According to the latest data, 5.43 million was liquidated across crypto derivatives exchanges when bitcoin dipped below ,000. One analyst predicts that with the Mt Gox and German government sell-offs, “supply will likely outstrip demand.” Conversely, QCP Capital notes that despite the current crypto sell-off, the options market remains hopeful. Crypto Liquidation Tops 5M as […]
Bitcoin News
Bitcoin Miners Remain Optimistic About Future Despite Anticipated Revenue Loss
Although Bitcoin’s halving is expected to result in reduced block rewards for miners, several CEOs of bitcoin mining firms maintain a bullish outlook. In addition to investing in more efficient equipment, miners believe spot bitcoin exchange-traded funds (ETFs) will continue to drive up the value of the cryptocurrency. Bitcoin Halving to Cost Miners Billions in […]
Bitcoin News
Ripple CEO Expects Crypto Market Cap to Double This Year — ‘I’m Very Optimistic’
Ripple CEO Brad Garlinghouse says he is “very optimistic” about the crypto market, predicting it could double its market cap this year. The executive explained that the macro trends, such as the spot bitcoin exchange-traded funds (ETFs), are driving “real institutional money” into the crypto space for the first time. Ripple’s CEO: Macro Factors Fuel […]
Bitcoin News
Solana (SOL) Hits $144: Analysts Feel Optimistic, Is A New ATH Imminent?
Solana (SOL) has been experiencing some volatility this week, but analysts seem optimistic about an ‘imminent markup’ around the corner. In the past 24 hours, Solana (SOL) has registered a 10.6% increase after breaking through the 0 barrier again.
Solana Rises Above 0
January of 2022 marks the last time Solana’s native token traded above the 0 price range. On Thursday, the fifth-largest cryptocurrency by market capitalization hit a new high and followed the uptrend the crypto market is experiencing.
JUST IN: #SOLANA BROKE 0
#SOL $SOL pic.twitter.com/KbHkiwm8uf
—
BitcoinExpert.sol
(@PeterAnagno) March 7, 2024
On March 5, SOL’s price spiked 7.5% after going from 2 to 2. However, the excitement about the cryptocurrency surpassing 0 was short-lived.
The price started what looked like a freefall descent that shredded 16% of the token’s price, stopping at the 9 price range. Throughout Wednesday, SOL’s price continued to move in both directions while trying to stabilize above the 8 support level. The token finished the day hovering between the 0-2 price range.
On Thursday, Solana picked up some momentum and tested the 1 level before facing a pullback to the 5 support zone. Later, SOL broke through the 0 barrier again as the price skyrocketed to 4, increasing 6.6% in just two hours.
For the past hour, SOL’s price has hovered between the 0-2 price range, briefly falling below the 0 support zone. At writing time, the cryptocurrency trades at 2.10, accounting for an increase of 10.6% in the last 24 hours and 9.5% in 7 days. In the 30-day time frame, Solana has seen a stellar price surge of 50.8%.
However, SOL seems to be experiencing a slow market activity. According to CoinMarketCap data, the daily trading volume has decreased by 37.7% in the past 24 hours to .4 billion.
Is A New ATH Imminent For SOL?
Pseudonym crypto trader and analyst Bluntz previously forecasted Solana’s next leg up to be around the corner, saying that “the revenge pump is close.” Today, the trader reaffirmed that stance on an X (formerly Twitter) post.
Right before the price hit 0, the analyst posted two charts displaying SOL’s pair with BTC and USDT. The trader highlighted the patterns he previously used to make a prediction in February.
feels like a $SOL markup is imminent. https://t.co/suhs2SZroC pic.twitter.com/RJSlovIzhr
— Bluntz (@Bluntz_Capital) March 7, 2024
Based on the “nice simple ABC zigzag” with its BTC pair and the “nice sideways accumulation wave 4” with its USDT pair, the analyst considers that an SOL markup is “imminent.”
Related Reading: Ethereum Recovers From Dip: ETH Hits ,900 For The First Time In Two Years
Moreover, crypto trader Ansem suggested that Solana’s new all-time high might be closer than expected. In an X post, the trader shared a chart exhibiting the price performance of the cryptocurrency.
The chart above shows that SOL’s price of 8 was first achieved in early September 2021. Approximately 60 days later, Solana reached its all-time high of 0. If history repeats itself, according to the trader’s post, we could see “Solana’s new all-time high in less than 60 days.”
Crypto Analyst Optimistic About A Shiba Inu Short-Term Surge To $0.000066
Shiba Inu (SHIB) has displayed immense momentum lately standing out as one of the best-performing meme coins in light of the general optimism that took over the cryptocurrency market in the last week.
Shiba Inu To .000066 Could Be Possible In A Short Time
With the price of Shiba Inu rallying in the past few days, the crypto asset has garnered significant attention from investors as several experts predict a rise to new yearly highs.
In the same vein, cryptocurrency analyst and investor Rekt Capital has shared his optimistic prediction for Shiba Inu with the crypto community on the social media platform X (formerly Twitter), fueling hope of notable gains in the short term.
Rekt Capital’s analysis underlines the digital asset’s potential to soar higher to a level not seen for more than 2 years. The crypto analyst pointed out that SHIB arrived at a resistance he dubbed “Black Resistance,” which it previously rejected.
As a result, the meme coin must now “maintain the blue level” indicated in his chart as fresh support in order to create a “new Re-Accumulation Range at the highs possibly.” Due to this, the expert expects Shiba Inu to rise to the .000066 price level shortly.
The post read:
Shiba Inu Reached the black resistance which SHIB rejected from. Now SHIB needs to hold this blue level as new support to potentially develop a new Re-Accumulation Range at the highs.
Rekt Capital also highlighted another of his earlier forecasts, in which he projected the coin to reach the aforementioned price mark. At first, Rekt Capital noted that the asset had reached the blue resistance point.
Furthermore, he asserted that SHIB has increased by over 300%, since the initial post from November last year. In the post, the analyst claimed that SHIB regained the Orange area’s top as a support.
Consequently, SHIB ought to be able to return to the pinnacle of its “black market structure over time.” However, he presently anticipates Shiba Inu to undergo a rally after it concludes its “Macro U-shaped reversal.”
SHIB Anticipated For A Potential Rebound
Amid the recent bearish sentiment around the market, Santiment – a crypto analytics platform, has identified SHIB as one of the leading assets that is poised for a potential recovery.
Data from Santiment shows that SHIB and dogwifhat (WIF) are the major coins expected by traders to undergo a rebound. This comes after the wild day that saw Bitcoin reach a new peak before markets went into a “reset mode.”
Santiment has also underscored a “speculative bullishness” for Solana (SOL) lately. This is a result of the speculation surrounding Solana’s potential to reach the ,000 threshold.
SHIB at the time of writing was trading at .00003155, indicating a drop of 13% in the past day. Meanwhile, its market cap and trading volume are both down by 13% and 62% respectively.
US Representative French Hill Optimistic on Progress of Crypto Legislation
During a panel discussion at the recent Foundation for Defense of Democracies event, Arkansas Republican French Hill shared a positive update on the trajectory of the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act.
US Representative French Hill Foresees Bright Future for Crypto Bills at FDD Event
In a recent event hosted by the Foundation for Defense of Democracies (FDD) on Jan. 29, Rep. French Hill, an Arkansas Republican and chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, shared promising updates on the progress of two significant crypto-related bills.
Rep. Hill, during a panel discussion at the FDD event, conveyed a sense of optimism about the advancement of legislation concerning stablecoins and the broader regulatory framework for cryptocurrencies. He noted that by the end of 2023, lawmakers had marked up two bills: the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. Both pieces of legislation had progressed out of the House Financial Services Committee in July 2023, setting the stage for a full House vote.
“I still am optimistic that you’ll see those bills come to fruition during ’24,” Hill expressed. His remarks reflected confidence in the bipartisan support and administrative collaboration that has marked the bills’ journey thus far. “Every meeting I’ve attended has been very encouraging,” he added.
The Clarity for Payment Stablecoins Act aims to provide a clear regulatory framework for stablecoins. Meanwhile, the Financial Innovation and Technology for the 21st Century Act seeks to address the broader market structure of cryptocurrencies. The completion of a “very good working draft” of the regulatory framework bill by the close of 2023 was a significant milestone, according to Hill.
Rep. Hill also discussed the strategic importance of a well-regulated dollar-based stablecoin for the U.S. dollar’s role in international trade, while expressing skepticism about unregulated central bank digital currencies (CBDCs) issued by foreign entities.
Looking forward, 2024 promises to be a critical year for these legislative efforts, especially with the upcoming elections. All 435 seats in the House of Representatives are up for contention, and significant changes in leadership within the Digital Assets subcommittee and the House Financial Services Committee are possible. Current committee chair, Rep. Patrick McHenry, R-N.C., has announced he will not seek reelection.
In the broader political landscape, the 2024 election season is heating up. Donald Trump, the presumptive Republican candidate for U.S. president, has declared his opposition to the introduction of a CBDC in the United States, a stance that resonates with some of the concerns expressed by Rep. Hill.
Do you think these two crypto-related bills will be passed in 2024? Share your thoughts and opinions about this subject in the comments section below.
Binance Survey: 73% of European Users Optimistic About Crypto’s Future
A new Binance survey has found that 73% of European respondents are optimistic about the future of crypto, with 55% exclusively using cryptocurrencies for everyday purchases. “We are delighted to see the high level of optimism amongst European crypto users, reflecting the growing interest in crypto and blockchain technologies,” said Binance’s CMO.
Europe ‘Actively Paving the Way for Mainstream Adoption of Digital Assets’
Cryptocurrency exchange Binance recently surveyed its European users in France, Spain, Italy, and Sweden to understand their crypto investing habits. The survey was conducted between Oct. 14 and Nov. 8, 2023, with 10,498 participants. The results were released on Jan. 24.
According to the results, 73% of respondents are optimistic about the future of cryptocurrency, with 55% exclusively using cryptocurrencies for everyday purchases and 24% making over half their trades in crypto. Beyond everyday spending, the survey reveals diverse crypto uses: 34% for long-term trading, 26% for saving, 13% for day trading, and 9% for routine purchases.
Rachel Conlan, CMO of Binance, commented:
We are delighted to see the high level of optimism amongst European crypto users, reflecting the growing interest in crypto and blockchain technologies.
“The growing use of crypto in everyday purchases and its diverse applications highlights the integration of digital assets into our lives,” she continued. “With Europe at the forefront of implementing a secure and harmonized regulatory framework for the industry through MiCA, it’s evident that the region is actively paving the way for the mainstream adoption of digital assets.”
Among survey respondents, 82% have been involved in crypto for at least a year, with 73% in the one to five-year range and 5% entering the space in the last six months. Moreover, over half (53%) are active traders, employing diverse frequencies, from monthly (23%) to weekly (17%) and daily (12%).
Regarding the key drivers for crypto adoption, 20% of respondents cited the potential for high returns as the key driver, 18% emphasized the ideals of decentralization and financial autonomy, and 17% indicated that they are motivated by innovation and technology.
What do you think about this Binance survey of European users? Let us know in the comments section below.
XRP Value Plunges 39% Post-SEC Verdict: XRP Army Remains Optimistic Amid Market Turbulence
It’s been 40 days since the U.S. court issued a partial verdict in the SEC’s case against Ripple. In that timeframe, the digital currency XRP’s value has slumped by a significant 39.43%.
Despite SEC’s Interlocutory Appeal and 39% Downturn, XRP Enthusiasts Hold out for a Rebound
Recent statistics paint a tumultuous picture for XRP. Over the past week alone, its price dipped by 18.5%, and a monthly overview reveals a 32% slide against the U.S. dollar. But rewind to July 12, 2023, and the scenario was different – XRP was trading at .47 per coin. However, after judge Analisa Torres’ judgment the very next day, its value soared to a notable .819 per coin.
July 14 saw an even greater spike with XRP reaching a 2023 peak of .8437. But since that pinnacle, its descent has been swift, culminating in a 39.43% drop since July 14. Much of this drop is attributable to the past week’s performance, and just in the last 24 hours as of August 22, it’s taken a 1.5% hit against the greenback.
Yet, XRP’s trading footprint remains significant. Over the last day, it recorded an impressive global trade volume of over billion, ranking sixth in daily volume. Moreover, its market capitalization of .07 billion cements its position as the fifth largest on August 22. The weekly downturn coincides with the SEC’s decision to appeal two rulings in the Ripple case.
Despite this, XRP loyalists, notably the “XRP Army,” remain optimistic about its future. Crypto influencer Egrag Crypto, boasting a 33,900-strong following, recently discussed XRP, claiming has an unparalleled legal and regulatory foundation.
“For those content with a runner-up digital asset, perhaps exploring alternative coins is a prudent choice,” Egrag stated. “As for me, I view XRP, coupled with its technological prowess and regulatory clarity, as my foremost wager.”
Egrag warns against drawing parallels between XRP’s journey and other cryptocurrencies, arguing that doing so overlooks XRP’s intrinsic value. He alludes that skeptics might be overlooking a potential surge for XRP, reminiscent of the 2017 rally.
Another XRP advocate suggests patience, stating, “Looking at the weekly chart, we’re still in the early stages after a big bearish downturn,” observes Treasure Knight. “We’ll need to wait a couple of weeks, possibly for a few small candles with reversal patterns, to see any potential bullish movement toward .82.”
What do you think about XRP’s performance over the past 40 days since the recent court ruling? Do you expect more downturn or do you envision an imminent XRP price rise? Share your thoughts and opinions about this subject in the comments section below.
Okx’s Haider Raffique Optimistic MCFC Partnership Can Help Grow Blockchain
On Friday, June 30, Okx announced an expansion of its existing partnership with recent Champions League winners, Manchester City Football Club. The partnership entails Okx, which previously sponsored the club’s training kit, becoming the sleeve sponsor for both the men’s and women’s teams. Haider Rafique, the company’s CMO, expressed hopes that the deal will enhance visibility and generate interest in the broader blockchain industry.
In recent years, a host of crypto companies have partnered with sports brands on similar ventures.
Notable mentions include Crypto.com teaming up with the Ultimate Fighting Championship (UFC), and also Binance who partnered with football teams like FC Shakhtar, Lazio from Italy, and Porto from Portugal.
What Will Okx Get From the Partnership?
For Okx, chief marketing officer Hiader Rafique hopes that the deal will help rally the company’s workforce, as well as the wider blockchain community.
Speaking on Friday at the launch event, Rafique stated that, “Typically when you do these deals the perception is that it is designed to boost exposure and growth. For us, it was a way to bring employees together and get the team excited. So there is quantitative success, but also qualitative success.”
He added that, “Two years ago, we were a brand recognized in Asia, but not in the Western world, so with the success (Manchester City) has had over the years, we have become visible on a global stage. So, the amplification this partnership brings is not just Okx, but the entire industry.”
Man City Is Digitizing Its Fan Base
Manchester City currently has around 600 million global fans, with only 3-4% based in the United Kingdom, according to CEO Ferran Soriano.
Soriano hopes the partnership will help grow the team’s digital assets, giving more fans access to engage with the football club and its players.
The team completed an unprecedented “treble” this past year, winning the Champions League, Premier League, and FA Cup, which has helped make Manchester City one of the biggest names in the sport.
Soriano believes that Okx’s commitment to winning is a perfect fit for the ethos at Manchester City.
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Will we see more blockchain/sports partnerships in the future? Leave your comments below.
Goldman Sachs: Markets Too Optimistic About Inflation Cooling
Goldman Sachs’ strategists have cautioned that markets seem to be more optimistic than they are about the pace of inflation’s decline. “Although we expect further declines in inflation going forward, markets appear considerably more optimistic than we are about the pace of cooling,” they explained.
Goldman Sachs Expects U.S. Inflation to Decline Slower Than Market Anticipates
Goldman Sachs’ strategists, led by chief interest rates strategist Praveen Korapaty, warned in a note Friday that inflation in the U.S. is projected to decrease at a slower pace than what is currently being priced by the markets, Bloomberg reported.
The Goldman strategists explained that investors may be assuming that a sharp slowdown in economic growth would result in a more rapid decline in inflation. Moreover, they could also be more bearish about energy prices compared to what is implied by commodity futures. However, the strategists argued that these factors will have a limited impact on inflation, emphasizing that markets are additionally ignoring the potential for “delayed-onset inflation” in sectors like healthcare. They wrote:
Although we expect further declines in inflation going forward, markets appear considerably more optimistic than we are about the pace of cooling.
The Federal Reserve paused raising interest rates after 10 consecutive rate hikes at their Federal Open Market Committee (FOMC) meeting last week. Their decision followed the U.S. Bureau of Labor Statistics (BLS) reporting that inflation had cooled from 4.9% to 4% in May — the smallest 12-month increase since March 2021. However, core inflation remains elevated at 5.3%.
While many people expect the Federal Reserve to start cutting interest rates soon, Fed Chair Jerome Powell said at a press conference Wednesday that while “it will be appropriate to cut rates at a time when inflation is coming down really significantly, we’re talking about a couple years out.”
Do you agree with Goldman Sachs about inflation in the U.S.? Let us know in the comments section below.