Earlier this week, Bank of America analysts revealed that gold might reach ,000 in the next 18 months, pushed by central bank demand and a Federal Reserve dovish turn. “Achieving this would require non-commercial demand to pick up from current levels, which in turn needs a Fed rate cut to happen,” Bank of America analysts […]
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Pepe-Inspired Smidge Token Pumps Over 150% in 24 Hours – Could Pepe Unchained Explode Next?
Pepe-themed meme coin Smidge is exploding today with its price up over 150% in the last 24 hours. Meanwhile, a Pepe-focused layer 2 cryptocurrency, Pepe Unchained, is turning heads after raising almost M through the first week of its presale. Let’s dive into these two meme coins and see what’s behind their rapid rises. Smidge […]
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Analysts Battle Over Cardano’s Next Move: 12,000% Rally Or 50% Crash?
Crypto analysts have given varying opinions on the Cardano (ADA) future trajectory. One analyst predicts that the crypto token could enjoy an unprecedented price rally. On the other hand, another analyst holds a bearish view and predicts that Cardano could experience a significant price crash.
Cardano To Enjoy A 12,000% Rally
In a post on Tradingview, crypto analyst Fiery Trading raised the possibility of Cardano rising to as high as and even higher. The analyst highlighted a parallel channel and noted that Cardano could reach the top of this channel in the coming bull run, which would cause the crypto token to rise to .
Fiery Trading admitted that Cardano rising to is not a “likely outcome” but claimed that the risk-reward ratio is worth the risk. He added that Cardano’s current price is the “entry of a lifetime” and advised crypto investors not to miss out on it.
In another post, Fiery Trading again hammered on Cardano’s current price level as an entry of a lifetime. He claimed that this entry is a “no-brainer” as long as Cardano keeps trading within that channel. Meanwhile, the crypto analyst highlighted more conservative price targets, pointing out as another price level Cardano could reach, while he mentioned as a target for “more defensive traders.”
ADA Could Drop To As Low As .24
Crypto analyst Swallow Premium gave a bearish outlook for ADA. He noted that the crypto token has finally broken the liquidity zone at around .40 and now risks dropping to as low as .24. The crypto analyst predicted that Cardano could drop to that price level within a week or two.
However, crypto analyst Sebastian suggested that Cardano might not drop below its current price range. He stated that the dump was over and that Cardano and the broader crypto market should enjoy a bounce from their current price level. He noted that the magnitude of the bounce will determine whether or not there may be more downside for ADA.
The crypto analyst further stated that the next move the market should look forward to is seeing higher lows and higher highs. He claimed that the next target for Cardano is .40 and that the crypto token needs to rise above it and stay there.
Crypto analyst Trend Rider also noted that there are “quite a few bounce signals” on Cardano’s daily chart. He stated that Bitcoin needs to stop bleeding for ADA to recover. Bitcoin’s recent drop below ,000 contributed to the significant declines that altcoins like Cardano experienced.
At the time of writing, Cardano is trading at around .38, up almost 4% in the last 24 hours according to data from CoinMarketCap.
Bitcoin Slips Under $64,000: Here’s Where The Next Support Is
Bitcoin has continued its recent bearish trajectory during the past day as the asset’s price has now slipped under ,000. Here’s what the next support looks like for BTC.
Bitcoin Has Strong On-Chain Support Between ,900 & ,800
According to data from the market intelligence platform IntoTheBlock, BTC is floating just above a critical on-chain demand zone. Demand zones refer to price ranges where many investors last bought their coins.
These ranges can be determined through on-chain analysis, as the average cost basis of each address on the network can be readily calculated through its transaction history.
Below is the chart shared by the analytics firm that shows the various price ranges near the current asset price in terms of the present demand.
In the graph, the size of the dot corresponds to the number of addresses bought inside the respective range. It appears that Bitcoin currently has large demand zones both just above and below itself.
According to IntoTheBlock data, the lower range currently holds the cost basis of around 1.23 million addresses for investors who bought 319,700 BTC. Now, what’s the relevance of a demand zone like this?
To any investor, their cost basis is important, so when the price tests it, they may become more prone to making some move. Naturally, if many holders share their break-even level inside a narrow range, the reaction resulting from a retest would also be large.
Because of this reason, zones of major demand are considered to be important support or resistance levels for Bitcoin. Cost basis centers above the price can act as resistance walls, while those below can provide support cushions.
Since BTC is hovering just above a major demand zone between ,900 and ,800 after its latest decline, it’s possible that the range could help the asset reach a bottom.
As for the source of the support or resistance effect provided by these demand zones, the answer lies in investor psychology. The holders currently in loss may be looking forward to the price hitting their cost basis to exit with their initial investment.
This selling that may appear upon a retest of many investors’ shared break-even level can pose resistance to BTC. Similarly, the investors below can react to a retest by buying more, as they could look at the drop as a dip opportunity, thus supporting the asset.
It now remains to be seen if the support zone between ,900 and ,800 would put an end to Bitcoin’s recent bearish momentum or not.
BTC Price
After the latest drawdown, Bitcoin has just entered into the on-chain demand zone, as its price is now trading around ,600.
Could this be the Next Breakout Meme Coin? Pepe Unchained Presale Begins with a Bang
Forget the old meme coins: a new frog-themed token is turning heads. Pepe Unchained (PEPU) has burst onto the scene this week with its presale, raising 0k and promising to be more than just another speculative crypto asset. This layer-2 solution aims to solve some of the key issues plaguing the meme coin space – […]
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Survival of the Fittest: Here’s How Bitcoin’s Next Rally Hangs on Miner Capitulation
Amidst a backdrop of declining Bitcoin prices and economic uncertainty, renowned crypto analyst Willy Woo has offered a forecast that suggests a complex road ahead for BTC, with potential gains on the horizon after some ‘inevitable’ turbulence.
Bitcoin Rally Hangs On Miner Capitulation, How?
Bitcoin’s current market behavior is largely influenced by its miners, whose actions can significantly impact its price. According to Willy Woo, the key to understanding when Bitcoin might start its recovery lies in observing miner capitulation and the subsequent recovery of the hash rate.
Miner capitulation occurs when less efficient miners, unable to sustain profitability, are forced to sell their holdings and exit the market. This phase is critical as it typically decreases selling pressure, allowing for market consolidation and setting the stage for potential price increases.
Woo points out that this cycle is not a quick one. Historical data from previous Halving events, which reduce the reward for mining Bitcoin, show that recovery can take time.
I’ll break it down in simple terms.
When does #Bitcoin recover? It’s when weak miners die and hash rate recovers.
This one is for the record books as it’s taking a lot of time for miner capitulation post-halving.
Probably can thank ordinal inscriptions boosting profits. pic.twitter.com/19MB0b8mHO
— Willy Woo (@woonomic) June 20, 2024
The current cycle appears prolonged, with miners taking longer than usual to capitulate due to the profitability provided by new market mechanisms like ordinal inscriptions. This extended adjustment period might be difficult for investors, but it is a necessary step toward achieving a healthier market.
Key Indicators to Watch: Hash Ribbons and Market Signals
Willy Woo emphasizes the importance of monitoring Bitcoin’s hash ribbons. This indicator provides insights into the economic viability of Bitcoin mining.
A reduction in hash ribbons suggests that the cost of mining is becoming more aligned with the market price of Bitcoin, signaling that the worst of the sell-off may be over and a recovery could be forthcoming. In addition to hash ribbons, Woo advises investors to keep an eye on broader market signals.
Here’s a view of just how much paper bets on #Bitcoin there is right now.
The solid yellow chart is a z-score oscillator looking at how significant it is locally.
We need a solid amount of liquidations still before we get the all clear for further bullish activity. https://t.co/tswxQwxlc1 pic.twitter.com/TwGG5tf50z
— Willy Woo (@woonomic) June 19, 2024
For instance, the current speculative environment in Bitcoin, marked by a high volume of theoretical trading, requires a series of liquidations to achieve market balance. This clean-up phase, although painful, is essential for setting a solid foundation for the next bull run.
The analyst noted:
I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out. On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally. Look for compressions in this ribbon. Buy and hodl in these regions.
Featured image from DALL-E, Chart from TradingView
Sealana Token Is Being Backed as the Next Meme Coin to Explode as Presale Ends in Just 5 Days
The next big meme coin launch could be just days away. Sealana (SEAL), the seal-themed token on Solana, has drawn a massive crowd during its presale phase. And with only five days remaining, will SEAL explode after it hits the open market? Sealana Draws Huge Attention with Hilarious Seal Mascot Sealana is one of the […]
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CertiK Faces Fallout After Confessing $3 Million Heist From Kraken, What’s Next?
Cryptocurrency exchange Kraken has announced that it has fallen victim to a major security flaw that has resulted in the theft of million worth of digital assets. However, in a surprising turn of events, the party responsible has been identified as CertiK. This blockchain security firm claims to have initially reported the bug through Kraken’s bug bounty program.
CertiK is now accused of exploiting additional vulnerabilities and extorting the exchange for more money, leading to calls for legal action and concerns among crypto investors.
Kraken Security Flaws Exposed
The incident unfolded when Kraken’s Chief Security Officer, Nick Percoco, revealed that the exchange had received a bug report on June 9 from a self-described security researcher. The researcher claimed to have discovered an “extremely critical” bug that allowed them to inflate their balance on the platform artificially.
Upon further investigation, CertiK, which admitted its involvement in the incident in its social media post, uncovered several critical vulnerabilities in Kraken’s systems that could potentially result in losses of hundreds of millions of dollars.
CertiK’s findings revealed shortcomings in Kraken’s deposit system, indicating a failure to differentiate between internal transfer statuses. Furthermore, CertiK’s testing revealed that Kraken failed all these tests, exposing the compromised state of Kraken’s defense-in-depth system.
According to CertiK, “millions of dollars” could be deposited into any Kraken account, and a substantial amount of fabricated cryptocurrency (worth over million) could be withdrawn and converted into valid digital assets.
The security firm also claimed that no alerts were triggered during a “multi-day test period” and that Kraken only responded and blocked the test accounts days after the incident was officially reported.
Following the identification of the vulnerability, CertiK alleges that Kraken’s security operations team “threatened” individual CertiK employees, demanding the repayment of a “mismatched” amount of cryptocurrency within an “unreasonable time frame,” without providing repayment addresses.
However, Kraken’s Percoco countered that they had requested a full accounting of the then-unknown company’s activities and the return of the withdrawn funds. Percoco argued that CertiK’s refusal to comply with these requests violated the rules of ethical hacking and bordered on extortion.
Will CertiK Face Legal Repercussions?
The revelation of this incident has raised surprise and concerns within the cryptocurrency community, leading to calls for legal action against CertiK.
One user accused CertiK of stealing the million funds from Kraken, holding it ransom for a bounty, refusing to return the funds, and now transferring the money to Tornado.cash to protect it from potential seizure by authorities.
Coinbase’s Director, Conor Grogan, pointed out that Tornado.cash is subject to the Office of Foreign Assets Control (OFAC) sanctions and highlighted CertiK’s US domicile, hinting at potential legal repercussions by US agencies.
Market expert Adam Cochran also weighed in, astonished at CertiK’s actions and highlighting the firm’s history of compromised audits. Cochran went further to describe the situation as “Down right criminal.”
The next steps taken by Kraken and potential consequences for CertiK are yet to be seen. However, the involvement of US agencies and potential legal actions loom over the security firm.
The unfolding developments in this case will undoubtedly shape the future of bug bounty programs and impact the relationship between cryptocurrency exchanges and security firms.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Month-Long Rally Comes To An End: Price Plunges Below $65,000 – What’s Next For BTC?
Bitcoin (BTC), the largest cryptocurrency by market capitalization, experienced a significant decline on Tuesday, echoing the broader downtrend in the cryptocurrency market. Fueled by worries about the global economy and reduced summer liquidity, Bitcoin dropped below the ,000 mark for the first time since May 16.
Notably, Ethereum (ETH) also faced a 4% loss, trading at ,400, while other cryptocurrencies, such as XRP, Solana (SOL), and dogecoin (DOGE), suffered even bigger declines.
Market Uncertainty Persists
Marko Jurina, CEO of Jumper.Exchange, a decentralized exchange (DEX), highlighted that during economic and market uncertainty, traders often sell at a discount to minimize losses or exit riskier positions until the situation becomes clearer.
Jurina explained that the current scenario appears to be a combination of these factors, as weakening global economic conditions, unresolved geopolitical issues, and thinner market activity during the summer months contribute to heightened market volatility.
These conditions will persist for the next few months, potentially leading to parabolic movements in either direction for the Bitcoin price.
Bitcoin has grappled with the ,000 threshold since its record high of ,700 on March 14. Although it briefly tested this level in early June, it has since been unable to regain its bullish momentum. The cryptocurrency is currently down 4% for the month and 9% for the quarter.
Bitcoin Correction Toward ,000?
CryptoQuant’s on-chain data suggests that traders had reduced their holdings since late May when Bitcoin touched the ,000 level. This selling trend continues without significant buying activity.
Ki Young Ju, Founder of CryptoQuant, highlighted that Bitcoin long-term holder whales have sold .2 billion in the past two weeks, likely through brokers. Additionally, there have been negative net flows in ETFs, with 0 million outflows during the same period.
Young Ju contended that if this substantial sell-side liquidity is not purchased over-the-counter (OTC), brokers may deposit Bitcoin to exchanges, potentially impacting the market.
On June 14, crypto analyst Ali Martinez stressed that Bitcoin needed to break above the ,250 level quickly to avoid a potential correction to ,100. As the cryptocurrency struggles to regain bullish momentum, Martinez hinted at a possible drop to ,000.
Another analyst, Rekt Capital, pointed out that Bitcoin is nearing the filling of its first Chicago Mercantile Exchange (CME) gap, with gaps at ,000 and ,500.
Overall, The prevailing evidence suggests that bearish sentiment has once again seized control over the future trajectory of Bitcoin’s price, signaling a challenging road ahead for the leading cryptocurrency in the market. The extent of the potential retracement and the bottoming-out point of this ongoing downtrend are yet to be determined.
At the time of writing, Bitcoin is trading at ,770.
Featured image from DALL-E, chart from TradingView.com
Beercoin Price Sinking but Expert Says This Sealana Meme Coin Could Explode Next
Solana-based cryptocurrency Beercoin has begun to show weakness after monumental early success. However, another Solana-based meme coin, Sealana, is just days out from its exchange launch, and analysts are hopeful that it could explode next. BEER Plunges Over 30% as Crypto Prices Tumble It’s been a challenging time for anyone who bought Beercoin this week […]
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