El Salvador, the first country to adopt bitcoin as legal tender, has reportedly added 473.5 BTC to its treasury using geothermal energy. According to reports, official data released by The Bitcoin Office of El Salvador (ONBTC) disclosed that this number of bitcoin was mined since 2021 using 1.5 MW of power from the Tecapa volcanic […]
Bitcoin News
XRP To Nearly $600? Analyst Makes Bold Claim, But Can It Overcome Legal Hurdles?
A fresh prediction has ignited discussion in the XRP community. Analyst Cryptobilbuwoo is charting an ambitious course for the cryptocurrency, with a potential price target that has some investors excited and others skeptical.
Echoes Of 2017: Fibonacci Paints A Bullish Picture
Cryptobilbuwoo’s forecast draws inspiration from historical patterns, particularly the XRP rally of 2017. By leveraging Fibonacci retracement levels, a common technical analysis tool, they see a potentially similar scenario unfolding for the altcoin.
Imagine a roadmap to the summit. Fibonacci levels act as checkpoints, highlighting potential resistance or support zones during a price rise. Cryptobilbuwoo suggests XRP could break through the mark, aligning with the key Fib. 1.618 level.
This would be a significant step forward, but the real climb comes next – a projected ascent to 9, based on the Fib. 2.382 level.
A Lofty Target: Can XRP Reach The Top?
However, there’s a significant hurdle to overcome. To reach 9, the coin would require a staggering price increase of over 100,000%. This ambitious target has many market analysts raising eyebrows. It’s a leap that some consider more akin to wishful thinking than a realistic market prediction.
Other crypto market analysts present a contrasting view, suggesting XRP could even fall to zero. While this scenario seems extreme, it underscores the inherent volatility of the cryptocurrency market.
At the time of writing, XRP was trading at .5004, down 1.4% and 4.2% in the daily and weekly timeframes, data from Coingecko shows.
Meanwhile, in the XRP community, the 9 narrative used to be the main focus. The community’s excitement to see XRP at 9 is evident in the tweet below:
It seems that most of the XRP community would hate to wake up tomorrow to a 9 XRP, as this would mean they could no longer accumulate it. But then again 9 is still cheap and actually nothing compared to what is actually coming! pic.twitter.com/hvySrx0RpY
— Dr. Huber
(@Leerzeit) May 7, 2024
Signs Of Optimism: Fueling The Ascent?
Despite the skepticism surrounding the 9 target, there are positive signs for XRP. The coin has displayed resilience, consistently hovering above the psychologically important .50 level.
Additionally, a trend of investors moving XRP off exchanges has emerged. This could indicate a more long-term bullish outlook and potentially reduce selling pressure.
Technically, Cryptobilbuwoo finds support for their prediction in XRP’s historical price charts. They point to a descending triangle pattern on the XRP/BTC chart, a formation that preceded XRP’s breakout in 2017. Could this be a sign of history repeating itself?
The Verdict: A Measured Climb Or A Fall From Grace?
The future for XRP likely lies somewhere between the extremes. The 9 target might be overly optimistic, but a measured upswing based on technical indicators and reduced selling pressure remains a possibility.
Featured image from Reddit, chart from TradingView
Crypto Broker Fined Nearly $1.7M for Illegally Providing Access to Digital Asset Exchanges
On May 13, the Commodity Futures Trading Commission announced it had fined crypto brokerage firm Falcon Labs Ltd. approximately .7 million. The fines are penalties for the firm’s illegal facilitation of U.S. residents’ access to digital asset derivative exchanges. The commission has urged digital asset intermediaries in similar situations to report their activities to the […]
Bitcoin News
Ethereum Transaction Fees Slide Nearly 94% Over the Past 68 Days
Similar to Bitcoin’s onchain fees, the cost of transacting on the Ethereum network has recently seen a significant decline. Over the previous 68 days, since March 5, 2024, Ethereum’s network fees have fallen by 93.7%, from .33 per transfer to .91 per transaction. Declining Ethereum Fees: A 68-Day Overview Transacting on the Ethereum blockchain has […]
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Study: Q1 Spot-Traded Volumes of Top 10 Exchanges Nearly Double to $4.29 Trillion
In the first quarter of 2024, spot trading volumes of the top ten centralized exchanges (cex) topped .29 trillion, a 95.3% increase from the previous quarter. Despite facing legal challenges Binance remained the largest cex platform with a market share of 50%. The top crypto asset manager Grayscale’s converted GBTC exchange-traded fund (ETF) was the […]
Bitcoin News
Ethereum Fire Sale? Deep-Pocketed Investor Snags Nearly 24,000 ETH At Bargain Price
Ethereum, the second-largest cryptocurrency by market capitalization, has faced choppy waters. Over the past few days, Ethereum’s price has taken a nosedive, plunging to lows of ,800 on April 12, echoing the broader downturn witnessed across the crypto landscape.
However, in the face of volatility, a fascinating development has emerged: Ethereum whales, the behemoths of the crypto world, have begun to flex their muscles, showcasing strategic maneuvers that have captured the attention and speculation of the crypto community.
Strategic Accumulation Amidst Turbulence
As Ethereum’s price plummeted, Ethereum whales wasted no time in capitalizing on the opportunity. One notable example is the whale identified as “0x435,” which embarked on a strategic accumulation spree as the ETH price dipped.
With a staggering investment of 70 million USDC, this whale acquired a hefty 23,790 ETH when Ethereum hit nearly ,930. However, this wasn’t a spur-of-the-moment decision; rather, it was part of a calculated strategy that unfolded over several days, involving significant transactions and withdrawals from both centralized exchanges like Binance and decentralized exchanges.
Despite the recent 8% correction in the $ETH price (24H), whales are still buying $ETH!
1. Whale 0x435 spent 70M$ USDC to buy 23,790 $ETH at ~,942 4 hours ago:
• In total, the whale has accumulated 60,808 $ETH (1M) from #Binance and DEX in the past 15 hours, after each… pic.twitter.com/ujZRULGAkX
— Spot On Chain (@spotonchain) April 14, 2024
The Right Timing
The actions of “0x435” are just the tip of the iceberg in the wider phenomenon of Ethereum accumulation by large holders. On-chain analytics firms, such as Spot On Chain and Lookonchain, have provided insights into the scale and timing of these whale transactions, revealing a pattern of strategic accumulation amidst the market turbulence.
This whale spent 70M $USDC to buy 23,790 $ETH at ,942 from the bottom again after $ETH dropped.
He has bought 85,931 $ETH(8.5M) from #Binance and #DEX in the past week, with an average buying price of ,241.
He still holds 6M stablecoins and may buy more $ETH.… pic.twitter.com/d7yYdqEnDB
— Lookonchain (@lookonchain) April 14, 2024
These whales aren’t acting alone; they’re part of a broader trend that suggests institutional players or sophisticated investors are positioning themselves strategically in anticipation of future market movements.
Ethereum’s Journey Through The Storm
The broader context of Ethereum’s price movement adds another layer to this unfolding saga. Ethereum’s decline over three consecutive days, from highs of ,617 to lows of ,850 on April 13, underscores the volatility and uncertainty gripping the cryptocurrency market.
However, amidst the stormy seas, Ethereum managed to make a slight recovery, climbing back up to ,107 at the time of writing, albeit still down 6.05% in the last 24 hours.
Hong Kong Gives Nod To Ethereum ETFs
In another development, as the first jurisdiction to permit trading in Bitcoin and Ethereum cash exchange-traded funds (ETFs), Hong Kong has set new precedents.
The Securities and Futures Commission (SFC) of Hong Kong has previously granted permission to many prominent financial corporations to establish these exchange-traded funds (ETFs), while the US Securities and Exchange Commission (SEC) is currently reviewing comparable applications.
The SFC has given the all-clear to several top financial institutions, including China Asset Management, Bosera Capital, and HashKey Capital Limited, to launch Bitcoin and Ethereum cash exchange-traded funds (ETFs).
When combined, these cutting-edge financial instruments let investors to pay cash for shares in Ethereum and Bitcoin.
Featured image from Pexels, chart from TradingView
A Single Custodian Oversees Nearly Half of Bitcoin’s Block Rewards
Onchain data indicates that a single custodian now manages the coinbase addresses for at least nine prominent mining pools, which collectively account for 47% of Bitcoin’s total hashrate. The analysis shows that substantial miners’ rewards from pools like F2pool, Antpool, Binance Pool, and Braiins are being funneled to this particular custodian. Onchain Data Reveals Single […]
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GBTC Drops Nearly 3,000 BTC in a Day as Blackrock, Fidelity Command Record Inflow Streaks
Recent market data highlights that spot bitcoin exchange-traded funds (ETFs) in the United States experienced a net outflow of 3.8 million on April 8, while Grayscale’s Bitcoin Trust (GBTC) saw a substantial outflow of 3 million. GBTC Continues to Face Steep Outflows As of yesterday, GBTC possessed 325,686.78 BTC, but as per Grayscale’s website, this […]
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US Government Transfers Nearly $2B in Bitcoin to Coinbase, Arkham Data Reveals
On April 2, 2024, the U.S. government executed a transaction involving nearly billion in bitcoin (BTC), channeling the assets to Coinbase Prime, as Arkham Intelligence’s data reveals. The transfer comprised 30,174.70 BTC, successfully processed at block height 837,413, incurring a fee of .57. In recent years, the U.S. has accumulated a noteworthy collection of […]
Bitcoin News
March Sees Nearly $1 Billion In Ethereum Netflow To Centralized Exchanges – What’s Happening?
The price of Ethereum has not exactly lived up to its promise as the month has gone on, despite a stellar start to the month. While this bearish pressure has been widespread in the general cryptocurrency market, regulation uncertainty has been an additional concern for ETH, igniting a negative sentiment around the “king of altcoins.”
Interestingly, the latest on-chain revelation shows a substantial amount of Ethereum has made its way to exchanges so far in March, suggesting that investors might be losing confidence in the long-term promise of the cryptocurrency.
Are Investors Losing Confidence In Ethereum?
According to data from CryptoQuant, more than 3 million has been recorded in net ETH transfers to centralized exchanges so far in March. This on-chain information was revealed via a quicktake post on the data analytics platform.
This net fund movement represents the largest volume of Ethereum transferred to centralized exchanges in a single month since June 2022. Even though March is still a week from being over, this exchange inflow appears to be a complete deviation from the pattern observed over the past few months.
As shown in the chart above, October 2023 was the last time cryptocurrency exchanges witnessed a positive net flow. It is worth noting that there was significant movement of Ethereum tokens out of the centralized platforms in subsequent months up until this month.
Meanwhile, a separate data point that supports the massive exodus of ETH to centralized exchanges has come to light. Popular crypto analyst Ali Martinez revealed on X nearly 420,000 Ethereum tokens (equivalent to .47 billion) have been transferred to cryptocurrency exchanges in the past three weeks.
The flow of large amounts of cryptocurrency to centralized exchanges is often considered a bearish sign, as it can be an indication that investors may be willing to sell their assets. Ultimately, this can put downward pressure on the cryptocurrency’s price.
Substantial fund movements to trading platforms could also represent a shift in investor sentiment. It could be a sign that investors are losing faith in a particular asset (ETH, in this case).
Moreover, the recent regulatory headwind surrounding Ethereum specifically accentuates this hypothesis. According to the latest report, the United States Securities and Exchange Commission is considering a probe to classify the ETH token as a security.
ETH Price
As of this writing, the Ethereum token is valued at ,343, reflecting a 4% price decline over the past /4 hours. According to data from CoinGecko, ETH is down by 11% in the past week.