During the week of June 1-8, 2024, non-fungible token (NFT) sales experienced an increase compared to the previous week. NFT sales reached 3.19 million, a rise of 7.51%. NFT Market Gains 7.51% This Week This week’s NFT sales showed a 7.51% increase after several weeks of decline. The seven-day sales totaled 3.19 million, involving nearly […]
Bitcoin News
Ethereum Bullish Turn: Analyst Highlight Positive Bias In ETH Options Across All Expiries
Recent developments in the crypto market indicate a strong bullish sentiment among Ethereum traders, particularly in the options market.
Amid the growing anticipation for potential approvals of spot Ethereum exchange-traded funds (ETFs), there has been a noticeable shift in option pricing, with Ethereum call options becoming more expensive than put options across all expiries.
This pricing pattern suggests the market is optimistic about Ethereum’s price prospects. Notably, A call option gives the holder the right, but not the obligation, to buy an asset at a specified price within a specific time frame.
This option type is typically purchased by traders who believe the asset’s price will increase. Conversely, a put option provides the holder the right to sell the asset at a predetermined price and is often used as protection against a decline in the asset’s price.
Market Indicators Point To A Bullish Ethereum
Luuk Strijers, CEO of Deribit, highlighted this trend in his communication with The Block. He noted that the “put minus call skew is negative across all expiries and increasing further beyond the end-of-June expiry, a quite bullish signal.”
Additionally, the basis, or the annualized premium of the futures price over the spot price, has increased to around 14%, further reinforcing the bullish outlook.
The analysis reveals that traders prefer to purchase call options at a premium compared to put options, particularly for those set to expire at the end of June and later.
This pattern is a sign of a bullish market, indicating that traders are not as interested in securing protection against potential price drops as they are in anticipating that Ethereum’s value will keep climbing.
Meanwhile, after the US Securities and Exchange Commission (SEC) unexpectedly asked for changes in filings, there has been a resurgence in optimism regarding the possible approval of spot Ethereum ETFs.
This optimism has translated into significant market activity, with Deribit experiencing nearly unprecedented trading volumes. Strijers remarked, “We recorded an almost unprecedented trading volume of .5 billion notional over the last 24 hours.”
This surge in trading volume and market interest reflects how traders and investors position themselves to capitalize on the potential approval of spot Ethereum ETFs.
According to data from Deribit, over 0,000 calls will expire by the end of this month, with a notional value of more than .7 billion.
The data further reveals that the strike price reaches as high as ,000, with a total intrinsic value of .452 billion, indicating that many Ethereum options traders are highly bullish on ETH.
ETH Price Performance And Forecast
Meanwhile, Ethereum is undergoing slight retracement, down by 2.4% in the past 24 hours, with a trading price of ,690. Despite this pullback, the asset has maintained a strong uptrend, rising nearly 25% over the past seven days.
As the market’s anticipation around spot ETH ETFs grows, a prominent crypto analyst has suggested a potential price movement for Ethereum, indicating a brief pullback at around ,000 before surging to new all-time highs.
According to the analyst, while there might be some bumps, reaching an all-time high of ,000 seems “inevitable” for Ethereum.
$ETH: I think we pullback briefly around 4k but this certainly breaks all time highs if/when ETF gets approved. This still seems like a free trade for ETH going to ATH, which is at 5k. Could be some bumps along the way but it seems inevitable.
I have both SOL and ETH and not… pic.twitter.com/IznlJ0RAyl
— Altcoin Sherpa (@AltcoinSherpa) May 22, 2024
Featured image created with DALL·E, Chart from TradingView
Dogecoin Bulls On The Rise: Analyst Highlight Path To $0.2
Dogecoin (DOGE), the popular meme-inspired cryptocurrency, is currently demonstrating signals that suggest it might be on the cusp of a significant bullish breakout.
According to a recent analysis from prominent crypto analyst Ali, the meme-inspired cryptocurrency appears to be approaching a crucial resistance level, with market behaviors hinting at potential upward movement.
Eyes Set On Breaking The .2 Resistance Level
Ali, a well-known market analyst, pointed out that Dogecoin is testing the possibility of reaching its highest price level in over a month at .2. His analysis is based on DOGE’s recent escape from a descending triangle pattern, which typically suggests a shift in market dynamics favoring buyers.
Following a pattern similar to the previous cycle, where DOGE experienced a retracement after breaking out from a descending pattern before rallying, the asset has recently completed a significant 47% retracement.
This movement has led Ali to highlight the market’s tendency to echo past patterns, though not perfectly. With the breakout from the descending pattern and subsequent retracement now complete, DOGE is positioning itself for another push toward the .2 resistance level.
History doesn’t repeat itself, but it often rhymes!! https://t.co/qr9BG5QnjH
— Ali (@ali_charts) May 21, 2024
This level has proven challenging, with selling pressure frequently intensifying around this range. However, the broader market sentiment remains bullish, which could support Dogecoin’s push toward this key price point.
Notably, to reach .2, DOGE would need to increase further by nearly 20% from its current position. Currently, the memecoin is trading at .168, reflecting a 10% increase over the past 24 hours and continuing a week-long uptrend that has seen nearly a 15% increase.
Surging Interest In Dogecoin And Strong Upside Signal
The positive movement in DOGE’s price performance is further underscored by a surge in DOGE’s open interest, which has risen by 23% in the past day to reach billion, according to data from Coinglass.
Additionally, the open interest volume has soared by 200%, now at nearly billion. An increase in open interest indicates that new market participants are entering or existing positions are being expanded. This can be a sign of strengthening market activity and a supportive factor for the ongoing price increase.
Echoing Ali’s sentiment, another analyst from Crypto Daily Trade Signals identified a symmetrical triangle pattern in DOGE’s price movements, reinforcing the potential for continued upward momentum.
According to this analysis, Dogecoin is showing signs of bullish behavior, with immediate resistance near .15950. However, since DOGE already surpassed that, the analyst noted other resistance levels at .16980 and .18440.
Featured image created with DALL·E, Chart from TradingView
Swing State Voters Highlight Cryptocurrency as a Key Issue for 2024 Elections, Survey Finds
A recent survey conducted by The Harris Poll and commissioned by Digital Currency Group (DCG) reveals that cryptocurrency is emerging as a critical issue among voters in key swing states. Over 20% of respondents from states like Michigan, Ohio, and Pennsylvania demand more discourse on digital assets from political candidates ahead of the 2024 elections. […]
Bitcoin News
B2Prime’s Q1 Fiscal 2024 Results Highlight Strong Growth and Regulatory Compliance
PRESS RELEASE. B2Prime, a renowned multi-asset Prime of Prime liquidity provider, disclosed financial results of its Parent Company B2B Prime Services EU for January and February 2024. The report aims to highlight the company’s dedication to transparency, regulatory compliance, and market leadership. Regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services […]
Bitcoin News
NFT Market Sales Dip 12% This Week While Highlight Collections Record Notable Rises
In the last week, the market for non-fungible tokens (NFTs) has seen a decline, with sales falling 12.67% compared to the previous week, totaling 5.22 million. Ethereum took the lead in NFT sales, raking in 3 million, while Solana followed with sales over million, relegating Bitcoin to third place with .9 million in sales. […]
Bitcoin News
Bitcoin Mining Stocks Surge — Double-Digit Gains Highlight Rapid Growth in Digital Currency Sector
As bitcoin and the broader crypto market have surged, shares of publicly traded mining companies have seen substantial growth. Data shows that, in the last five days, stocks of many of these firms have experienced double-digit increases in value against the U.S. dollar. Publicly Traded Mining Companies See Major Uptick Publicly-listed firms linked to the […]
Bitcoin News
Polkadot Parachain Auction Highlight: Composable Finance
The Polkadot parachain auctions are continuously creating waves in the blockchain and DeFi space as promising projects are participating and seeking support to enable their vision for the future of the Dotsama ecosystem. Composable Finance has officially launched their crowdloan for the auctions in the second batch, opening the door for the DeFi ecosystem to support their efforts in securing a Polkadot parachain. It is important to note that Composable Finance has previously procured a Kusama Parachain and is taking a similar approach in their campaign for the DOT parachain.
Composable Finance aims to bring to life the idea of cross-chain communication to ultimately create a blockchain-agnostic environment. Through extensive research they have identified the benefits of the Dotsama ecosystem and have targeted their efforts towards Polkadot and Kusama to enable their underlying vision. As previously mentioned, Composable Finance successfully obtained a Kusama parachain by the name of Picasso which acts as a supportive hub for their innovation and is now engaging in the next steps of securing a Polkadot parachain to further advance their infrastructure and capabilities within this space.
Notably, Composable Finance allows users to contribute to their crowdloan campaign using ERC-20 stablecoins in addition to $DOT. This functionality allows for contributions from a broader range of supporters outside of just $DOT holders and is an exciting way to converge and unify ecosystems to engage in joint progress for interoperability which aligns with the vision of Composable Finance. Additionally, Composable Finance offers very competitive rewards for early contributors of the crowdloan outlined here:
12% of their native LAYR token supply earmarked for crowdloan contributors with the additional incentives of:
- 10% bonus for the contributors that stake in the first three days of the crowdloan
- Additional 5% bonus to those staking in the first 24 hours of the crowdloan
- 5% bonus to stakers who previously contributed KSM or Stablecoins to Compasable’s Picasso crowdloan (Kusama Parachain Auction)
- 20% referral bonus to users that refer a sum of 1000 DOT to the crowdloan using the referral codes
Composable Finance is on the journey to establish a truly interoperable environment for developers and users engaging in the broader DeFi ecosystem, one that is not held down by the barriers of the siloed multi-chain framework. The creation of a fully blockchain agnostic environment would tremendously impact the capabilities of the entire space and it is exciting that leaders such as Composable Finance are coming forward to spearhead this vision.
The procurement of a Polkadot parachain is thus an instrumental step in enabling Composable Finance to move the needle towards interconnectivity and cross-chain communication in blockchain.
It’s Now Or Never For XRP As Technical Indicators Highlight Pivotal Moment
XRP, the fourth-ranked cryptocurrency in the space, has been among the industry’s worst performers. Yet investors in the asset still hold out hope for a repeat of the massive pumps Ripple is known for.
Key indicators reveal that the asset has reached a pivotal moment where a decision must be made. It’s now or never for XRP, but how will the altcoin respond?
Is Ripple Finally Ready For Redemption?
Few cryptocurrencies are as polarizing as XRP. Crypto investors either love the asset, or love to hate it. It’s the butt of many jokes, the worst performing altcoin the last couple years running, and has been compared to sheep manure.
Ripple execs notoriously sell down rallies, which has helped keep the altcoin locked in a downtrend for nearly three full years. It even lost its third-rank by market cap to a stablecoin in recent weeks.
Related Reading | Three Signs That XRP Has Finally Found It’s Bear Market Bottom
But downtrend resistance has been broken through on both USD and BTC trading pairs, yet XRP has barely reacted. Looking more closely at the long-term price charts of the asset reveals that indicators are primed for a major move.
After a breakout of downtrend resistance, bullish chart formations, and indicators are backing up a potential explosion – how will Ripple react in the days ahead?
XRP Reaches Now Or Never Movement, According to Three Key Indicators
There’s no denying that XRP has come to a now or never moment. The conclusion of tight consolidation is due, technical analysis indicators are suggesting.
Coinciding with powerful signals from a variety of popular trading tools is a breakout from downtrend resistance. The downtrend resistance acts as the top trend line, to a massive, multi-year falling wedge pattern.
The falling wedge pattern is a cookie-cutter fractal of the previous cycle, only larger by comparison. And due to the pattern’s larger size, the resulting breakout could be that much more significant.
Ripple MACD Weekly | Source: TradingView
Pointing to a potential breakout to the upside is the weekly MACD. The last time the MACD turned bullish on the histogram on weekly timeframes, all bets were off for bears.
Related Reading | The Price Trend of XRP Stunningly Reflects That of Sheep Manure Stock
XRP rallied over 3,000% in less than 60 days following the change in momentum.
Ripple RSI Weekly | Source: TradingView
Further backing up the idea of a breakout to the upside, is a massive bullish divergence across the Relative Strength Index. This indicator also matches the same sort of pattern pre-breakout the last time around.
Yet another indicator, the Bollinger Bands shows just one line of defense separating XRP from another incredible surge: the mid-BB. The middle line of the Bollinger Bands is a simple moving average, and each band is a standard deviation of those bands.
Ripple Bollinger Bands Weekly | Source: TradingView
In the chart above, prior to XRP claiming the middle line, months of the bands “squeezing” can be seen ahead of the powerful explosion. The same thing is happening once again, and the asset is just below the middle-line on the Bitcoin trading pair.
If the asset can reclaim the line, and hold it, it’s the only remaining step before XRP potentially goes on a shocking rally.
Spanish Police: Bitcoin ATMs Highlight Flaws in EU Money Laundering Rules
Following a Spanish investigation into a gang’s recently-busted money laundering operation, the nation’s police force claim to have exposed gaps in the European Union’s regulations designed to prevent money laundering. The group reportedly exploited the lack of rules regarding Bitcoin trading terminals, popularly referred to as Bitcoin ATMs.
Authorities believe the criminal group used the machines to “clean” more than million. Eight suspects have now been arrested from Spain and South America.
Bitcoin ATM Money Laundering Gang Invites Scrutiny into EU AML Regulations
According to a report in American Banker, La Guardia de Civil, a division of the Spanish police force, claim the EU’s money-laundering regulations are not adequate. They argue that since the rules aimed at preventing money service providers from trading with non-verified clients don’t apply to operators of Bitcoin ATMs, the machines provide an easy way for criminals to launder money.
The claims come in the aftermath of a bust involving Spanish nationals and South American drug dealers. Authorities first announced that they had taken down a money laundering scheme involving Bitcoin ATMs in May of this year. Eight suspects have been arrested, hailing from Spain and South America.
According to an anonymous official from La Guardia de Civil, the gang had hired Bitcoin ATMs from unnamed (and unassociated) trading companies. They had them installed in a Madrid office that was fronting as an international remittance and cryptocurrency trading centre.
![](https://www.newsbtc.com/wp-content/uploads/2019/03/crypto-canada-bitcoin-atm.jpg)
Bitcoin ATMs are springing up around the world.
The gang allegedly used the business to clean some million for South American drug dealers. The nature of the company used provided the perfect justification for large amounts of money being sent between Spain and other nations without arousing suspicion.
As part of the investigation, the two Bitcoin ATMs, four cold wallets, and 20 online wallets were seized. The authorities are now working on proving a link between the wallets and the suspects.
The last few years has seen the number of Bitcoin ATMs around the world multiply rapidly. According to monitoring website, CoinATMradar, there are now more than 5,400. Most of these machines are located in the US. Earlier this year, NewsBTC reported on the city of Chicago receiving 30 new terminals.
For their proponents, and fans of Bitcoin in general, the ATMs are a great way to drive adoption and to familiarise the public with the technology. However, for regulators, the machines are clearly proving to be something of a headache as they represent an entirely new way for criminal networks to clean money.
For now, most jurisdictions do not enforce as strict anti-money laundering regulations on Bitcoin ATM operators. However, this seems likely to change given the scale of the Spanish operation recently taken down.
Related Reading: Short The Bankers: Another Major Bank Ordered Closed for Money Laundering
Featured Images from Shutterstock.
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