On Thursday, July 4, 2024, the price of bitcoin fell below ,000, reaching a low of ,952 at 5:20 a.m. EDT. There is widespread speculation about the Mt Gox distribution and the German government’s transfer of approximately 3,000 bitcoin to unidentified wallets, Coinbase, Bitstamp, and Kraken. Bearish Sentiment Grows as Bitcoin Continues to Slide Bitcoin’s […]
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Binance US Confident in Legal Battle Against SEC as Case Moves Forward
Binance US responded to the court’s decision to allow the SEC lawsuit to proceed, expressing confidence in its position and criticizing the SEC’s regulatory approach. “We remain confident in our position that the SEC’s case is unsupported by the facts or the law, and that the Commission lacks the very authority it is seeking to […]
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SEC’s Case Against Binance Moves Forward With Major Allegations Intact
The U.S. District Court for the District of Columbia has issued an order in the SEC’s case against Binance and its founder Changpeng Zhao. The court allowed most claims to proceed, including those related to unregistered crypto sales and fraudulent practices, while dismissing some claims related to BUSD and secondary BNB sales. Some Charges Against […]
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Bitcoin Price Remains at Risk Despite Recent Moves, Indicators Turn Bearish
Bitcoin price extended its losses and traded below the ,500 level. BTC is correcting losses, but the bears are still in control and aim for more losses.
- Bitcoin remained in a bearish zone and traded below ,500.
- The price is trading below ,500 and the 100 hourly Simple moving average.
- There is a connecting trend line forming with resistance at ,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair remains at risk of more downsides below the ,000 support zone.
Bitcoin Price Dips Further
Bitcoin price remained in a bearish zone after it settled below the ,500 resistance zone. BTC extended losses and traded below the ,000 level. There was also a dip below ,500.
A low was formed at ,050 and the price is now correcting losses. There was a minor recovery above the ,500 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the ,255 swing high to the ,050 low.
Bitcoin is now trading below ,500 and the 100 hourly Simple moving average. There is also a connecting trend line forming with resistance at ,400 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance near the ,500 level and the trend line. The first major resistance could be ,650 or the 50% Fib retracement level of the downward wave from the ,255 swing high to the ,050 low. The next key resistance could be ,000.
A clear move above the ,000 resistance might start a decent increase and send the price higher. In the stated case, the price could rise and test the ,500 resistance. Any more gains might send BTC toward the ,500 resistance in the near term.
More Losses In BTC?
If Bitcoin fails to climb above the ,400 resistance zone, it could start another decline. Immediate support on the downside is near the ,800 level.
The first major support is ,200. The next support is now forming near ,000. Any more losses might send the price toward the ,200 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – ,500, followed by ,000.
Major Resistance Levels – ,400, and ,000.
Ethereum Foundation Moves $64.4 Million Worth Of ETH, Is This A Dump?
The Ethereum Foundation is again in the news following its recent transaction involving millions of Ethereum (ETH) tokens. The non-profit organization’s Ethereum transactions are always significant, considering the impact they usually have on the second-largest crypto token.
Ethereum Foundation Transfers .4 Million Worth Of ETH
Crypto journalist Colin Wu revealed in an X (formerly Twitter) post that a wallet (0x8e…D052) linked to the Ethereum Foundation transferred 18,089 ETH (.4 million) to a new address (0x87…D812). On-chain data shows that the new address has yet to transfer these funds and that the ETH holdings have yet to be offloaded on the market.
Transactions involving the Ethereum Foundations are always concerning because the non-profit organization has a reputation for selling at the top. As such, the transaction of these funds is one to keep an eye on, considering that the potential sale of these tokens could mean that the Ethereum Foundation is again looking to catch ETH at the top.
It is worth mentioning that the Ethereum Foundation has already sold over 1,700 ETH since the start of 2024 with on-chain analytics platform SpotOnChain, noting that these transactions have always occurred ahead of a price drop. Therefore, a potential price drop if these 18,089 ETH are eventually sold is a huge possibility.
Despite this development, Ethereum’s outlook is very bullish, especially with Bloomberg analyst Eric Balchunas stating that the Spot Ethereum ETFs could begin trading by July 2. These funds are expected to spark a significant rally for the second-largest crypto by market cap, with crypto experts like Ash Crypto predicting that Ethereum could rise to ,000 thanks to these Spot Ethereum ETFs.
ETH To ,000 Is The Most “Asymmetric Bet”
Crypto analyst and trader Tyler Durden mentioned that the most asymmetric bet in crypto today is ETH reaching ,000. He also highlighted Ethereum’s chart against Bitcoin and suggested that ETH was ready for that big move, considering it has traded sideways for eight months.
The analyst also suggested that the Spot Ethereum ETFs will play a massive role in Ethereum’s rise to this price level. He stated that Wall Street went through a lot of effort to get the Spot Ethereum ETFs approved and that they would ensure that they make money from ETH while pumping its price.
Meanwhile, Durden boldly asserted that money would exit the Solana ecosystem and rotate to Ethereum. He claimed that Solana has lost its “main character and driver of liquidity”, which is why the money will flow into ETH. Interestingly, he mentioned that celebrities have “cannibalised,” which is why he believes that the capital rotation cannot happen the other way around with money moving from Ethereum to Solana.
At the time of writing, ETH is trading at around ,500, down in the last 24 hours, according to data from CoinMarketCap.
Dormant Bitcoin Address Awakens After a Decade, Moves $9.8 Million in BTC
May has emerged as a notable month for ‘sleeping bitcoin’ transactions, with a long-dormant address, inactive for ten years and six months, awakening on May 28 to move 145.89 BTC, valued at .8 million. Over 9 Million in Bitcoin From 2013 Moved in May After a much quieter April, May has witnessed numerous dormant bitcoin […]
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XRP Price Moves To Break Out Of 7-Year Accumulation, Analyst Highlights Possible 1,200% Rally
The XRP price has been in a 7-year accumulation zone now and its failure to break out of this zone has been a constant worry for investors. However, it seems that the days of worry will soon be forgotten as one crypto analyst believes that the XRP price is about to break out of this accumulation zone.
XRP Price To Break Out And Complete 1,200% Rally
In an analysis posted on TradingView, crypto analyst Babenski has renewed XRP investors’ hope in the coin, predicting that it is about to break out of its drawn-out accumulation trend. According to the analyst, the altcoin is currently trying to break out of this accumulation, and could be successful this time around.
The 7-year accumulation had began back in 2017 when the XRP Price had gone through a notable bull run. Naturally, this accumulation was expected to break in the next bull market which was in 2021. However, due to the United States Securities and Exchange Commission (SEC) suing Ripple in 2020, it put a damper on the price, causing the XRP price to crash while others rallied.
Since then, the altcoin has maintained its position inside the accumulation range, failing to break above even after securing a partial victory over the regulator in 2023. This accumulation has now carried into 2024, but with a bull run expected this year, it could be time for XRP to shine.
Babenski’s chart shows what could happen if the XRP Price were to break out of this accumulation. The crypto analyst sees a significant rally in the price, rising more than 1,200% to touch the . If this happens, the XRP Price would be securing a brand new all-time high.
Other Analysts See The Same Trend
Babenski is not the only crypto analyst who has predicted that the XRP price could be breaking out of its 7-year accumulation in 2024. Crypto analyst U-Copy has also pointed this out, taking to X (formerly Twitter), to share the analysis.
According to him, the XRP price is already close to the end of its triangle formation, which began in 2027. He revealed that the final gap was actually filled back at the .46 level, and with the price trading above .5 at the time of writing, a breakout could be imminent.
Unlike Babenski, crypto analyst U-Copy did not give a price target for where they expect the XRP price to end up. However, the analyst does believe that something is bound to happen by December 2024. “Don’t know target price but Shit could blow up big in this Bull Cycle up to December,” U-Copy stated.
Mt Gox Moves 141,686 BTC to Three Addresses, Consolidates 142,846 BCH
Based on onchain metrics, the Mt Gox funds, once consolidated into a single address holding over .6 billion in bitcoin, have now been distributed to three separate addresses as of Tuesday morning. Mt Gox Funds Redistribution An examination of the onchain transfers from the Mt Gox bitcoin cache reveals that the funds have been allocated […]
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Elusive 2010 Bitcoin Mega Whale Moves 2,000 BTC Worth $138M in Fourth Transfer of 2024
Blockchain data indicates the reappearance of the elusive mega whale from 2010, who expended 2,000 BTC valued at 8 million on May 22, 2024. The large transfer marks the fourth occurrence of this whale this year, with a cumulative expenditure of 7,000 BTC worth over 6 million. Blockchain Parser Data Reveals 2010 Whale’s Bitcoin Transfers […]
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Bitcoin Whale From 2013 Resurfaces, Moves Over 1,000 BTC Worth $61 Million
On May 12, as bitcoin hovered slightly above the ,000 mark, two dormant bitcoin wallets, inactive for over ten years and eight months, executed transactions totaling 1,000 bitcoins valued at approximately .1 million. It appears that both wallets, created on the same day, were owned by the same individual. Dormant for a Decade: Bitcoin Wallets […]
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