PRESS RELEASE. June 27, 2024 — DeltaPrime, a decentralized borrowing and investing platform, is thrilled to announce their Token Generation Event (TGE) on Uniswap and Trader Joe. The TGE marks another innovation in crypto with the launch of the $PRIME and $sPRIME tokens on July 1st, 2024. Born in the bear market and operating on […]
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Buy Crypto Now: Lekker Capital CIO Spotlights Prime Opportunity
Quinn Thompson, Chief Investment Officer (CIO) at Lekker Capital, articulated a strong buy signal for cryptocurrencies amidst a landscape fraught with bearish sentiment. In a statement released through the social media platform X, Thompson described the present market conditions as “one of the most obvious and attractive crypto buying opportunities of recent memory.”
Lekker Capital, which has carved a niche in trading cryptocurrencies based on macroeconomic cues, provides an analysis that contrasts sharply with the prevailing market mood. Thompson’s commentary comes at a time when the broader crypto community appears enmeshed in pessimism. He expressed concern over the current trend where it’s become fashionable among crypto investors to adopt a bearish stance. “In all of my 5 years in crypto, I have never seen it be so ‘cool’ amongst crypto native investors as it is right now to be bearish,” Thompson noted, reflecting on the cyclical nature of market sentiments.
Thompson pointed to the reactive nature of the market, particularly surrounding major events like ETF launches. He revisited the aftermath of the US spot Bitcoin ETF launch, which contrary to the bullish anticipation, saw Bitcoin’s price plunge from ,000 to ,000, marking a steep 22% decline in just 12 days. This event, he argued, should serve as a cautionary tale about the market’s tendency to move against consensus expectations.
Addressing the most recent market dynamics, Thompson highlighted the significant impact of the sell-off that dampened the spirits of market participants, discouraging the usual strategies of buying the dip with leveraged positions. “It’s clear this most recent selloff has finally stung market participants given the lack of leveraged long dip buying,” he observed.
This scenario, according to him, sets the stage for a market correction that typically follows a pattern of initial slow recovery, stabilization, and then a rapid upward movement once a catalytic event occurs. He recalled the BTC ETF leak in October as a “buy the news” event that realigned market sentiment.
Furthermore, Thompson discussed the forward-looking nature of financial markets, emphasizing that the crypto market is no exception. He believes that the market has already adjusted to past events such as the Mt. Gox saga and Bitcoin sell-offs from the US and German governments. “The key thing to remember here is markets are forward looking. Citing the Mt. Gox or US and German government supply overhangs is old news – the market has priced this in. Fear and capitulation invokes an irrational near-sightedness,” the Lekker Capital CIO remarked.
Looking ahead, he underscored several macro and microeconomic developments poised to influence the market. “On the macro front, these include a November election and additional Fed liquidity. On the micro front, they are the ETH ETF, Circle IPO, and improved BTC miner profitability thanks to AI,” he explained. These factors are expected to reduce selling pressure (e.g. Bitcoin miners) and invigorate market sentiment.
Delving deeper into market technicals, Thompson pointed out that several key indicators are at cycle lows, which historically precede upward movements. He noted, “BTC and ETH CME basis, alt open interest as a percentage of total, and macro relative value all sit at cycle lows while stablecoin supply is finally growing again.” This combination of factors, according to Thompson, signals a potential market bottom forming.
In a bold closing prediction, Thompson projected significant rallies for major cryptocurrencies in the near future. “Personally, I think ETH will reach ,000 and BTC will make its first attempt at 0,000 by the election in November,” he stated confidently.
At press time, BTC traded at ,766.
B2Trader v1.1 Update is Live – BBP Prime, Custom Reporting, New iOS App and More
PRESS RELEASE. B2Broker, an industry pioneer in technology and liquidity and the company behind B2Trader Brokerage Platform, a crypto spot brokerage solution, has announced a new update to its BBP solution. The new B2Trader v1.1 introduces BBP Prime and expands on its report feature with flexible layout customisation. B2Trader now has a dedicated BBP iOS […]
Bitcoin News
Prime Suspect in $2.2M Crypto Fraud Faces Up to 20 Years in Prison
The U.S. Department of Justice (DOJ) announced on Friday that Robert Wesley Robb, 46, from Colorado, pled guilty to wire fraud for deceiving investors with false promises about a Maximum Extractable Value (MEV) cryptocurrency trading bot. Robb solicited investments via social media, claiming high returns and pressuring individuals to invest quickly. On Sept. 8, 2023, […]
Bitcoin News
Montenegro Prime Minister Listed Among Top Terraform Labs Investors in SEC Filing
Milojko Spajic, Prime Minister of Montenegro, was revealed as an early investor in Terraform Labs, co-founded by Kwon Do-hyung (Do Kwon). A filing with the U.S. Securities and Exchange Commission (SEC) lists Spajic as the 16th investor in Terraform Labs, purchasing 750,000 luna coins at 10 cents each in April 2018. This revelation raises concerns […]
Bitcoin News
US Court Filings Expose Montenegro’s Prime Minister’s Stake In Failed Terraform Labs
A recent Bloomberg report has revealed that Montenegro’s Prime Minister, Milojko Spajic, personally invested in Terraform Labs years before the company’s collapse. The discovery has raised concerns regarding the founder’s choice to flee prosecution by seeking refuge in the same nation.
The founder of Terraform Labs, Do Kwon, was detained in Montenegro in March 2023 and is currently facing extradition demands from the US and South Korea.
Opposition Calls For Resignation
According to Bloomberg, Milojko Spajic has claimed that the investment was made by Singapore-based company Das Capital SG, in which he was a partner. However, the independent Montenegrin newspaper Vijesti, which broke the news, reported that the holdings grew to nearly million at one point.
Spajic’s LinkedIn profile shows that he worked as a credit analyst and investor in Singapore from 2014 to 2020 before returning to Montenegro to serve as finance minister in late 2020.
The revelations surrounding the prime minister’s investment have emerged at a critical time for Montenegro, where Spajic has led a “fragile” ruling coalition since October.
As a NATO member and European Union candidate country, the controversy surrounding the prime minister’s involvement in a collapsed crypto firm has increased pressure from the opposition, who now demand Spajic’s resignation.
Terraform Labs Lawsuit Exposes Prime Minister’s Investment
The prime minister’s investment details came to light in a lawsuit filed by the US Securities and Exchange Commission against Terraform Labs and Do Kwon.
Kwon, the founder of the crypto firm, is facing prosecution linked to the billion collapse of the TerraUSD stablecoin in 2022.
In April, a civil trial in New York found the bankrupt company and Kwon personally liable for fraud, resulting in Terraform agreeing to pay .5 billion to settle the case with the SEC.
In light of these developments, Terraform CEO Chris Armani recently announced the complete dissolution of the company’s operations via a social media post on X (formerly Twitter).
While expressing disappointment in the lawsuit’s outcome, Armani confirmed that TFL would cease operations and transfer ownership of the chain to the community.
On the other hand, Kwon has already served his local sentence in Montenegro after being detained using a fake passport. The justice minister of Montenegro favors sending Kwon to the US, while the courts support his extradition to South Korea. With multiple rulings, Kwon’s fate now lies in the hands of the High Court.
At the time of writing, the protocol’s native token, Luna Classic (LUNC), is trading at .000091, with sharp price declines of over 6% and 22% over the past seven and fourteen days, respectively.
Featured image from DALL-E, chart from TradingView.com
Here’s Why This Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’
Crypto analyst Ali Martinez has revealed that it may still be an excellent time to accumulate Bitcoin. This comes amidst the flagship crypto’s recent price recovery, with the crypto token skyrocketing above ,000.
Bitcoin Is Still In A “Prime Buy Zone”
Martinez mentioned in an X (formerly Twitter) post that Bitcoin’s Market Value to Realized Value (MVRV) 90-day ratio indicates that it is still in a “prime buy zone” despite its recent price surge from ,000 to ,000. The MVRV is a metric used to determine whether a crypto token is undervalued or overvalued.
Based on Martinez’s findings, Bitcoin looks to be currently undervalued, which presents a good opportunity to accumulate the crypto token. The analyst’s revelation undoubtedly provides reassurance for those who failed to buy the dip and are looking for a perfect entry to invest in Bitcoin.
Interestingly, Bitcoin whales didn’t waste time accumulating during Bitcoin’s recent decline, as Bitcoinist reported that these investors bought 47,500 BTC (.8 billion) between May 2 and 3. However, the MVRV ratio being at that level suggests that many of these whales are investors adding to their positions, meaning that significant buying pressure shouldn’t be expected anytime soon.
Crypto analyst Michaël van de Poppe also recently suggested that Bitcoin is still undervalued. He noted that the crypto token is back above ,000, and retail isn’t here yet. He mentioned in another X post that these retail investors won’t return until the summer, which means that everyone currently positioning themselves is still early.
BTC Almost Ready For Next Leg Up
Crypto analyst Mikybull Crypto recently hinted that Bitcoin is almost ready for another parabolic rally. He stated that Bitcoin’s local bottom is in considering that the “next liquidity grab interest is above.” He added that Bitcoin will first “clear out the ,000 level and consolidate in preparation for the ,000 level.
Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To .2 For FTM Price
Meanwhile, the analyst revealed in another X post that Bitcoin has “finally experienced a MACD (Moving Average Convergence/Divergence) bullish cross” on the daily chart, just like it did in January 2024, which led to the crypto token rising to as high as ,000 in March. According to Mikybull Crypto, Bitcoin reclaiming above the 50-day Moving Average will “further confirm the bullish continuation.”
For those looking to long Bitcoin, Mikybull Crypto remarked that the ,000 range is an “ideal zone” to do so. He predicts that Bitcoin might clear out the CME gap between ,580 and ,105 before consolidating at around ,000.
At the time of writing, Bitcoin is trading at around ,300, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Iceland’s Prime Minister Vows to Prioritize Food Security Over Bitcoin
Iceland’s Prime Minister Katrín Jakobsdóttir has vowed to focus more power on producing food internally while reducing the energy expenditure in data centers and bitcoin mining. Jakobsdóttir stated that while the country was working to achieve carbon neutrality, bitcoin and cryptocurrencies were “not part of that mission.” Iceland’s Prime Minister to Shift Power Away From […]
Bitcoin News
The Grayscale Effect: The Bitcoin Price Has A New Prime Trading Hour
The crypto trading landscape is witnessing a paradigm shift with the recent introduction of spot Bitcoin ETFs in the United States, catalyzing a new wave of trading dynamics. Bloomberg analyst James Seyffart revealed that the total trading volume of the US spot Bitcoin ETFs over a span of the first three days approached the billion mark.
This substantial volume was predominantly led by Grayscale’s GBTC, with a three-day trading volume amounting to .174 billion, followed by BlackRock’s IBIT at .997 billion, and Fidelity’s FBTC at .479 billion, cumulating to an aggregate trading volume of approximately .771 billion.
Update on the #Bitcoin ETF Cointucky Derby. The ETFs have traded almost billion total over 3 days. Will have updated flows and assets later tonight or tomorrow morning. pic.twitter.com/OnpCshjYJP
— James Seyffart (@JSeyff) January 16, 2024
Despite these impressive figures, Bitcoin’s price performance has not mirrored the trading volume’s growth, a phenomenon analysts attribute to a strategic pivot among Grayscale’s clientele. Investors are increasingly transitioning their capital from Grayscale’s GBTC, with its 1.5% annual fee, to more cost-effective spot BTC ETFs, some offering fees as low as 0.25%.
This shift, however, is not seamless due to the cash-redemption process prescribed by the Securities and Exchange Commission (SEC). Consequently, investors find themselves navigating a temporal gap, redeeming cash and reallocating it to other spot BTC ETFs, typically a few days later.
Understanding The Grayscale Effect On Bitcoin Price
This operational characteristic of Grayscale’s GBTC, which does not facilitate same-day cash redemptions for BTC and operates on a T+2 or T+1 settlement basis, has given rise to a discernible trading pattern. Alex Thorn, Head of Research at Galaxy, provided insight into this phenomenon, stating:
We’re seeing significant Bitcoin trading volume now during US hours, particularly between 3-4pm NY now during the ETF fix, escalating into what has lately been a predictable Grayscale dump into the close. The game is evolving.
Echoing this sentiment, Daan Crypto Trades observed a consistent pattern in Grayscale’s operations, highlighting, “Grayscale is sending X amount of Bitcoin to Coinbase ~1 hour before the market opens every trading day. Will be a good indicator to gauge how bad the outflows of GBTC are I think. 4K BTC was sent Friday. 9K BTC was sent [Monday].”
Further substantiating these observations, Maartunn from CryptoQuant remarked on the tangible outflow of Bitcoin from Grayscale’s fund, particularly to Coinbase, stating, “Data doesn’t lie, as seen once again. Shortly after the inflow of Bitcoin from Grayscale to Coinbase, the Coinbase Premium Gap, previously positive, turned negative for the first time this year, indicating strong selling pressure from Coinbase.”
He emphasized the correlation between these events and the increased trading volume on Coinbase, especially during the trading hours of the American stock market.
Crypto analyst James Van Straten further detailed the pattern of Grayscale redemptions to Coinbase Prime, noting, “We’re starting to see a pattern of Grayscale redemptions to Coinbase Prime just before the market opens. 9k Bitcoin (7M) sent to Coinbase Prime all before 2:30 (GMT) on Jan 16. On Jan. 12, 4k Bitcoin before the market opened.”
As these patterns continue to manifest and evolve, the Grayscale effect is evidently reshaping the prime trading hour for Bitcoin, introducing a new layer of complexity and strategy in the crypto trading arena. Importantly, the Grayscale selling pressure will not last forever, but as long as it exists, it could continue to put some pressure on the Bitcoin price.
Until then, following the Grayscale flows could be crucial for determining BTC price trends. Grayscale still holds circa 587,000 to 617,000 Bitcoin, depending on the data provider.
At press time, BTC traded at ,754.
India’s Prime Minister Calls for Global Crypto Framework With Focus on Unified Approach, Adoption, Democratization
India’s Prime Minister Narendra Modi says crypto needs “a global framework and regulations.” He stressed: “The rapid pace of change of technology is a reality — there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratization, and a unified approach.”
Modi on Crypto Regulation
Indian Prime Minister Narendra Modi talked about cryptocurrency regulation in an interview with Business Today, published on Saturday. Modi, who recently returned to India from South Africa, where he attended the BRICS summit, said:
The rapid pace of change of technology is a reality — there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratization, and a unified approach.
“At the same time, the rules, regulations, and framework around it should not belong to one country or a group of countries. So not only crypto, but all emerging technologies need a global framework and regulations,” the Indian prime minister stressed.
“A global consensus-based model is needed, especially one which considers the concerns of the Global South. We can learn from the field of aviation. Be it air traffic control or air security, there are common global rules and regulations governing the sector,” he described.
India currently holds the G20 presidency. “In the past nine months, vast efforts and energy have been channeled into debt and crypto agendas,” Modi said, elaborating:
India’s G20 presidency expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, especially for emerging markets and developing economies.
“The G20 reached a consensus on these matters, guiding standard-setting bodies accordingly. Our presidency also hosted enriching seminars and discussions, deepening insights into crypto assets,” the Indian leader concluded.
Earlier this month, India released its “Presidency Note as an input for a Roadmap on Establishing a Global Framework for Crypto Assets.” In July, the Financial Stability Board (FSB) published its proposed guidelines for a global regulatory framework for crypto assets. In April, the G20 finance ministers and central bank governors agreed that crypto regulation cannot be confined to one part of the world, noting that global policy responses are required.
Do you agree with Indian Prime Minister Narendra Modi about cryptocurrency regulations? Let us know in the comments section below.