JPMorgan Chase CEO Jamie Dimon has doubled down on his anti-bitcoin stance, emphasizing that the crypto is a fraud with no future as a currency. “It’s a Ponzi scheme,” the executive stressed. However, despite his strong opinion about bitcoin, JPMorgan is an authorized participant for Blackrock’s spot bitcoin exchange-traded fund (ETF). Dimon, while advising investors […]
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Hope Rises Among XRP Proponents for a Significant Upswing Amidst Crypto Market Expansion
In the last week, XRP experienced a 19.9% increase in its value against the U.S. dollar, reaching a peak of .744 per coin on March 11, 2024. Its price has since retreated a hair, now trading at .685 per XRP. Although the digital currency’s market results haven’t captured as much attention as bitcoin and ethereum, […]
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Searching For Hope: 70% Of PEPE Investors Hit Hard – What Now?
Meme coin PEPE navigated a turbulent week, experiencing a 14% price drop but finding solace in rising bullish sentiment and technical indicators pointing towards a potential rebound.
Investor Woes, But Whale Appetite Grows
NewsBTC’s analysis, using data from IntoTheBlock, revealed over 70% of Pepe investors currently sitting on losses, suggesting a challenging week. However, whales saw opportunity in the dip, with Santiment data showing a sharp increase in Pepe holdings by top addresses.
Bullish Buzz Despite Price Slump
Sentiment around Pepe took an interesting turn, defying the price decline. The meme coin’s Weighted Sentiment, tracked since February 1st, witnessed a rise, indicating growing optimism within the community. This positive buzz was further fueled by consistent social media engagement, reflected in high Pepe Volume throughout the week.
Exchange Activity Signals Caution
While whales accumulated, broader market selling sentiment weighed on Pepe. NewsBTC observed a drop in Exchange Outflow, suggesting investors moving their holdings off exchanges for potential selling. Additionally, a drastic increase in Supply on Exchanges coupled with a decrease in Supply outside of Exchanges painted a picture of potential selling pressure in the near future.
Technicals Hint At Reversal
Despite the recent price struggles, Pepe’s daily chart offered some positive signals. The MACD indicator hinted at a potential bullish crossover, suggesting a shift in momentum. The Relative Strength Index (RSI) neared the oversold zone, potentially triggering buying pressure if it enters that territory. The Chaikin Money Flow (CMF) also displayed an uptick, further reinforcing the possibility of a price increase.
Bears are currently attempting to push the price below a crucial support level of .0000009. If this level breaks, significant losses could occur, potentially dragging the price down to lows of .0000006 seen in September/October 2023, representing a decline of over 30% from current levels.
Community Strength Endures
Despite the market fluctuations, Pepe boasts a strong community presence, with over 154,000 individual holders and active communities on platforms like X (formerly Twitter) and Telegram, exceeding 500,000 followers and 60,000 members respectively.
The outlook for Pepe remains cautiously optimistic. While recent price drops and selling pressure raise concerns, bullish sentiment, technical indicators, and a strong community suggest potential for a reversal.
However, investors should carefully consider both positive and negative factors before making any investment decisions, acknowledging the inherent volatility associated with meme coins.
Featured image from Adobe Stock, chart from TradingView
XRP In December 2023: Decoding An 800% Nostalgia And The Hope For $1
XRP has been under a cold spell in December for years, with red charts and cold winds every year. Some buyers are still scared about the market because they remember the 66% drop in 2021. The sounds of 2018, a year with an amazing 800% rise, sound like a faraway Christmas carol.
They remind the XRP community of a time when XRP believed in the magic of year-end wonders. Even though December charts used to be full of holiday cheer, XRP was stuck by the shadow of past trends, hoping that its luck would improve by the end of the year.
Will This Month Be Different For XRP?
While it’s cold outside in December 2023, there are hints of hope for change in the air. The big question is whether this month will be different, and whether XRP can finally break free from the Scrooge-like grip that has been limiting its year-end results.
CryptoRank’s data, which is often like a Grinch to XRP’s holiday mood, still shows a sad picture of past December coming back. There is a cemetery of red bars across the chart (below).
Each one shows a year of loses at the end of the year. In the middle of this cold landscape, though, sits a defiant evergreen: 2017. Its shimmering 818% gains serve as a reminder of XRP’s hidden potential.
The averages for XRP in December on the crypto market show two parts of the story. A 75% average return shines like a holiday ornament, a memory of times when the market was rising around this time of the year.
A (minus) 4% median, on the other hand, forms a shadow, a lump of coal that shows how volatile XRP’s December performances have often been. Still, this December feels different. There’s a soft hint of change in the air, like a mistletoe of promise.
When you look at XRP’s past of chilly Decembers, even a small 2% rise that might not seem important in other situations feels like a big deal. Even though the wins in December might not last, the bigger picture shines with newfound warmth.
With a respectable 20.4% quarterly gain, the fourth quarter of 2023 has been very good. It was the second-best quarter of the year and the first positive Q4 since 2017.
But the rumors about December are more than just changes in prices. Technical indicators are pointing to a possible bull run, which would be very different from the normal drop at the end of the year. There will be some hard times ahead for XRP.
Hope Lingers For XRP
Three important barrier levels—.63, .66, and .70—will stand in the way of its possible upward trend. For XRP to break free from its past limits, it needs to take over these points that were once battlegrounds between bulls and bears.
Even though the road is steep, it’s not impossible. It’s still not clear what will cause such a change, but the technical signs and resistance seen this month are a sign of hope. If XRP can break through these levels of resistance, it could be on track for a big rise, possibly hitting the all-time high of before the current year ends.
This is more than just a story of numbers and charts; it’s a story of strength, going against the grain, and a glimmer of hope in the cold grip of December. In this story, XRP, which was dormant at one point, wakes up full of promise.
The rumors from December make one thing clear: the winter blues might be melting away and a better future could be on the horizon. Only time will tell if 2024 is the spring of a new XRP.
Featured image from Freepik
Renewed Hope For Crypto: 2023 Sets The Stage For A Monumental 2024
The crypto industry went through a period of evolution in 2023 to reiterate its position in the global market. This evolution was particularly spearheaded by Bitcoin’s dominance, with the crypto registering gains in the last quarter that were practically absent in the earlier parts of the year.
All the signs are there; interest is picking up, big money from institutions is sniffing around again, several important technical and on-chain pricing models this year have been confirmed, and the dust seems to have finally settled from the prolonged bear market in 2022.
The Crypto Winter Thaws: Signs of Life in 2023
2023 was majorly a year of correction for the extended bear market in 2022 which saw Bitcoin fall 76% from its all-time high to trade at a bottom of ,883. According to a report from Glassnode, major market structure shifts are now taking place within the crypto industry to reflect growing optimism.
Bitcoin, for one, is showing a strong interest from its long-term holders, as the industry awaits the launch of spot Bitcoin ETFs in the US. One particular feature of the year that indicated a strong bullish momentum was the shallow depth of market correction, indicating the industry is maturing into a more stable market in terms of price volatility.
Bitcoin’s deepest correction in 2023 closed just -20% below the local high, better than historical pullbacks of least -25% to -50%.
Ethereum also saw shallow corrections, with the deepest reaching -40% in early January.
From an on-chain perspective, the realized cap in the 2022 bear market for both assets showed a net capital outflow of -18% for BTC and -30% for ETH. The momentum kickstarted in October, as the news of various applications of spot Bitcoin ETFs turned the crypto market on its heels. As a result, Bitcoin finally broke above the ,000 level which it had traded below for the majority of the year.
This cascaded into the altcoin market, with Solana, Cardano, and Ethereum all seeing renewed interest and growth in prices and DeFi TVL. According to Glassnode, the total value locked into Ethereum’s layer-2 blockchains increased by 60%, with over billion now locked into bridges.
According to CoinShares, the bullish sentiment has also flowed into institutions. October’s rally sparked an 11-week run of inflows into digital asset investment funds. At the time of writing, the year-to-date inflows now sit at .86 billion.
The crypto industry, particularly Bitcoin, is primed for astounding growth in 2024, with various price catalysts like the SEC’s approval of spot Bitcoin and Ethereum ETFs in the US, and the next Bitcoin halving. The altcoin market should also follow, spearheaded by Ethereum.
At the time of writing, Bitcoin is up by 159% this year, outperforming other asset classes. On the other hand, Ethereum and Solana have dominated the altcoin market, up by 82% and 616% respectively.
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.
South African Crypto Platform Pins Hope on ‘Phased Asset Recovery’ Proposal
A South African crypto investment platform has expressed hopes that an asset recovery proposal will result in users regaining access to funds blocked after its custody partner froze withdrawals. The crypto platform said it has also engaged regulators whom it hopes will help expedite resolution of the matter.
No Timeline Given
The South African cryptocurrency investment platform Revix has said it is hopeful an asset recovery proposal put forward by its custody partner Haru Invest will ultimately result in users regaining access to blocked funds. However, Sean Sanders, the CEO of Revix, noted that while this may be positive news for users, his company is still unsure of when this process is set to be completed.
As previously reported by Bitcoin.com News in June, Revix began restricting users’ access to a portion (24%) of their funds. At the time, the crypto investment platform argued that the abrupt suspension of withdrawals by its South Korea-based custody partner had necessitated this decision.
Although some have drawn parallels between what happened to Celsius and Haru Invest, in his remarks published by Moneyweb, Sanders said it is still premature for anyone to make such conclusions.
“It’s not correct to compare Haru to Celsius just yet, as information hasn’t emerged on what exactly happened at Haru. However, Haru has publicly communicated that it plans to distribute assets it holds, which infers that there is value to be returned,” Sanders reportedly said.
The CEO added that his firm will continue to monitor the recovery efforts as well as ensure users get the highest possible value. According to the Moneyweb report, Revix has engaged regulators with the hopes that this will also help expedite the resolution of the matter.
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What are your thoughts on this story? Let us know what you think in the comments section below.
Anthropic’s $2 Billion Deal With Google Brings Hope to FTX Creditors
A few weeks back, a coalition of creditors from FTX, known as the “FTX 2.0 Coalition,” shed light on how the defunct exchange’s vested interest in Anthropic could significantly enhance their compensation. Now, Anthropic has successfully secured billion in funding from Google. Although the exact updated valuation remains undisclosed, preliminary estimates suggest the generative artificial intelligence (AI) company reportedly boasts a post-valuation ranging from to billion.
FTX Creditors Look to Reap Benefits as Anthropic Gains Billion
In 2023, there is no doubt that artificial intelligence (AI) has experienced significant growth, with billions of dollars in capital flowing towards companies such as Anthropic and Openai. These two competitors have developed two generative AI chatbots known as “Claude” and “Chatgpt.”
Towards the end of September, Bitcoin.com News reported that Amazon pledged billion to support Anthropic. Prior to this investment, Google had already invested 0 million in the AI startup. It is also widely known that before Amazon and Google made their investments, former FTX CEO Sam Bankman-Fried (SBF), along with some of his senior executives, infused 0 million into Anthropic.
On October 4, it was reported that a consortium of FTX creditors, known as the “FTX 2.0 Coalition,” explained the potential for the Anthropic investment by SBF to potentially wholly reimburse customers and clients. This particular discussion followed Amazon’s injection of billion into Anthropic.
Three weeks later, on October 27, creditors got some hopeful news as reports confirmed that Google was pledging billion to Anthropic. Exact post-valuation figures remained undisclosed, although preliminary estimates had ranged from billion to billion.
The FTX 2.0 Coalition reposted the Wall Street Journal’s (WSJ) social media update regarding Google’s recent injection, with WSJ being the initial source of the report. Meanwhile, the FTX estate has opted to postpone the sale of the Anthropic investment, resulting in a contentious legal issue.
U.S. prosecutors, who have charged SBF with fraud, asserted that although Anthropic’s investment may benefit customers, it should not diminish the charges SBF is facing. In the early stages of the trial, prosecutors attempted to exclude the Anthropic investment from the trial’s proceedings.
Moreover, the announcement page, which detailed SBF as the leader of the Series B funding round with participation from Caroline Ellison, Jim McClave, Nishad Singh, Jaan Tallinn, and the Center for Emerging Risk Research (CERR), now displays a 404 error HTTP status code. However, the link remains accessible and can be viewed through archive.org’s Wayback Machine, after being saved on April 29, 2022.
What do you think about Anthropic getting a billion injection from Google? Do you think that it will help FTX creditors? Share your thoughts and opinions about this subject in the comments section below.
Ethereum Price Holds at $1,500, Why There’s Hope For The Bulls
After yesterday’s Federal Open Market Committee (FOMC), the Ethereum price and the crypto market have held their ground. Those market participants expecting a return to the previous range might be disappointed as macro-economic forces
At the time of writing, the Ethereum price trades at ,540 with a 2% profit in 24 hours and a 2% loss in the previous seven days. Other cryptocurrencies in the top crypto top 10 by market capitalization follow this trend, but the majority record positive momentum.
Ethereum Price Sustains Positive Outlook
The current Ethereum price action has come as a shock for many market participants. As mentioned, market participants expected downside pressure after the U.S. Federal Reserve (Fed) reiterated its hawkish stance.
However, the financial institution raised rates by 75 basis points (bps) within market expectations. The Fed and its Chairman Jerome Powell offered no surprise and will likely stay on their current course for 2022.
Therefore, the crypto market can sustain its levels even as equities see losses. All major narratives in the nascent asset class have been suspended, at least until tomorrow, when the U.S. government will release new economic data.
Talking about the recent price action in the crypto market, analyst Justin Bennet said:
It would be ironic if markets rallied after Powell’s attempt to squash any hope at Wednesday’s FOMC. I’m not ruling it out. And to be honest I’m eyeing a few areas during this pullback in case we get it (…) Waiting for markets to digest FOMC and avoiding Friday’s NFP volatility for now.
A separate report from trading firm QCP Capital indicates that the Ethereum price remains bullish in the long run. The first believes that “The Merge” impact on the ecosystem will become palpable in the coming months.
In that sense, “The Surge,” the next major milestone for Ethereum, will begin exercising more influence over the crypto market. This event will complete Ethereum’s transition to a more scalable ecosystem with a project transaction per second (TPS) almost twice as high as Visa and Mastercard at 100,000.
In addition, the trading firm noted a massive decrease in the ETH supply coming into the market. The amount of ETH supply issued stands at 7,000 versus 400,000 that would have been issued with the old consensus. All of these factors are poised to provide value for the ETH. Especially if macroeconomic forces mitigate their influence over risk assets.
Thorchain Shows A Glimpse Of Hope, Are The Green Days Near?
- RUNE price could be ready to break out from the downtrend as price gears up for a short-term recovery creating more bullish sentiment.
- RUNE looks strong on the low timeframe.
- The price of RUNE attempts to break and hold above 8 and 20 EMA on the daily timeframe.
Thorchain (RUNE) has shown little or no recovery sign in recent weeks, but that could change as the price gears up for a rally against tether (USDT). Previous weeks for the crypto space have been slow as most altcoins, and major cryptocurrencies like Bitcoin (BTC) continued to move in a range. The month looks promising, with altcoins, including Thorchain (RUNE), bouncing off from their low with high hopes of a rally with the current shift in trend. (Data from Binance)
Crypto Market Outlook
Crypto Market Outlook | Source: Coin360
For most crypto projects as altcoins, including RUNE, the new month has been more of a relief. The price of Bitcoin has led the market, rising from a low of ,800 to ,100. With the market looking more promising for crypto assets, we may see more cryptocurrency recovery, as the previous month prevented major altcoins from rallying.
Thorchain (RUNE) Price Analysis On The Weekly Chart
The price of RUNE in recent weeks did not show the strength as seen in other altcoins like Cosmos as the price continued to decline to its weekly low of .5.
After rallying from a low of to a high of , the price of RUNE faced rejection as it was unable to break above , acting as resistance to the price of RUNE and the area of supply.
The price has since struggled to find support as the price declined to a weekly low of .5 with what looks like a demand zone for more buy orders.
RUNE price bounced off this region to .6 as price prepares for a rally from this area. Although the price continues in a range trying to break out, it looks promising as there have been more buy orders than in recent weeks.
Weekly resistance for the price of RUNE – .8-.
Weekly support for the price of RUNE – .5.
Price Analysis Of RUNE On The Daily (1D) Chart
Daily RUNE Price Chart | Source: RUNEUSDT On Tradingview.com
On the daily timeframe, the price of RUNE remains bullish as it attempts to flip the resistance at .8 and break out with good volume.
The price of RUNE is currently trading at .65, with resistance to breaking above the 8 and 20-day Exponential Moving Averages (EMA), which act as resistance zones for the price of RUNE. The prices of .6 and .66 correspond to RUNE’s 8 and 20-day EMAs, respectively.
Daily resistance for the RUNE price – .66-.8
Daily support for the RUNE price – .5.
Featured Image From zipmex, Charts From Tradingview
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