Although Bitcoin-based decentralized applications (dapps) have been known to replicate or copy Ethereum dApps, Jeff Yin, founder of Merlin Chain, believes there is a growing impetus to build bitcoin dapps that are distinguishable from ether-based dapps. Yin, however, noted that the synchronization between bitcoin-based dapps and the Ethereum Virtual Machine (EVM) dapps still benefits the […]
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Coinbase Investor and Openai Veterans Unite to Launch Safe Superintelligence
In a significant development in the Artificial intelligence (AI) industry, Daniel Gross, known among other things for his investment in the cryptocurrency platform Coinbase, has teamed up with Ilya Sutskever, former Chief Scientist at Openai, and Daniel Levy, a former Openai employee and an expert in AI privacy, to launch a new venture. The new […]
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Red Alert For Polkadot (DOT): Double-Digit Drop Sparks Investor Fears
Polkadot (DOT), the self-proclaimed “King of Interoperability” and once a darling of 2021’s bull run, is currently trading around .42, a far cry from its November 2021 peak of nearly . A flicker of optimism about DOT remains despite the general bearish outlook, as technical analysis points to a potential price turnaround in the horizon.
Falling Wedge Hints At Bullish Breakout
Technical analysts are a breed known for their fascination with squiggly lines and cryptic patterns. However, for some Polkadot investors, these lines might hold the key to future gains. Enter the “falling wedge,” a bullish reversal pattern identified by prominent analyst WorldOfCharts on DOT’s 12-hour timeframe.
Forming Falling Wedge Incase Of Successful Breakout Expecting Move Towards 11-12$ In Coming Days #crypto #Dot #Polkadot pic.twitter.com/VymXK89QN0
— World Of Charts (@WorldOfCharts1) June 12, 2024
This pattern, characterized by converging downward trend lines, suggests a weakening of the downward momentum, potentially leading to a price surge upwards. The point of convergence for these lines acts as a critical juncture, where a successful breakout could propel DOT’s price towards the much-desired -12 range.
DOT Price At A Glance
Polkadot (DOT) currently holds the 14th rank in the cryptocurrency market. With a circulating supply of approximately .87 billion DOT and a market cap of 1.44 billion DOT, its value has increased by .06 in the past 24 hours.
Over the last 7 days, DOT has risen by 16%, reflecting strong upward momentum and potential for investment. In the past month, DOT has seen a 1.83% increase, adding .14 to its value, indicating a promising outlook for potential future growth as a stable asset in the cryptocurrency market.
Fibonacci Retracement: A Golden Opportunity?
Another analyst throws their hat into the bullish ring, identifying a potential trade opportunity for DOT. LongtermX, who is known for their Fibonacci-focused predictions, highlights a possible 44% upswing for DOT, targeting the 0.618 Fibonacci retracement level at roughly .50.
This level represents a significant resistance point, but if DOT can break free from its current price range, it could signal a significant shift in momentum.
Beyond The Charts
It’s important to remember that Polkadot’s potential extends beyond the realm of technical indicators and price predictions. As the “King of Interoperability,” Polkadot boasts a unique architecture that allows different blockchains to communicate seamlessly.
This interoperability is a game-changer in the fragmented world of blockchain technology, potentially enabling the creation of a truly interconnected Web3 ecosystem.
Meanwhile, recent developments within the Polkadot ecosystem further bolster its long-term prospects. The successful implementation of Asynchronous Backing marks a significant step towards Polkadot 2.0, a major upgrade promising increased scalability and security.
Additionally, Polkadot’s innovative community-driven sponsorship of IndyCar driver Conor Daly showcases the project’s commitment to unconventional marketing strategies.
Featured image from MAYK, chart from TradingView
Is The Crypto Surge Over? Bitcoin Stalls At $72,000 As Investor Enthusiasm Wanes
Recent reports from CryptoQuant analysts on the QuickTake platform highlight a notable decline in market sentiment across Bitcoin and altcoin investors.
According to Crypto Dan, a leading analyst at CryptoQuant, “After Bitcoin’s recent failure to breach the ,000 mark, there is a noticeable cooling off of investor enthusiasm.”
Bitcoin Slump In Activity Signals Market Adjustment
Data reveals a significant drop in active Bitcoin addresses, signaling a reduction in transactional activity since peaking in March.
This downtrend reflects Bitcoin’s recent price corrections and prolonged periods of sideways movement. Crypto Dan suggests that the sentiment among altcoin investors may be deteriorating even further, hinting that we may be nearing the end of a market adjustment period.
Weakening investment sentiment among $BTC & altcoin market participants
“After reaching a peak in March, it has decreased significantly due to #Bitcoin‘s correction & sideways movement over a period of three months.” – By @DanCoinInvestor
— CryptoQuant.com (@cryptoquant_com) June 12, 2024
In a similar vein, CryptoAsh, another prominent crypto analyst, shared insights via the social platform X, noting the absence of significant market-moving narratives that previously propelled massive rallies, such as ICOs in 2017, DeFi in 2020, and NFTs in 2023.
He stated, “Unless we see the ETH ETFs come into play, altcoins will likely continue declining against BTC. However, this period could represent an optimal time for strategic accumulation.”
Signs Of Recovery Amid Market Turbulence
Despite recent challenges, there are emerging signs of recovery within the crypto market. Following the US CPI’s latest report indicating slowed inflation, Bitcoin experienced a 4.7% increase over the past 24 hours, adjusting its price to ,573.
Adding to the complexity of the market dynamics, a recent analysis by CryptoQuant analyst Abramchart revealed significant Bitcoin acquisitions by whales during recent price dips, suggesting that large investors are actively increasing their holdings.
Meanwhile, the broader altcoin market has shown resilience, with the total market capitalization climbing from .038 trillion to a 24-hour peak of .108 trillion. Leading altcoins like Ethereum, Solana, and XRP have posted gains of 5.2%, 8.7%, and 4.7%, respectively.
A report by analyst Burakkesmeci pointed to a substantial Ethereum outflow from Coinbase, marking the largest withdrawal this year and hinting at possible large-scale institutional activity.
These transactions, often involving sums between 0 million to .1 billion, underscore a potentially bullish outlook for Ethereum, especially in anticipation of new developments like the trading of spot ETFs.
The exact implications of these movements remain to be seen, but they are likely to significantly impact Ethereum’s price trajectory in the medium to long term.
Featured image created with DALL-E, Chart from TradingView
Report: Kraken Considers IPO Amid Renewed Investor Interest
Kraken, one of the oldest cryptocurrency exchanges, is considering a final funding round ahead of a possible initial public offering (IPO) as soon as next year, according to Bloomberg. This move follows renewed interest from investors during the current digital-asset market rally and a perceived easing of U.S. regulatory scrutiny. Kraken Eyes IPO Bloomberg sources […]
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Investor Confidence Soars With $488M Inflows Into US Bitcoin ETFs
On Wednesday, U.S. spot bitcoin exchange-traded funds (ETFs) saw inflows amounting to 8.1 million, with Fidelity’s FBTC leading the way. These inflows marked the 17th consecutive day of contributions from the 11 publicly traded funds. U.S. Spot Bitcoin ETFs See More Inflows on 17th Consecutive Winning Day U.S. spot bitcoin ETFs have been enjoying a […]
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SEC Issues Investor Alert Highlighting 5 Common Crypto Scams
The SEC’s Office of Investor Education and Advocacy has issued an alert, highlighting five common crypto scams investors should watch out for to avoid losing money. The SEC warns that fraudsters exploit cryptocurrency popularity with sophisticated techniques, making fund recovery difficult. For example, “Fraudsters may conduct pump-and-dump schemes with crypto assets, including so-called ‘memecoins’ that […]
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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.
Bitcoin Boom: Price Explodes Past $67,000 As Investor Confidence Returns
The cryptocurrency market has been shaken by turbulence over the past year, but Bitcoin is now staging a remarkable comeback, breaking past the ,000 mark for the first time since late 2023.
This unexpected surge has electrified the Bitcoin community, sparking widespread optimism and a sense of renewed hope among investors.
Confidence In Bitcoin High
The collective mood of the Bitcoin community, as measured by Santiment’s “Weighted Sentiment” metric, has reached its most bullish level since the SEC’s landmark approval of Bitcoin spot ETFs in late 2023.
That pivotal regulatory move had significantly bolstered confidence in the cryptocurrency’s legitimacy and legitimized it as an investable asset class.
The crowd’s sentiment has shifted toward #Bitcoin after the surprise bounce above K Wednesday (and now above .2K). Additionally, #Chainlink is seeing its most #bullish sentiment in over a year. #FOMO staying low will help these rises continue. https://t.co/TcEPBdS9Oh pic.twitter.com/czvE1mOgId
— Santiment (@santimentfeed) May 17, 2024
Social media platforms are now abuzz with enthusiastic discussions as Bitcoin enthusiasts express excitement about the cryptocurrency’s potential. Many are drawing parallels to the last major bull run in 2021, when Bitcoin reached its all-time high of over ,000.
Cautionary Notes Amidst The Enthusiasm
While the Bitcoin community celebrates this latest achievement, seasoned analysts are urging investors to tread carefully and avoid the pitfalls of impulsive decision-making. Cryptocurrency markets are notoriously volatile, and Bitcoin’s price history is filled with dramatic ups and downs.
Bitcoin’s recent resurgence also coincides with a broader upswing in traditional markets, raising questions about the extent to which the cryptocurrency’s performance is intertwined with the wider financial ecosystem. A potential downturn in the stock market, for example, could negatively impact Bitcoin’s momentum as investors shift their funds accordingly.
Managing FOMO, Maintaining A Long-Term Perspective
As Bitcoin’s price climbs, so too does the risk of FOMO – the fear of missing out. This psychological phenomenon can drive investors to make impulsive decisions, fearing they’ll miss out on significant gains.
The resurgence of Bitcoin has reinvigorated the cryptocurrency community, but seasoned investors know that the road ahead may not be smooth sailing. Extreme bullish sentiment can sometimes act as a contrarian indicator, suggesting that the market might be nearing a peak.
Meanwhile, market volatility remains a constant concern, capable of triggering significant price swings at any moment. Moreover, regulatory scrutiny looms large, with governments worldwide grappling to establish frameworks that balance innovation with investor protection.
At the time of writing, Bitcoin was trading at ,096, down a measly 0.2% in the last 24 hours, but managed to sustain a 10.0% rally in the last seven days, data from Coingecko shows.
Featured image from iStock, chart from TradingView
‘Big Short’ Investor Michael Burry Goes Hard on Gold, Invests $10 Million in Q1
Michael Burry, an investor famous for making a fortune by anticipating the 2007 subprime mortgage crisis, made a sizable bet on physical gold. According to regulatory filings, Burry’s Scion Asset Management purchased over 440,000 Sprott Physical Gold Trust units, a closed-end fund that invests and holds its assets in physical gold bullion. Big Short’s Investor […]
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