On Thursday, bitcoin (BTC) peaked at ,455 per coin around 7 a.m. EDT but dropped to approximately ,516 by noon. The volatile movements resulted in 8.82 million in liquidations across the crypto economy, with long positions accounting for million of that total. Bitcoin’s Rapid Rise and Fall Triggers Major Liquidations in Crypto Economy Bitcoin […]
Bitcoin News
Mt. Gox Bitcoin Transfer: CryptoQuant Analyzes Potential Market Effects Of The $9.4B Movement
Mt. Gox, the defunct Bitcoin (BTC) exchange that suffered a major collapse in 2014 has recently initiated payout distribution to creditors waiting for it.
The release of a substantial amount of BTC, equivalent to .4 billion, on May 27th has raised concerns about potential market liquidity and price stability. In response, the on-chain market intelligence platform CryptoQuant has provided an analysis of the potential impacts of this development.
Potential Market Effects
According to the firm’s analysis, 138,000 Bitcoin moved significantly from Mt. Gox in seven transactions, each worth 4,000 to 32,000 Bitcoin.
Initially, these funds were transferred to a single address and distributed to three separate addresses, each holding 47,400 Bitcoin.
It is important to note that these addresses remain under the control of Mt. Gox’s Rehabilitation Trustee, and no repayments to creditors have been made as of yet. The consolidation of these funds suggests that the Trustee is actively preparing for future repayments by the Rehabilitation Plan.
At present, transfers within the Trustee-controlled addresses have not impacted the market immediately. However, the firm notes that eventual repayment to creditors, targeted for completion by October 31, 2024, could influence Bitcoin’s market dynamics.
For CryptoQuant, the market impact will depend on various factors, including the timing, size, and manner of the repayments. If and when the Trustee begins repaying creditors, it could introduce a substantial amount of Bitcoin into the market, influencing liquidity and price stability. The firm concluded by stating:
There is no immediate selling pressure for Bitcoin from these movements as the transfers have occurred within the addresses of the same entity (Mt. Gox Rehabilitation Trustee) and are not still available to the open market.
Bitcoin Price Gravitates Towards ‘Level 3’ At ,000
As concerns grow over the potential downside impact on Bitcoin’s price due to Mt. Gox’s repayment plan, analyst Crypto Con offers insights into the current state of Bitcoin price bands.
Bitcoin price bands refer to specific price ranges that analysts closely monitor to gauge potential market movements. These bands act as magnets, attracting the price to specific levels.
In particular, as seen in the chart above, “Level 3” at ,539 has emerged as a significant price target. Despite the ongoing consolidation at Level 2.5, the analyst believes the market is showing signs of gravitating towards Level 3.
Additionally, Crypto Con notes that historical data suggests that the cycle top band, priced at 3,000, will likely be reached with precision during the final “Bitcoin parabola.”
At the time of writing, the largest cryptocurrency in the market was trading at ,400, slowly losing ground after continued failed attempts to consolidate above the ley ,000 level, which is seen as the last hurdle before a potential retest of its current all-time high of ,700 reached on March 14.
Featured image from Shutterstock, chart from TradingView.com
Massive SHIB Movement Ignites Market Speculation: Is A Big Surge On The Horizon?
Shiba Inu (SHIB) is capturing significant attention following a colossal transfer of tokens and a prediction of a bullish breakout.
This event has piqued the curiosity of both traders and analysts alike, sparking debates and expectations about the future trajectory of this popular meme coin.
Large SHIB Token Transfer Sparks Speculation
Recently, the crypto community witnessed an extraordinary transaction involving the movement of nearly two trillion SHIB tokens from the trading platform Robinhood to an undisclosed wallet.
This transfer, identified by Whale Alert, a blockchain tracking service, involved two tranches of 875 billion SHIB each, culminating in a total of 1.75 trillion SHIB. Valued at approximately .2 billion, this movement has led to rampant speculation about the potential implications for the SHIB market.
875,000,000,000 #SHIB (19,666,682 USD) transferred from #Robinhood to unknown wallethttps://t.co/hxSvwFxC0E
— Whale Alert (@whale_alert) May 1, 2024
The timing and scale of this transaction have raised questions about its motives, whether it be a strategic move by a major investor or simply a reallocation within diverse portfolios. The lack of clarity surrounding the destination wallet adds intrigue and uncertainty within the trading community.
Bullish Forecasts Amidst Market Corrections
Amidst this massive token movement, cryptocurrency analysts have been closely monitoring SHIB’s performance. Notably, Ali Charts, a respected figure in the crypto analysis sphere, has projected a potential bullish breakout for SHIB.
Ali suggests that SHIB could reach as high as .000072323 and advises traders to consider buying around the .000018343 mark to capitalize on the anticipated surge.
Meanwhile, Shiba Inu’s 8% decline last week, juxtaposed with a 7.8% increase in the past day, illustrates the volatile nature of meme coin investments.
Analysts like Bunchhieng have recently speculated that Shiba Inu could reach .0001. This projection is based on SHIB’s 2021 rally patterns, suggesting a repeat could propel the meme coin to new highs.
Bunchhieng emphasized that similar historical trends might lead to significant price movements for Shiba Inu, considering the increased burn rate that could positively impact its valuation.
Addressing skepticism regarding SHIB’s market cap and potential growth, Bunchhieng reassured that the crypto sector often defies conventional expectations, opening possibilities for substantial gains.
Adding to the optimistic forecasts, notable cryptocurrency investor Armando Pantoja predicted that SHIB could climb to .001 by the end of 2025, citing long-term growth factors and market dynamics.
My #crypto price targets for 2024-2025$BTC: 0k-0k$ETH: k-k$XRP: –$SHIB: .001+$DOGE: $SOL: 0-00$AVAX: 0+$ICP: 0+$INJ: 0-0$PRO: –$HBAR: –
— Armando Pantoja (@_TallGuyTycoon) April 24, 2024
Featured image from Unsplash, Chart from TradingView
Bitcoin’s Dormant Giants: March Sees Unprecedented Movement of Vintage BTC
In recent times, bitcoin has consistently remained above the ,000 mark throughout the entire month of March. With its value soaring, many long-standing holders have started to transfer substantial quantities of dormant bitcoins from wallets that have not seen activity for years. March has emerged as a pivotal month for transactions involving these vintage bitcoins. […]
Bitcoin News
The March Revival — Unprecedented Movement of Early Bitcoin Hoards Move for the First Time in Years
As bitcoin’s value teeters on the brink of setting new price records, a significant batch of vintage bitcoins dating back from 2010 to 2017 has been transferred for the first time since their initial creation. Present data reveals that in the opening week of March 2024, a total of 4,237.73 ancient bitcoins, valued at over […]
Bitcoin News
Don’t Miss Out: XRP Bull Flag Signals Explosive Price Movement
The cryptocurrency market, notorious for its unpredictable nature, presents a complex picture for XRP. While the past week saw a positive surge of 15% in its value, whispers of a potential correction and the recent actions of major investors add another layer of intrigue.
However, the daily chart paints a contrasting picture, with a slight decrease of 0.5% at the time of writing. This mixed performance, coupled with XRP’s current market capitalization of over .2 billion, highlights the token’s volatile nature.
XRP: A Tale Of Two Charts And Conflicting Signals
XRP’s weekly chart reflects a steady climb, suggesting a long-term bullish trend. However, the daily chart, dipped in crimson, hints at a potential short-term price decline. This conflicting data leaves investors uncertain about the token’s next move.
Technical Outlook: Bullish
Technical analysts offer divergent perspectives. Some, like World of Charts, see a bullish triangle pattern forming, predicting a potential price surge of up to three times its current value. Others point to indicators like Bollinger Bands and Chaikin Money Flow, suggesting a possible pullback.
$Xrp#Xrp Finally Breaking Very Long Consolidation Of Symmetrical Triangle In 3 Days Timeframe Expecting Successful Breakout Soon Incase Of Successful Breakout Expecting 2-3x Bullish Wave In Midterm#Crypto pic.twitter.com/kGZTUpOReX
— World Of Charts (@WorldOfCharts1) March 5, 2024
Beyond The Chart: Network Growth And Investor Sentiment
Looking beyond the technical jargon, some fundamental factors offer cautious optimism. The token’s network is experiencing significant growth, with new addresses joining the ecosystem at an impressive rate. Additionally, the positive sentiment surrounding XRP, reflected in its weighted sentiment metric, indicates that many investors remain bullish on its long-term prospects.
The Whale Stirs The Waters
The recent transfer of a massive chunk of XRP by a “whale,” a term used for large investors, has sent ripples through the crypto community. This significant movement, valued at over million, serves as a reminder of the whales’ potential to influence market sentiment and price fluctuations.
Legal Pressures
Predicting the future of any cryptocurrency, especially a volatile one like XRP, remains a challenging endeavor. The current situation presents a complex picture, with bullish and bearish signals vying for dominance, and recent price fluctuations adding another layer of uncertainty.
Meanwhile, the court has granted the US Securities and Exchange Commission’s request to extend specific deadlines in the ongoing legal battle between Ripple Labs and the regulator.
This ruling has far-reaching consequences for the litigation, including things like when Ripple can submit its response and when remedies-related briefings are due. Each side needs more time to read and react to relevant legal papers and arguments, which is why these extensions are necessary.
Featured image from Pexels, chart from TradingView
XRP Poised for Growth: Analyst Forecast Bullish Movement Ahead
XRP witnessed an uptick this week moving closer to its 2024 high, but several trends have been cited by crypto analysts that could drive the token even higher in the coming months.
XRP Poised For A Positive Upward Trajectory
Crypto Egrag, a well-known cryptocurrency expert and trader, has shared his latest insights on the price action of XRP with the community on the social media platform X (formerly Twitter).
His analysis came in light of the general correction witnessed in the crypto market a few days back. Egrag’s latest predictions delve into XRP’s potential to reach a new all-time high in the upcoming months or bull cycle.
According to the analyst, XRP is presently demonstrating momentum to surpass a bullish cross in the short term. He anticipates this to happen within the year, putting his target around April and August.
Crypto Egrag has pointed out two historical instances which he dubbed Cycle 1 and 2 that suggest XRP could reach an unprecedented within the aforementioned timeframe.
While drawing parallels to these historical trends, Egrag noted that the first cycle, which sent XRP to its peak, took around 280 days to reach the level after making a bullish cross. Meanwhile, the second cycle took XRP about 140 days to reach the same price level after forming the cross.
Consequently, the expert is extending his analysis to a comparable timeframe and duration from these data points. Thus, he has identified precisely the dates between April 8 and August 26 in which his forecast could be realized.
Hitherto, Egrag has urged the crypto community to remain unwavering and keep a watchful eye on these two dates, marking a significant day for the crypto asset.
Egrag’s X post was part of a previous analysis he made in August last year. In the post, the expert noted that the asset has formed a bullish cross, which usually ignites its price.
However, Egrag believes that one does not have to be a Technical Analyst (TA) to identify this action. Specifically, the bullish cross was formed by the “constant struggle” of the 21 weekly Exponential Moving Average (EMA) and the 100 Moving Average (MA).
Projected Time For The Token To Reach The .9 Threshold
Dark Defender, another crypto analyst, has pinpointed a timeframe for XRP to reach the .9 price mark. According to Dark Defender, the token arrived at several support levels and began to form a third (3rd) wave.
The wave was formed as a result of the altcoin reaching the mid-level Orange Resistance. Defender anticipates the coin to range between .7707 and .9191 between March 10 and 13 this year.
Furthermore, he has predicted a price target of .6462 by March 1. Nonetheless, taking into account XRP’s wary advances in recent times, Defender’s forecast seems to be very lofty.
Kyberswap Hack: Blockchain Security Firm Reports Movement of 800 ETH From Exploiter’s Address
Blockchain security firm Peckshield revealed on Feb. 26 that an exploiter labeled address associated with the Kyberswap hack had bridged approximately 800 ether tokens from Arbitrum to the Ethereum blockchain. On the same day, the Kyberswap team unveiled revised dates for reimbursing users impacted by the hacking. Kyberswap Hacker Starts Moving Funds Peckshield Alert, a […]
Bitcoin News
Ethereum Technical Analysis: Sideways Movement as ETH Eyes Break Above $2,500
With its price positioned at ,485, ethereum’s daily fluctuations have ranged from ,309 to ,541, highlighting a market that is both dynamic and erratic. The current market capitalization of ether is approximately 9.25 billion, and in the last 24 hours, ethereum has seen a global trading volume of .91 billion. Following a peak in the […]
Bitcoin News
ORDI: Extraordinary Price Movement Excites Investors – Here’s Why
At the time of writing, ORDI is experiencing a substantial increase in price after several events in the crypto world unraveled. Coingecko data reveals that ORDI is up nearly 12% in the past 24 hours. However, it remains to be seen whether this uptick in price will erase the bearishness experienced in the past few weeks.
But right now, the crypto market, as a whole, is up a huge amount. The latest market data shows that the broader market is up nearly 3% after the bullishness brought by major coins and tokens like Bitcoin.
Stiff Competition In The Bitcoin ETF Space
After 11 Bitcoin spot exchange-traded funds were approved by the Securities and Exchange Commission earlier this month, the competition surrounding the Bitcoin ETF space grew this month. According to recent news, Fidelity’s Bitcoin ETF has outpaced Grayscale’s GBTC in inflows. JP Morgan also said that the outflows from GBTC were directed to its newer competitors with lower fees.
“GBTC profit taking has largely happened already…This would imply that most of the downward pressure on Bitcoin from that channel should be largely behind us,” said JPMorgan analysts led by Managing Director Nikolaos Panigirtzoglou in a recent statement.
The financial institution also points to Blackrock and Fidelity’s individual Bitcoin ETFs to dominate the market in the long term. However, Grayscale’s CEO Michael Sonnenshein believes that the majority of the recently approved ETFs won’t survive in the long term. He also defended the higher feeds imposed by Grayscale compared to its competitors.
“Investors are weighing heavily things like liquidity and track record and who the actual issuer is behind the product. Grayscale is a crypto specialist. And it has really paved the way for a lot of these products coming through,” said Sonnenshein in a recent interview with CNBC.
ORDI: Higher High In The Near Future
ORDI is mostly following Bitcoin’s pace in the broader market. As of writing, BTC is sitting at .4k and rising. If Bitcoin continues to sail the bullishness, we might see ORDI follow suit.
In the context of ORDI, events such as those mentioned above will also put the spotlight on BRC-20 standard tokens which has gained momentum since last year. As of now, ORDI’s position remains attractive for investors and traders as it rides the bullish wave that Bitcoin created.
If this bullishness continues, bulls will have enough momentum to settle on the 50% retracement level, which will provide a solid base to pump higher in the future. However, a more conservative bullish prediction is ORDI stabilizing above the 61.80% retracement level. If this happens, investors and traders will still experience profits with a much more stable platform for future price movements.
Featured image from Shutterstock, chart from TradingView