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El Salvador Moves ‘Big Chunk’ of Its BTC to Cold Wallet — President Bukele Says ‘Call It Our First Bitcoin Piggy Bank’
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Bitcoin Whale From 2015 Moves ‘Sleeping Bitcoins’ Worth $163M as Historic Wallets Wake Up
As bitcoin remains stable above the K mark, an entity from 2015 made onchain waves by moving 2,352.62 bitcoins valued at more than 3 million. This individual executed the transfer through 80 distinct transactions, after letting the bitcoins remain untouched for more than eight years. 2015 Bitcoin Cache Comes Alive On March 10, 2024, a […]
Bitcoin News
Justin Sun Moves $100M To Binance, Stacking Ethereum?
Justin Sun, the co-founder of Tron–a smart contracting platform for deploying decentralized applications (dapps), is once again moving and shuffling millions of dollars. According to Lookonchain data on February 29, Sun reportedly transferred 100 million USDT to Binance, days after moving huge sums earlier this week.
Justin Sun Holds Millions Of ETH: Will The Co-founder Buy More?
From February 12 to 24, a wallet associated with Sun acquired 168,369 ETH for an average price of ,894. This purchase, valued at roughly 0.5 million, currently holds an unrealized profit of around million. Profitability could increase considering the sharp demand for crypto, especially top coins like Bitcoin and Ethereum, in recent days.
The Ethereum price chart shows that ETH has been on a clear uptrend, rising from around ,200 in early February to over ,450 when writing. At this pace, and considering the institutional interest in potent crypto assets, including ETH, the odds of the second most valuable coin stretching gains will be highly likely.
As Bitcoin inches closer to ,000, the probability of Ethereum also tracking higher toward its all-time high of around ,000 will be elevated.
Since ETH already owns a big stash of coins, there is speculation that the co-founder will double down, buying even more coins. The crypto community will continue watching the address until this happens and there is solid on-chain data to support the purchase.
Spot Ethereum ETFs And The Dencun Upgrade Are Key Updates
So far, optimism is high, especially among the broader altcoin community. As Bitcoin races to register new all-time highs pumped by institutional billions, eyes will be on the United States Securities and Exchange Commission (SEC). There are multiple applications for a spot Ethereum exchange-traded fund (ETF).
The agency has not provided a definitive timeline for approving or rejecting the derivative product. There is regulatory uncertainty around the status of ETH, a significant headwind that might delay or even prevent the timely authorization of this product.
Still, the community is looking forward to the next communication in May. If the spot Ethereum ETF is a go, the coin will likely rally to new all-time highs, following Bitcoin.
However, before then, eyes are on the expected implementation of Dencun. The upgrade addresses challenges facing Ethereum, including scalability. Through Dencun, Ethereum developers hope to lay the base for further throughput enhancements in the coming years.
With higher throughput, transaction fees drop, overly improving user experience. This upgrade might go a long way in cementing Ethereum’s role in crypto, wading off stiff competition from Solana and others, including the BNB Chain.
PEPE Whale Makes Big Moves With 1.97T Deposit To Exchange And SHIB Transaction
Recently, a PEPE whale made a series of moves that resulted in over million in realized profits after the token’s recent price surge. The whale then took a new position and showed potential gains.
Whale’s Big Moves Bring Big Money
As reported by Lookonchain, a blockchain analytics platform, a whale made a big move yesterday after depositing almost 2 trillion PEPE tokens to one of the largest crypto exchanges in the world.
This whale’s shopping spree started June 7, 2023, when Pepe Coin traded at .000001054. The address accumulated 1.97 trillion Pepe tokens from June until December last year.
Just over two months after the 6-month buying spree, the whale deposited the entirety of its PEPE holdings, worth around .07 million, to Binance. According to the blockchain analytics platform, the whale made over .49 million in profit in just a few hours.
A smart whale deposited all 1.97T $PEPE(.07M) to #Binance and made a profit of .49M.
Then he changed his position from $PEPE to $SHIB, withdrawing 75.9B $SHIB(3K) from #Binance 3 hours ago.https://t.co/X67O2VjR1y pic.twitter.com/nL7rRDZCXT
— Lookonchain (@lookonchain) February 29, 2024
The whale changed its position and bought 75.9 billion SHIB tokens just a few hours later. Suggesting that the investor saw potential in Shiba Inu’s future price performance.
Whales tend to hold massive influence over the market as any movement of their large holdings could swing the market’s sentiment over a cryptocurrency.
Typically, when a whale withdraws its holdings from an exchange, investors interpret it as a sign of long-term confidence in that cryptocurrency. On the contrary, when a whale sells large amounts of a coin, investors might take this as a lack of confidence in the token.
At the time of the report, the whale’s massive acquisition of SHIB was worth around 3,000. However, as of this writing, the tokens are worth over million, according to Etherscan’s value. This showcases that the investment in SHIB increased its value by over 0,000 in less than 12 hours.
PEPE And SHIB Performance
The whale’s new investment, Shiba Inu, the 19th largest cryptocurrency and the second largest memecoin by market cap, has shown incredible performance in the last 24 hours.
During the last day, SHIB’s price skyrocketed 25.5% and currently trades at .00001388. Additionally, the token’s market activity has increased by 127.50%, with a trading volume of over .65 billion in the last 24 hours.
On the other hand, PEPE was making headlines yesterday due to its impressive 140% price jump from the previous week. The frog-themed memecoin seems to be in the middle of a price resurgence fueled by the market dynamics and its social media popularity.
However, PEPE trades at .000002891 at writing time, representing a 12% decrease in the last 24 hours. Compared to the token’s yesterday performance in the same time frame, a 59.47% increase from the day prior, PEPE seems to be facing a momentary slowdown.
Similarly, PEPE’s trading volume and market cap decreased by 22.47% and 11.96% on the last day. These metrics hint at a reduction in recent market activity for the cryptocurrency.
However, its performance in longer timeframes, especially the 7-day 142% price surge, suggests that the memecoin is still outperforming the global cryptocurrency market, according to CoinGecko.
Bitcoin Price Sees Wild Swing Moves, Uptrend To Extend Toward $70K?
Bitcoin price rallied further above ,000. BTC is now consolidating gains and might soon attempt another upward move toward the ,000 resistance.
- Bitcoin price is consolidating gains below the ,000 resistance zone.
- The price is trading above ,500 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at ,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its current rally toward the ,000 resistance zone.
Bitcoin Price Jumps Over K
Bitcoin price remained strong above the ,000 resistance zone. BTC formed a fresh support base and started another rally. It gained over 10% and broke many hurdles near ,000 and ,000.
The price even surged toward the ,000 level. A new multi-week high was formed near ,000 before there was a sharp decline after the Coinbase outage. The price dived toward the ,000 support zone. A low was formed near ,919 and the price started a fresh rally.
It is back above the ,000 resistance. There was a move above the 50% Fib retracement level of the downward move from the ,000 swing high to the ,919 low.
Bitcoin is now trading above ,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at ,950 on the hourly chart of the BTC/USD pair. Immediate resistance is near the ,500 level. It is near the 76.4% Fib retracement level of the downward move from the ,000 swing high to the ,919 low.
Source: BTCUSD on TradingView.com
The next key resistance could be ,000, above which the price could rise toward the ,000 resistance zone. If the bulls remain in action, the price could even surpass ,000 and test ,400. The main hurdle for them is visible near the ,000 zone.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the ,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the ,800 level and the trend line.
The first major support is ,000. If there is a close below ,000, the price could start a decent pullback toward the ,000 zone. Any more losses might send the price toward the ,500 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,800, followed by ,000.
Major Resistance Levels – ,500, ,000, and ,000.
Apecoin Climbs To 6-Month High Amidst Whales’ Strategic Moves
Apecoin (APE) is experiencing a rollercoaster ride in 2024. After plummeting to an all-time low of .01 in October 2023, the Bored Ape Yacht Club governance token has experienced a dramatic turnaround, buoyed by strategic whale buying and a recent partnership with the Arbitrum network.
However, with a 13% pullback in the past two days and lingering profit-taking concerns, questions remain about whether the bulls can defend key support levels and push the price back towards its former glory.
At the time of writing, APE was flashing green, trading at .73, which is a 0.6% and 7.5% increase in the 24-hour and weekly timeframes, data from Coingecko shows.
Riding The Arbitrum Wave
The turning point came on February 16th, when the Apecoin DAO voted to launch ApeChain, a dedicated blockchain, on the Arbitrum network. This partnership, aimed at tackling scalability issues and fostering ecosystem growth, sparked a 21% surge in APE price, pushing it to a six-month high of .90.
Whales Hold Firm, Retail Cashes Out
On-chain data paints a fascinating picture of contrasting investor behavior. While retail investors and swing traders were quick to lock in profits after the rally, “whales” – those holding at least 10 million APE tokens – have displayed unwavering confidence.
Since January 1st, these large investors have acquired an additional 22 million APE tokens, representing a staggering million investment and bringing their total holdings to 61 million APE. This unwavering conviction suggests long-term optimism in the project’s potential.
Can The Bulls Hold The Line?
Despite the bullish whale activity, a recent pullback has cast a shadow on the optimistic outlook. The price dipped 13% in the past two days, testing the crucial .50 support level. A breach of this support could trigger further decline towards . However, a large buying cluster at .50, representing 9,630 investors who purchased APE at that price, could act as a significant barrier to a deeper fall.
Eyes On , But Hurdles Remain
Technical analysis and market sentiment suggest a potential early rebound towards in the coming weeks. However, this hinges on two key factors: defending the .50 support and overcoming further profit-taking waves. Additionally, broader positive developments in the NFT sector could provide tailwinds for APE price.
Looking Beyond The Immediate
Congratulations to @apecoin DAO on its decision to develop ApeChain utilizing the Arbitrum tech stack!
With $APE serving as both the gas and governance token for ApeChain, Arbitrum Orbit’s customizability empowers @ApeCoin DAO with true ownership and control over this…
— Offchain Labs (@OffchainLabs) February 15, 2024
While the Arbitrum partnership and whale support are encouraging, several hurdles remain. The broader macroeconomic climate, still grappling with inflation and interest rate concerns, could impact investor sentiment across the cryptocurrency market. Moreover, the success of ApeChain itself remains to be seen, and any unforeseen challenges could dampen enthusiasm.
With a potential mark tantalizingly close, Apecoin faces a critical juncture. Whether the bulls can overcome the immediate hurdles and propel the token to new heights, or if profit-taking and broader market headwinds prevail, remains to be seen.
Featured image from Pexels, chart from TradingView
Bitcoin Price Sits In Range With Sharp Moves, $50K Is The Key
Bitcoin price spiked toward the ,200 resistance. BTC is trading in a major range and still holding gains above the ,000 support zone.
- Bitcoin price is struggling to clear the ,500 resistance zone.
- The price is trading below ,400 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at ,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could dip toward the ,600 support before it attempts a fresh increase.
Bitcoin Price Holds Ground
Bitcoin price made another attempt to gain strength above the ,200 resistance zone. BTC broke the ,500 level and even spiked above ,800. However, the bears were active near the ,000 level.
A new multi-week high was formed near ,991 and the price dived toward ,500. A low was formed at ,663 and the price is now attempting a fresh increase. There was a move above the ,600 level. The price climbed above the 50% Fib retracement level of the downward move from the ,991 swing high to the ,663 low.
Bitcoin is now trading below ,400 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at ,300 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the ,200 level. The next key resistance could be ,400 or the trend line or the 76.4% Fib retracement level of the downward move from the ,991 swing high to the ,663 low, above which the price could rise toward the ,800 resistance zone.
Source: BTCUSD on TradingView.com
The main resistance is now near the ,000 level. A clear move above the ,000 resistance could send the price toward the ,500 resistance. The next resistance could be near the ,200 level.
Another Drop In BTC?
If Bitcoin fails to rise above the ,400 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the ,600 level.
The first major support is ,200. If there is a close below ,200, the price could gain bearish momentum. In the stated case, the price could decline toward the ,500 support zone, below which the price might turn bearish in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,600, followed by ,200.
Major Resistance Levels – ,200, ,400, and ,800.
16,000 Bitcoin Dormant Since 5+ Years Suddenly Moves, What’s Going On?
On-chain data shows 16,000 BTC, which have been dormant for 5-7 years, have finally shown some movement on the Bitcoin blockchain.
5-7 Years Old Bitcoin Age Band Has Made A Large Move
As pointed out by an analyst in a post on X, a large stack of dormant coins has moved across the network today. The relevant on-chain indicator here is the “Spent Output Age Bands” (SOAB), which keeps track of the movements of the various Age Bands on the blockchain.
“Age Bands” here refer to groups of coins divided based on their total holding time. For example, the 1-month to 3-month Age Band would include all coins that have been dormant (that is, staying inside the same address) since between one and three months ago.
If a large number of coins belonging to this holding time range would transfer on the blockchain, then the SOAB for this particular Age Band would register a spike. In the context of the current discussion, the 5-7 years Age Band is of interest.
The chart below shows the recent SOAB data for this Age Band specifically:
As displayed in the above graph, a large amount of coins aged between 5-7years old appear to have just been moved on the network as the corresponding Age Band has registered a spike.
This Age Band is a segment of the wider and “long-term holder” (LTH) group, which includes investors who have been holding onto their coins since at least 155 days ago.
Statistically, the longer a holder keeps their coins dormant, the less likely they become to sell at any point. As such, the LTHs are generally considered to be more resolute than the rest of the market (the “short-term holders“).
Since the 5-7 years Age Band would include coins that are old even in LTH terms, their owners would have to be diamond hands among diamond hands. Due to this reason, it can be something notable when such ancient entities finally decide to break their silence.
Related Reading: Cardano (ADA) To Break In Bull Run: Analyst Predicts Timeline
During the latest SOAB spike, these investors have moved a massive stack of 16,000 BTC (around 7.8 million at the current exchange rate). Now, what implications this move may have on the market depends on what these investors intend to achieve with it.
A dive deeper into on-chain data suggests the move was an outflow from the cryptocurrency exchange Coinbase, as the chart below shows:
The fact that it is an outflow may be a positive sign for Bitcoin, as it means that selling may not have been the goal here. Rather, the move implies the whale entity behind it may be moving towards self-custody to HODL further, or a large buyer like an ETF is gobbling this BTC up.
BTC Price
Bitcoin had made a visit down to ,600 during the weekend, but the cryptocurrency already appears to have bounced back as its price is now floating around the ,400 level.
VeChain Ready For Big Moves: Analyst Identifies Key Factors That Will Drive VET To New ATH
Crypto analyst and YouTuber, Crypto ZX has released an update on VeChain (VET) price movements, predicting a surge to new all-time highs if the cryptocurrency succeeds in breaking certain resistance levels.
Catalysts Behind VET’s Projected Price Surge
In a YouTube video released on Monday, Crypto ZX explored VeChain’s historical and recent price actions, emphasizing a potential for an upward trajectory as market down trends subside. The analyst delved into VeChain’s recent performance in relation to Bitcoin, offering insights into key resistance levels and projecting a major surge during the anticipated 2024 bull run.
According to the Crypto ZX, VeChain previously broke above a significant price resistance on December 20, 2023, reaching almost .039 before undergoing a subsequent pullback. Despite an attempt to breach the same price resistance on January 11, 2024, the cryptocurrency faced a notable rejection.
Crypto ZX has suggested that VeChain may be consolidating around the .03 price range. Nonetheless, the cryptocurrency’s expected goal is to experience a surge beyond the crucial resistance level at .033 cents.
The analyst has revealed that a break above the resistance level would give VeChain a greater chance to surge to new highs. He predicts that if VeChain can overcome current resistance levels, then the price of the cryptocurrency could rise as high as .04425 cents.
Crypto ZX explains that the market’s recent downturn has led to VeChain’s fluctuating price movement along the support line. He anticipates a retracement of around 17.26% from the key resistance level and predicts that VeChain could surge to new yearly highs if Bitcoin succeeds in surpassing the crucial levels at ,000.
“At the end of the day all are speculations, but I am very optimistic about the price of VeChain for the year 2024. I think it is going to shock a lot of people,” Crypto ZX stated.
VeChain Price Update
In his YouTube video, Crypto ZX provided an update on VeChain’s recent price movements and current value. According to the analyst, VeChain is down about 2.3% on the daily time frame. He reveals that the majority of the market is also down currently due to Bitcoin’s recent pullback.
At the time of writing, VeChain is trading at .027, reflecting a decrease of 1.51% in the past 7 days, according to CoinMarketCap. The analyst revealed that the cryptocurrency is also down by 1.9% in BTC, compared with the market capitalization, which is holding very strong above the billion mark.
Crypto ZX has disclosed that despite the traction gained by VeChain’s ongoing projects and developments, the cryptocurrency has not reflected the impact. He emphasized that VeChain is undervalued, considering the overall expansion and advancements the cryptocurrency has undergone.