Over the past seven days, data reveals that the German government has transferred 3,820 BTC to cryptocurrency exchanges, with around 2,165.49 BTC moved in the last eight hours. German Government’s Bitcoin Transfers Cause Stir A week ago, Bitcoin.com News reported that the German government’s wallet, containing bitcoins seized from a piracy website, held 47,179 BTC […]
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Market Jitters: Analysts Warn of Looming US Stock Crash, Draw Parallels to 1929
As the U.S. stock market scales new heights, a growing chorus of analysts warns that a severe crash could be on the horizon, reminiscent of the devastating 1929 collapse. Concerns center around the meteoric rise of Nvidia and the burgeoning artificial intelligence (AI) sector, feared to be the latest bubble in a pattern echoing past […]
Bitcoin News
Pre-Halving Jitters: Bitcoin Price Briefly Slips Below $60,000
The Bitcoin price has recently experienced heightened volatility, causing the largest cryptocurrency in the market to briefly drop below the significant threshold of ,000 for the first time since March 5.
This price decrease comes just days before the highly anticipated Halving event scheduled for Friday. This event has traditionally been viewed as a positive catalyst for Bitcoin’s value due to its impact on token supply.
However, market participants are questioning whether the Halving’s effects are already factored into the current market conditions, leading to extended bearish sentiment.
Long-Term Bullish Outlook Prevails
Bitcoin’s decline saw it plummet by 5% to ,890, though it recovered some losses shortly afterward. Since reaching an all-time high (ATH) of ,700 on March 14, the Bitcoin price has now retraced by approximately 18%.
The downward trend extended to other major cryptocurrencies, including Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE), which also experienced slumps on Wednesday.
The impending Halving, a quadrennial code update in Bitcoin, has raised concerns among investors as to whether it will be a significant market-moving event or a non-event overshadowed by other factors, such as the ongoing discussions surrounding the Bitcoin ETF market, which has seen a significant decrease in terms of outflows.
Nathanaël Cohen, co-founder of INDIGO Fund, noted that market participants are de-risking due to this uncertainty and the additional macro factor of tensions in the Middle East involving Israel and Iran, putting further pressure on risk assets.
The recent decline in Bitcoin’s price was further exacerbated by a wave of liquidations in long positions for digital assets. Last Friday alone, approximately 0 million worth of bullish crypto wagers were liquidated within 24 hours.
Despite the recent market turbulence, some participants maintain a bullish long-term outlook for Bitcoin. Some see the recent liquidations and subsequent flushing out of leverage in the crypto market as a positive development.
Ravi Doshi, head of markets at FalconX, reported increased buying of longer-dated call options on their derivatives desk, suggesting that clients anticipate higher prices in the latter half of the year.
Bitcoin Price Rebounds Above ,000
Following the brief dip below the ,000 mark, the Bitcoin price has rebounded, currently trading at ,600. This recovery is viewed as a bullish sign, with the cryptocurrency’s macro uptrend structure remaining intact as long as price levels of ,000 and ,000 are maintained.
The market is closely watching whether the theory suggesting that the Halving price catalyst is already factored into the current market conditions holds. Additionally, the performance of Bitcoin ETFs in the United States and their potential impact on driving the cryptocurrency’s price back to previous highs are of significant interest.
Furthermore, the recent approval of the spot Bitcoin ETF market in Hong Kong is expected to contribute to increased adoption of the leading cryptocurrency. Although some experts do not consider it as significant as the US ETF market, it is anticipated to generate a surge in price and further strengthen Bitcoin’s position.
Ultimately, the outcome of the Halving event, combined with the developments in both the US and Hong Kong ETF markets, remains uncertain. The ability of Bitcoin to regain its bullish momentum and drive increased demand will be closely monitored.
Featured image from Shutterstock, chart from TradingView.com
PEPE In Peril? Dwindling Exchange Supply Raises Price Jitters
The world of memecoins continues to be a rollercoaster ride, and Pepe (PEPE) is no exception. Recent on-chain data reveals a surge in tokens moving out of exchanges, potentially signaling a bullish sentiment among investors. However, conflicting indicators cast a shadow of doubt on the sustainability of this upward trend.
Pepe Soars Out Of Exchanges, Suggesting Investor Confidence
A significant development for PEPE is the movement of a large number of tokens away from exchanges. According to Santiment, a blockchain analytics platform, the supply of PEPE outside exchanges reached a staggering 243 trillion on April 7th. This sharp rise compared to March 12th indicates a potential decrease in selling pressure.
Price Recovery, Rising Volume Hint At Potential Upswing
Further bolstering the bullish case for PEPE is the recent price increase. Over the last 24 hours, the memecoin has experienced a nearly 10% surge, suggesting a potential recovery from a recent slump.
In addition to the observed price fluctuations and projected price range for Pepe, it’s worth noting the significant increase in trading volume surrounding the cryptocurrency. This surge in trading activity not only reflects a heightened level of engagement within the Pepe community but also suggests growing interest from external investors and traders.
The uptick in trading volume serves as a key indicator of market sentiment and could potentially serve as a catalyst for further price gains. Historically, increased trading activity has been associated with periods of price appreciation, as it signals a greater level of market participation and liquidity. In turn, this heightened liquidity can attract new buyers to the market, further bolstering demand and potentially driving prices higher.
Investor Sentiment Tells A Different Narrative
However, not all signs point towards a clear path to success for PEPE. While the token movements suggest some bullishness, a crucial metric paints a contrasting picture. The Weighted Sentiment, which reflects investor sentiment towards PEPE, has recently declined.
This could indicate a weakening of investor confidence and potentially foreshadow a decrease in demand for the memecoin. If this metric continues to fall, it could invalidate the current bullish bias surrounding PEPE, making a significant price hike less likely.
Quick Technical Overview
On a brighter note, PEPE shows strong bullish momentum with a 74/26 split favoring positive sentiment. This aligns with the recent price increase and suggests continued investor optimism.
However, it’s crucial to monitor social media chatter and news articles for any potential shifts in sentiment that could impact price movement. While the current outlook is positive, remaining vigilant is key in this volatile market.
PEPE Price Prediction
Meanwhile, amidst the volatility of the cryptocurrency market, Pepe’s price fluctuations have captured the attention of crypto experts, prompting projections for its trajectory in April 2024. Analyses indicate an anticipated average PEPE rate of .0000140 during this period, reflecting both the potential for growth and the inherent uncertainty within the market.
While these projections offer insights into the expected average price, it’s essential to acknowledge the range of possibilities. Experts suggest that Pepe’s minimum and maximum prices in April 2024 could vary significantly, with estimates ranging from 0.00000745 to 0.00000745.
Featured image from Pexels, chart from TradingView
Bitcoin Spot ETF Jitters Subside: Grayscale Outflows Drop To New Lows
Outflows from Grayscale’s Bitcoin Trust (GBTC) seem to be slowing down, as shown by the trading activity of Bitcoin ETFs. This comes as investor anxiety over Grayscale’s Spot ETF seems to finally be subsiding, with the entire ETF cohort continuing to attract huge trading volumes and rapid growth in assets under management. As a result, the GBTC saw daily outflows drop steadily over the course of the week to just .2 million on Friday, the lowest since spot Bitcoin ETFs went live.
Outflows Drop As Grayscale’s BTC ETF Stabilizes
After several weeks of elevated outflows totaling over .44 billion, investors pulled just 6.2 million of Grayscale’s Bitcoin Trust last week. Notably, the lowest daily outflow of .2 million came on the last day of the week.
Grayscale’s GBTC is undoubtedly the biggest Bitcoin ETF among its cohort. This is because GBTC was launched in 2013 as a Bitcoin trust available only in OTC markets., allowing it to grow over the years as it was the only go-to for investors looking to dive into the crypto industry.
However, after a lengthy regulatory procedure, the SEC finally approved GBTC’s conversion into a Spot Bitcoin ETF. Consequently, Grayscale’s new Bitcoin ETF went live on January 11, along with nine other recently approved ETFs.
GBTC held around billion worth of BTC assets when it first began trading as an exchange-traded fund (ETF). Surprisingly, Grayscale’s conversion into an ETF came along with a vast amount of withdrawals from investors, and by the end of January, GBTC had witnessed .55 billion worth of withdrawals.
Many analysts have attributed Grayscale’s high management fees (1.5%) to the outflows. During this period, other Bitcoin ETFs continued to attract new money. BlackRock’s iShares Bitcoin Trust (IBIT) now has over .64 billion worth of BTC in its ETF, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) with .73 billion.
What’s Next For Grayscale’s Bitcoin ETF?
While last week’s outflow data is an encouraging sign for Grayscale and the wider ETF market, outflows could continue in the coming weeks. Bankrupt crypto lending firm Genesis recently received court approval to sell its .3 billion worth of GBTC in order to repay its creditors.
The prospect of a liquidation of such gravity has propelled concerns amongst investors of the potential downward implications on the price of BTC. However, many others remain optimistic. According to a report by crypto exchange Coinbase, full liquidation would have a neutral impact on the market as the majority of funds are expected to remain in the crypto ecosystem.
At the time of writing, Bitcoin was trading at ,300, while Grayscale’s GBTC now had .7 billion worth of assets under management.
Bitcoin’s Pre-Halving Jitters — Historical Trends Spotlight Potential Price Dip Ahead of 2024 Event
As the Bitcoin network nears its fourth halving event, numerous market watchers and cryptocurrency enthusiasts are curious about whether the price will experience a temporary decline before the halving occurs. Historically, bitcoin’s value has surged six to seven months ahead of halvings, yet there has consistently been a significant decrease before the subsequent increase that […]
Bitcoin News
APE Price: Bears Spark Jitters As Crypto Sell Pressure Mounts
With the apes showing weakness, bears swoop in to claw out some gains. According to Coingecko, APE price has lost its aggressiveness since the start of February, with the biggest losses being observed in the weekly time frame at 7%. This suggests that the bears have a significant grip in the ApeCoin market.
However, recent price movements in the crypto market put this thesis into question. Market leaders Bitcoin and Ethereum has remained stable in their current price levels, indicating that the bulls are somewhat gaining ground after the broader market slump earlier this month.
Investors, however, are concerned about several developments that further threaten the token’s future price movement.
Bears Done APE-ing Around … Or, Are They?
Sentiment around the token largely revolved around a recent transfer of tokens to an exchange. Reports show that an address transferred over 436,173 APE tokens to Binance. At the token’s current price of .17, the transfer is worth nearly .4 million. However, this may not be the work of the bears.
On February 17, the Bored Ape Yacht Club followed through its vesting period and released 7.3 million APE tokens to the market which inevitably put pressure on the token’s price. As of press time, the token released is worth .7 million.
The bears, however, might find strength as Pauly Yox, founder of NotNarvaLabs, shared that there are rumors that the US Securities and Exchange Commission will charge Yuga Labs with securities fraud.
Im hearing alot of rumors that the @SECGov is about to charge @yugalabs & @apecoin with securities fraud.
— PAULY (@Pauly0x) February 19, 2023
If the rumors are true, we might see a stronger bear pressure in the markets. The only thing holding back any further bearish movement is the recent price movement of major cryptocurrencies. Bitcoin is up nearly a percent today, with Ethereum gaining 2.5% in the same time frame.
Bulls May Find Support At This Level
After a slight rebound yesterday, the token is currently trading on a red candle as of writing. This might be a sign that the bears still have enough momentum to test the token’s current support at .063.
This support level can also leverage APE’s correlation with both BTC and ETH. As it currently stands, the significant correlation between APE and the major cryptos may give the bulls an extra leg up.
However, investors and traders should remain vigilant in the coming days. A bearish break at .063 could trigger a return to .4 and .2, both of which are supports with no real strength to them. APE bulls should focus on defending the token’s current support.
-Screenshot/Featured image from YouTube