillion digital asset market at the end of last week, a level not seen since April 2021. On Saturday, in particular, BTC’s dominance jumped to 57% as it briefly touched the ,000 mark.
The next largest tokens by market share include Ethereum (ETH), Tether’s USDT stablecoin, Binance exchange’s native token Binance Coin (BNB), and Solana (SOL).
BTC’s Rise Fueled By Successful US Bitcoin ETF Launches
According to Bloomberg, the recent success of the recently approved US spot Bitcoin ETFs from prominent issuers such as BlackRock and Fidelity Investments has played a significant role in Bitcoin’s rise.
These ETFs have garnered approximately billion in assets, making their debut one of the most successful in fund category history.
The inflows into these ETFs drove BTC to its current all-time high (ATH) of ,798 in mid-March, a clear resistance level for the largest cryptocurrency on the market, as evidenced by its inability to consolidate above the ,000 level following this achievement.
Although BTC is down about 6% since then, smaller digital assets such as Avalanche (AVAX), Polkadot (DOT), and Chainlink (LINK) have seen more significant declines of nearly 30% over the past month.
This drop coincided with reduced expectations for looser US monetary policy settings, often fueling speculative gains.
Hong Kong-Listed ETFs Boosts Bitcoin And Ethereum
Institutional investors’ allocations to the US Bitcoin ETF have greatly influenced Bitcoin’s performance relative to the rest of the market. Benjamin Celermajer, director of digital-asset investment at Magnet Capital, noted that strong institutional demand is a key driver.
On Monday, Bitcoin and Ethereum, the second-largest cryptocurrency, saw notable price jumps following indications that asset managers are preparing to launch Hong Kong-listed ETFs on both tokens. Bitcoin rose 4.3% to ,575, while ETH jumped 6.2% to ,260.
These rallies had a positive impact on the broader crypto market, lifting other notable tokens such as Polygon (MATIC), Cardano (ADA), the dog-themed meme coin Dogecoin (DOGE), and Solana, which is now the top 5 cryptocurrency market winner, up over 8% on Monday.
Interestingly, the Bloomberg Galaxy Crypto Index, which measures the performance of the largest digital assets traded in US dollars, has more than tripled since the beginning of last year, marking a significant rebound from the bear market experienced in 2022.
Lastly, investors and traders eagerly anticipate the upcoming Bitcoin Halving, an event that will cut the new supply of the token in half, expected around April 20th.
Previous Halving events have acted as a tailwind for prices, although there are growing doubts about whether history will repeat itself given BTC’s recent all-time high achievement.
BTC has successfully maintained its position above the ,000 threshold and has consolidated in this range. However, it is important to note that losses have accumulated over longer time frames.
Over the past fourteen and thirty days of trading, the cryptocurrency has experienced significant declines of over 21% and 24% respectively.
Featured image from Shutterstock, chart from TradingView.com
AVAX Price Soars To Highest In Nearly 2 Years, Over 80% Of Holders In Profit
Avalanche (AVAX), the 10th-ranked cryptocurrency, has been on a tear in the past week, not only emerging as the top performer among major digital assets but also reaching its highest price point in nearly two years.
According to CoinMarketCap data, AVAX surged by an impressive 20%, surpassing its previous peak in May 2022 and reaching a price of at the time of writing. This remarkable rally has ignited a wave of bullish sentiment within the crypto community.
AVAX Gets Boost From Strong Market Signals
Analysts are pointing to a confluence of on-chain activity and market signals that paint a bullish picture for AVAX. NewsBTC’s analysis revealed a key factor: 84% of AVAX holders are currently sitting on profits, signifying a wave of positive sentiment within the investor community. This profitable position fosters a more optimistic environment, potentially attracting new buyers to the market.
Digging deeper into on-chain data, market observers at NewsBTC noticed a significant rise in large buy orders on the Avalanche network. This trend suggests that institutional investors or whales might be accumulating AVAX, potentially fueling the upward price movement.
The bullish momentum isn’t confined to on-chain activity. The spot market is also exhibiting strong demand for AVAX. Coinalyze data indicates a steady rise in the token’s Cumulative Volume Delta (CVD) since March 17th. CVD is a metric that gauges the difference between buying and selling volumes, and its current uptick suggests a clear dominance of buying pressure in the spot market.
Positive Vibes In The Air For AVAX
The derivatives market is echoing the optimism as well. Open Interest (OI) in AVAX futures contracts has been on an upward trajectory, reflecting a growing interest from investors looking to leverage the potential price increase.
It’s important to note that OI doesn’t necessarily indicate a long-biased market (where more traders are betting on a price rise), but rather highlights increased participation from both buyers and sellers.
However, the rising price alongside surging OI suggests that buyers are currently more aggressive, potentially leading to a breakout above resistance levels.
With this bullish tailwind propelling AVAX forward, analysts are cautiously optimistic about its future trajectory. Some market observers are of the opinion that AVAX has the potential to reach soon.
However, they acknowledge the presence of a psychological hurdle at , where the price might encounter some resistance before continuing its climb. If the bulls can overcome this obstacle and achieve a decisive breakout, the bullish target of might be within reach.
Looking at the potential downside risks, the article warns of a possible rejection at , which could trigger a price correction back down to . The report also emphasizes that the predicted upswing might not be a linear path, with potential price fluctuations along the way.
Avalanche (AVAX) is experiencing a period of strong momentum, buoyed by positive on-chain data, a surge in investor interest, and a bullish market sentiment. While some resistance levels and potential price corrections are to be expected, the overall outlook for AVAX appears promising in the near future.
Featured image from Pexels, chart from TradingView
Headband-Wearing ‘Alien Punk’ NFT Sells for $16 Million, Marking Second Highest Cryptopunk Sale
As the value of cryptocurrencies continues to climb, the second-highest sale of a Cryptopunk non-fungible token (NFT) has been recorded at million, as per onchain records. This sale significantly exceeds its previous purchase price of .67 million, which was just three years prior. Ethereum Sees Spike in NFT Transactions as ‘Alien Punk’ Cryptopunk #3,100 […]
Bitcoin News
Bullish Forecast: Analyst Predicts Surge To $88,000 As Bitcoin Hits Highest Level In Two Years
With Bitcoin recently surpassing the ,000 mark, marking its highest level since 2021, a surge in bullish outlook among analysts and experts has emerged.
Bitcoin To ,000
Among them is Ryan Rasmussen, a Senior Crypto Research Analyst at Bitwise, who recently shared his insights during an interview with Yahoo Finance. Rasmussen projected a bullish trajectory for Bitcoin, foreseeing a potential price surge to ,000 by the close of 2024.
According to Rasmussen, Bitcoin trading at this price mark is possible, citing factors such as excitement and bullish sentiment surrounding the upcoming halving event and future traders taking bullish positions.
Rasmussen noted, disclosing Bitwise’s prediction for 2024:
We think that Bitcoin will certainly set all time highs in 2024. That previous price is right around ,000 but we don’t think its going to stop there, we think we’ll at least see a 10% to 15% bump over the last all time highs in 2024. That will take us to the mid ,000 range so I think our target was ,00 by 2024, and I’m still sticking by that.
Despite Bitcoin trading below Rasmussen’s projected ,000 mark, it maintains a bullish trend, with recent highs surpassing ,000. Other analysts, including legendary trader Peter Brandt, share this optimism and predict a 0,000 target for the current bull market cycle.
Additionally, crypto analyst Ali has identified a “megaphone pattern” on Bitcoin’s daily chart, suggesting the potential for a substantial rally towards ,520 if ,000 to ,000 price levels are maintained.
Ethereum’s Momentum Surges
Notably, aside from Bitcoin, Rasmussen also talked about Ethereum. So far, Ethereum’s price has outperformed that of Bitcoin.
Rasmussen attributed this surge in Ethereum’s value to speculation surrounding approving a spot Ethereum exchange-traded fund (ETF) in the US and the DenCun upgrade scheduled for March, which is expected to reduce transaction costs.
However, regardless of Ethereum’s optimism, Rasmussen cautioned that the approval of Ethereum spot ETFs might not be as straightforward as BTC spot ETFs.
He pointed out the reluctance of the US Securities and Exchange Commission’s Chair, Gensler, towards spot Bitcoin ETFs, suggesting a similar stance towards Ethereum.
Rasmussen also noted that the recent Grayscale lawsuit may not have the same positive impact on Ethereum spot ETF approval as it did for Bitcoin. Looking ahead, he estimated a 50% chance of approval or rejection for Ethereum spot ETFs in May.
The introduction of BTC spot ETFs has already significantly impacted the market, with billions flowing into spot Bitcoin ETFs. Should Ethereum spot ETF get approved, Rasmussen anticipates a similar demand for Ethereum spot ETFs, which could drive buying pressure and potentially increase prices.
Featured image from Unsplash, Chart from TradingView
Stablecoins Join The Crypto Bull Run With $140B Market Cap, Highest Since 2022
February has been an overall notable month for cryptocurrencies and the crypto industry. We’ve seen Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, reach milestones not seen since the crypto winter started.
The bull run has seemingly started, as many analysts and investors have announced, and it appears to be following a ‘2-year trend’ where the industry is beginning to reclaim the heights lost in 2022. Consequentially, the rally has propelled the overall market cap of the crypto industry.
Stablecoins Remain Stable, But The Market Is Expanding
According to data from DefiLlama, stablecoins have joined the crypto market in the bullish rally, as its market capitalization hit 0 billion for the first time since December 2022.
Stablecoins are cryptocurrencies designed to have value pegged to another currency, like the US dollar, or a commodity, like gold. They account for a large portion of the daily trading volume of cryptocurrencies, as many consider them more useful for everyday transactions.
The slow and steady recovery of the crypto industry has been maturing the bullish sentiment in the community. Fueled by investors’ trust in crypto assets and important developments in the industry, the crypto market seems to be recovering to achieve a performance like that of the previous crypto bull run.
However, stablecoin’s recent market expansion is not only fueled by the positive sentiment. Tether (USDT) sits as the third largest cryptocurrency by market capitalization, with over billion, and it has continued to extend its reach in the last few years.
Just this month, USDT’s market cap increased by billion; in the last year, it has risen by over billion. USDT is also ranked as the first cryptocurrency by trading volume in the previous 24 hours, according to data from CoinMarketCap.
Circle’s USDC, ranked fifth by daily trading volume and seventh by market cap, has also seen impressive growth, with its billion market cap increase showing a recovery this month.
The stablecoin’s market capitalization saw a 1-year slump after dropping from billion in March last year. However, the relisting of its trading pairs on Binance and the recent expansion to international markets has fueled USDC’s ‘resurgence,’ as Coinbase recently called it.
Crypto Market Cap Hits T
Today, the total crypto market cap hit trillion as Bitcoin’s price spiked to ,000, increasing 32.2% monthly and 101.3% in the past year. This milestone has not been reached since April 2022, when the total crypto market cap was at .1 trillion.
However, Bitcoin’s parabolic surge is not the only reason behind this achievement, as the altcoin market cap, which includes all cryptocurrencies except for BTC, has grown 29.35% in 30 days.
Accordingly, the market capitalization for altcoins hit 5 billion, representing a 111.6% surge last year. Similarly, this level has not been seen since April of 2022.
The altcoin market has seen green throughout February as interest in cryptocurrencies soared massively, led by the ETFs frenzy that started building at the end of last year and exploded in January.
Bitcoin Fear & Greed Index Reaches Highest Level Since 2021, What To Expect Next
The Bitcoin Fear & Greed Index has risen to its highest level in almost three years, hitting Extreme Greed at rocket speed. Using past performance and indicators, it is possible to deduce where the BTC price is headed next after reaching this new milestone.
Bitcoin Fear & Greed Index At New 2-Year High
The Bitcoin Fear & Greed Index is a measure of investor sentiment and how they are looking at the market. This can help to figure out if investors are currently putting money into the market or if they are taking money out of it.
There are five major categories across the Fear & Greed Index, including Extreme Fear, Fear, Neutral, Greed, and Extreme Greed. The index is ranked on a scale of 0-100, with a range of numbers representing a category of investor sentiment.
Extreme Fear is the lowest on this scale, which ranges from 0 to 25. Then, from 26 to 46, we have the Fear. Both of these categories indicate an unwillingness of investors to enter the market and have often presented as the best time to invest in crypto.
Next on the scale is 47 to 52, which represents the Neutral territory. Then 53 to 75 is Greed when investors are beginning to feel confident in the market. Finally, 76 to 100 is Extreme Greed, which represents peak bullishness. As the Bitcoin Fear & Greed Index currently sits at 79, which is Extreme Greed, it could carry some implications for the market.
Extreme Greed Marks The Top?
Just as the Bitcoin Fear & Greed Index can be helpful in determining what is a good time to buy, it can also provide pointers for when a market top might be in. Looking through the historical performance of the crypto market compared to the Fear & Greed Index, we see a persistent correlation between peak euphoria and the market top.
The most recent example of this is November 2021, when the index’s score climbed to as high as 84, just 5 points shy of the current 79 score. At this point, the price of Bitcoin had risen to ,000 before meeting resistance, which it will eventually succumb to,
In the following days, sentiment would begin turning, as did the price of Bitcoin. A similar pattern was also seen in February and March 2021 when the index hit a high of 94. The next few days saw interest taper off, marking the peak at that particular point.
If the same pattern were to be repeated in this scenario, then Bitcoin could have another few days of runway before it blows off top. Presently, the cryptocurrency is already seeing significant resistance at ,000, which could suggest that the top is near.