A report has found that JPMorgan Chase Bank accounted for a substantial 18% share, or .7 billion, of the total .2 billion net income reported by all FDIC-insured banks for the first quarter of 2024. This data, highlighted by financial reporters Pam Martens and Russ Martens from wallstreetonparade.com, underscores the increasing concentration of profits within […]
Bitcoin News
Turkey Rules out Taxes on Crypto Profits, Considers Limited Transaction Tax
Turkish Treasury and Finance Minister Mehmet Simsek has stated that there are no current plans to impose taxes on profits from cryptocurrencies. However, he mentioned that the government is considering implementing a “very limited” transaction tax on these assets, though the specifics have not been determined. This statement was made to clarify earlier reports by […]
Bitcoin News
Best 4 Altcoins to Buy for 10x Profits in June 2024: PolitiFi Tokens Leading The Charge
With the cryptocurrency market constantly evolving, investors are always on the lookout for the next big opportunity. Here, we highlight the top four altcoins that are poised to offer substantial returns in 2024.
1. MAGA VP ($MVP)
MAGA VP ($MVP) is making waves in the crypto community with its unique blend of political engagement and rewarding mechanisms. Known for its strong community support and strategic partnerships, $MVP offers token holders rewards in $TRUMP tokens and participates in significant political events. Recent developments include the launch of a new app featuring a prize pool for voting activities, making it a compelling investment for 2024.
2. NOT Token
Notcoin is a Telegram-based game that has garnered the interest of millions of players in recent months. The game has amassed a total of 35 million players, reaching a peak of six million daily active users. This makes it significantly more popular than most other crypto games.
After experiencing a retracement from its previous high, Notcoin (NOT) has started to show significant bullish momentum, capturing the attention of both traders and investors alike. This continuing upward trend suggests a strong level of market confidence and growing optimism regarding its future potential.
3. Solana (SOL)
Solana continues to be a favorite among investors due to its high-speed transactions and scalability. Solana (SOL) is an open-source project leveraging blockchain’s permissionless structure to provide decentralized finance (DeFi) solutions.
The platform has experienced a surge in the total value locked (TVL) in its DeFi applications. This trend is also boosting the popularity of meme coins on the Solana blockchain. Should market conditions shift, this dynamic could position Solana as a noteworthy crypto asset, making it one of the top altcoins poised for significant growth.
4. Ethereum (ETH)
Ethereum remains a cornerstone of the cryptocurrency market. With ongoing upgrades like Ethereum 2.0 and ETF involvement, ETH is set to maintain its position as a leading investment option. Despite facing criticism for high transaction fees, Ethereum remains a dominant force in the crypto space, powering thousands of applications and other altcoins with its robust blockchain infrastructure.
Conclusion
Investing in altcoins can be highly rewarding, especially with thorough research and strategic choices. The altcoins listed here, including MAGA VP ($MVP) and NOT Token, are set to deliver impressive returns in 2024. Stay informed and consider diversifying your portfolio with these promising assets.
Cover image from MAGA VP, Chart from Tradingview
Parabolic Rally In The Making? Bitcoin Regains $70,000 As Traders’ Paper Profits Collapse To 3%
The world’s largest cryptocurrency, Bitcoin (BTC), has been consolidating over the past week, trading between ,000 and ,000 after experiencing a brief 20% price correction that sent it as low as ,400 in early May.
This consolidation period comes as inflows into the US spot Bitcoin ETF market have reignited, and selling pressure appears to have cooled off, both in the ETF market and among Bitcoin investors more broadly.
Bitcoin Selling Pressure Fades
According to Julio Moreno, head of research at on-chain market analytics firm CryptoQuant, the current Bitcoin price level of ,000 differs from when it last reached that mark in March.
Moreno notes that traders are now exerting much lower selling pressure, as unrealized profits are only around 3%, compared to 69% in early March. This suggests that much of the “heavy selling” has been exhausted, as seen in the chart below.
Santiment data also shows that Bitcoin has once again eclipsed a ,000 market capitalization, even as the US stock market took a hiatus for the Memorial Day holiday.
Market intelligence platform Santiment sees this as an encouraging sign, as it demonstrates BTC’s ability to perform positively on days when it is not closely correlated with the primary stock market, which has been the case for much of 2022.
Final Pre-Breakout Consolidation Phase
Despite this positive momentum, crypto analyst Rekt Capital has noted that Bitcoin’s latest weekly candle closed below the range high resistance of its ongoing “re-accumulation” phase, which spans roughly ,000 to ,000.
This likely sentences the leading cryptocurrency to further consolidation within this range, aligned with Rekt Capital’s thesis that two phases remain in the current bull cycle: the post-halving re-accumulation phase and the “parabolic rally phase.”
Historically, Bitcoin has tended to consolidate around all-time highs before embarking on the most illustrative stretch of its bull cycles. According to the analyst, Bitcoin has indeed been consolidating at these highs for quite some time now, especially by the standards of previous cycles.
While there is still room for further sideways trading at these elevated price levels, the time remaining in this phase is slowly running out. This leads to the belief that the long-awaited post-Halving rally, coupled with renewed investor sentiment, is poised to take the largest cryptocurrency on the market to even higher levels than the current ,700 reached in mid-March.
As such, Bitcoin appears to be entering a critical juncture in its current bull cycle. The consolidation and re-accumulation that has dominated the market in recent months could soon give way to the next parabolic surge, should historical patterns hold.
As of now, BTC has gained 2% in the past 24 hours, adding to its 10% positive movement in the past month alone. Bitcoin is currently trading at ,200.
Featured image from Shutterstock, chart from TradingView.com
Tether Q1 2024 Attestation Reveals Record $4.52 Billion Profits
Tether, one of the largest cryptocurrency companies, has recently released an attestation of its financial activity corresponding to Q1 2024. Tether registered a record-breaking .52 billion in profits, and disclosed its net equity levels, reporting .37 billion as of March 31, 2024. Tether issued over .5 billion USDT during this period. Tether Attestation Registers Record-Breaking […]
Bitcoin News
69% Of PEPE Holders Left In Profits After 26% Plunge
On-chain data shows the percentage of the PEPE investors currently in the green has fallen to 69% after the 26% plunge the memecoin has seen in the past week.
69% Of All PEPE Addresses Are Carrying Some Gains Right Now
In a new post on X, the market intelligence platform IntoTheBlock has posted an update on how the investor profitability is looking for the memecoin PEPE currently.
The analytics firm’s metric gauges whether a holder is in profit or not by reviewing their address’s on-chain history. Based on when the wallet acquired the coins, the indicator calculates the investor’s average cost basis using the spot price of the asset at the time of those purchases.
If the current spot value of the cryptocurrency is higher than this average cost basis for any address, then that particular investor is carrying net gains currently. IntoTheBlock categorizes such addresses to be “in the money.”
Similarly, investors with a cost basis higher than the latest price are considered “out of the money.” Naturally, the two values being exactly equal would suggest the holder is just breaking even on their investment or is “at the money.”
Now, here is the data shared by the analytics firm that shows how this investor breakdown looks like for PEPE at the moment:
As is visible above, 69% of the total addresses holding PEPE have their cost basis higher than the current spot price of the coin, while 27% are in losses. 4% of the investors are sitting on their cost basis right now.
This profitability ratio isn’t that high, as, for example, 89% of Bitcoin investors are currently in profit, according to IntoTheBlock data. The reason behind the lower profits for the memecoin is that its price has seen a steep drawdown recently.
Historically, the addresses in the green have been more likely to sell to harvest their gains. As such, when the market profit-loss balance is overwhelmingly towards profits, a mass selloff can occur.
Naturally, this means the chances of a top being hit increase with increasing investor profits. However, a low percentage of investors being in profits can be conducive to bottoms forming, as profit-selling exhausts at these levels.
At present, PEPE is neither dominated by green investors nor red ones. In bull runs, however, profitability levels generally remain higher, so any cooldown can help prices rebound.
Thus, the fact that investor profitability has returned to the 69% level for the memecoin could be a sign that a bottom is close if the bullish regime has to continue.
PEPE Price
PEPE has returned to the .0000050913 mark after having declined more than 26% over the last seven days. The chart below shows the memecoin’s performance over the past month.
Bitcoin Investors In The Red: Losses Trump Profits As Ratio Dips Below 1
Investors are bracing themselves for a rollercoaster ride as Bitcoin, the flagship digital asset, navigates through choppy waters. Recent data from Glassnode has revealed a noteworthy development: the Realized Profit/Loss Ratio for Bitcoin has dipped below one.
This crucial metric, which compares the sell value of Bitcoin with the price at which it was bought, indicates that investors are currently realizing more losses than profits. Historically, such a dip has often heralded a potential bottoming out of Bitcoin’s price, serving as a vital signal for market watchers.
Sense Of Optimism Despite Bitcoin Price Decline
The past 24 hours have witnessed significant volatility in Bitcoin’s price trajectory. A sharp decline early in the day saw Bitcoin’s price plummet to approximately ,000, worrying many investors.
However, a remarkable recovery ensued, with the price steadily climbing and peaking at around ,000. This robust rebound has instilled a sense of optimism, with a prevailing bullish sentiment taking hold as the day progressed.
Institutional interest in Bitcoin continues to grow, with recent developments signaling potential shifts in capital inflows. The approval of a spot Bitcoin ETF by Hong Kong regulators has opened the floodgates for increased institutional engagement, particularly from Asia.
This move could inject fresh capital into Bitcoin markets, potentially fueling further price momentum. Furthermore, regional dynamics play a significant role in shaping investor sentiment and behavior. Varying investment trends across different regions highlight the diverse responses to prevailing market conditions.
While some regions may exhibit cautious sentiment amidst volatility and geopolitical uncertainties, others may embrace Bitcoin as a hedge against inflation and currency devaluation.
Critical Support Levels
Bitcoin analyst Willy Woo has pinpointed a critical support level at ,000. Breaching this threshold could signify a transition into a bearish market sentiment. Conversely, there’s anticipation among investors for potential short liquidations that could drive the price upwards, potentially reaching between ,000 and ,000, provided that current support levels hold steady.
These anticipated events hinge on market liquidity and investor reactions to the rapidly evolving price movements. As Bitcoin continues its consolidation phase near all-time highs, investors remain cautiously optimistic about its future prospects.
The upcoming halving event adds another layer of complexity to the already intricate market dynamics, with expectations of heightened volatility in the days ahead.
Analysts suggest that this period of lateral movement serves as a crucial stage for the redistribution of assets among investors, potentially laying the groundwork for a more sustainable recovery in the long run.
The cryptocurrency market, particularly Bitcoin, is navigating through a period of heightened uncertainty and volatility. The recent dip in the Realized Profit/Loss Ratio signals a potential turning point in Bitcoin’s price trajectory, while institutional interest and regional dynamics continue to shape market sentiment.
Featured image from Pexels, chart from TradingView
United States Dominates Global Crypto Market With Massive $9.3 Billion In Profits
In a recent report by market intelligence firm Chainalysis, it has been revealed that global crypto gains in 2023 amounted to a staggering .6 billion. This profit surge reflects improved asset prices and market sentiment compared to 2022.
Although this figure falls short of the 9.7 billion gains witnessed during the 2021 bull market, it signifies a significant recovery from the estimated losses of 7.1 billion experienced in 2022.
Sharp Surge In Crypto Gains
The report suggests that despite similar growth rates in crypto asset prices in 2021 and 2023, the total gains for the latter year were lower. According to Chainalysis, this discrepancy could potentially be attributed to investors’ decreased inclination to convert their crypto assets into cash.
The analysis further suggests that investors in 2023 seem to have anticipated further price increases, as crypto asset prices did not exceed previous all-time highs (ATHs) during the year, unlike in 2021.
Cryptocurrency gains remained relatively consistent throughout 2023, except for two consecutive months of losses in August and September, as seen in the image above. However, gains surged sharply thereafter, with November and December eclipsing all previous months.
United States Leads
Leading the pack in cryptocurrency gains was the United States, with an estimated .36 billion in profits in 2023. The United Kingdom secured the second position with an estimated .39 billion in crypto gains.
Notably, several upper and lower-middle-income countries, particularly in Asia, such as Vietnam, China, Indonesia, and India, achieved significant gains, each surpassing billion and ranking within the top six countries worldwide.
Chainalysis had previously observed strong cryptocurrency adoption in these income categories, particularly in “lower-middle-income” countries, which demonstrated resilience even during the recent bear market. The gains estimates indicate that investors in these countries have reaped substantial benefits from embracing the asset class.
Ultimately, the Chainalysis report suggests that the positive trends observed in 2023 have carried over into 2024, with prominent cryptocurrencies such as Bitcoin (BTC) hitting all-time highs of ,700 following the approval of Bitcoin exchange-traded funds (ETFs) and increased institutional adoption.
If these trends persist, the firm believes that it is conceivable that gains in 2024 will align more closely with those witnessed in 2021.
As of this writing, the total crypto market cap valuation stands at .5 trillion, a sharp drop of over 4% in the last 24 hours alone, and down from Thursday’s two-year high of .7 trillion. Bitcoin, on the other hand, is trading at ,400 after dropping as low as ,500 but has quickly regained its current trading price, limiting losses to 4% over the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
Crypto Riches: Altcoin Holders Swim In Profits, But There’s A Potential risk
So far, the average altcoin holders appear to have massive profits, as Santiment, a leading blockchain analytics firm, reported. According to the firm’s observations, many altcoin wallets have experienced substantial gains, with most crypto projects exhibiting bullish performances.
These realized gains began ever since the market turned bullish in mid-October 2023, according to Santiment, indicating that these massive profits accumulated on a “mid to long-term timescale.”
Potential Risk Observed
Despite these gains, Santiment has issued a cautionary note to investors, signaling “overbought” levels in the market. The blockchain analytics firm noted:
Outside of a few lagging altcoins, the vast majority of crypto projects have generated profits for the average wallet on a mid to long term timescale. This means that our model is indicating a fair bit of ‘overbought’ signals.
Though Santiment revealed that this does not necessarily imply an imminent market correction, historical data indicates a higher risk of opening new positions in such circumstances.
Notably, the firm’s analysis suggests that altcoins experiencing a 4+ month rally are particularly susceptible to heightened risk, as indicated by elevated MVRV levels.
Based on average trading returns, many assets have seen understandably high profits since markets began booming all the way back in mid-October, 2023. Outside of a few lagging #altcoins, the vast majority of #crypto projects have generated profits for the average
(Cont)
pic.twitter.com/ziKhzmcz1v
— Santiment (@santimentfeed) February 20, 2024
For context, the Market Value to Realized Value, also known as the MVRV metric, is a crucial tool for assessing risk in the crypto market. This metric compares the current market price of a cryptocurrency to the average price at which it was last transacted on the blockchain.
A high MVRV ratio indicates that a significant portion of the market is profitable, potentially signaling overvaluation and increased risk of a market correction.
Anticipating Altcoin Season
Meanwhile, amid discussions of altcoin performance, crypto analyst Dan Gambardello has put forth insights regarding the potential for a “blast off” altcoin season. Gambardello suggests that Cardano (ADA) and Ethereum (ETH) could spearhead such a season, provided that Bitcoin (BTC) dominance begins to decline.
Drawing from previous market cycles, Gambardello highlights the historical patterns where ADA and ETH have led the charge before other altcoins joined the upward trend.
ALTCOIN Season Signal Pending! CARDANO & ETHEREUM About To BLASTOFF!https://t.co/RvMYQgRAl1
— Dan Gambardello (@cryptorecruitr) February 20, 2024
Gambardello emphasizes the importance of monitoring Bitcoin’s dominance in assessing the likelihood of an altcoin season. While altcoins like ADA and ETH may exhibit promising signs, Bitcoin’s dominance remains a crucial factor influencing market dynamics.
Meanwhile, the altcoin market cap has marginally retraced from its recent peak above 0 billion, currently hovering slightly below this mark.
Featured image from Unplash, Chart from TradingView
Dai (DAI) investors buy Pushd (PUSHD) early to see summer profits while Bitcoin (BTC) hits $52k
Some crypto projects are not as volatile as other projects on the blockchain, they are called stablecoins, Dai (DAI) is one of such coins. Dai (DAI) is linked to the US dollar by 1:1. Investors use stable coins like Dai (DAI) to escape the level of uncertainty that comes with regular coins. Bitcoin (BTC) is the oldest cryptocurrency on the blockchain. Bitcoin (BTC) paved the way for other cryptocurrency projects. We do not know the identity of the creator(s) of Bitcoin (BTC), they use the moniker, Satoshi Nakamoto.
Pushd (PUSHD) is the new project on the scene that has investors talking, they all want to get a piece of the action. Pushd (PUSHD) has now gone through four presale stages and is currently on its fifth. In these stages, Pushd (PUSHD) has been able to get over 25,0000 sign-ups.
Dai (DAI) and the end of stablecoins
The argument for stablecoins like Dai (DAI) is that even though it records red lines, it will not stray too far even if a stablecoin goes below the line by 0.05% it is still a cause for concern. Dai (DAI) has spent more than half of last week below the line. Dai (DAI) holders are worried because Dai (DAI) is not as stable as they would like and they would rather just make profits with projects with great predictions like Pushd (PUSHD).
Bitcoin (BTC) is still in good shape
Being the first decentralized cryptocurrency project, Bitcoin (BTC) has already made its mark in history. Bitcoin (BTC) holders are satisfied with their investments as Bitcoin (BTC) keeps climbing in the charts. In the last year, Bitcoin (BTC) has grown by 109% but experts believe that Pushd (PUSHD) will be a better investment for 2024.
Pushd (PUSHD) has the market singing its praise
The news of Pushd (PUSHD) has spread all over the decentralized market but what is this new project that even experts are excited about? Pushd (PUSHD) is going to be the first decentralized project that allows people to buy and sell items online. Pushd (PUSHD) will usher in the world to the era of decentralized online marketplaces. Pushd (PUSHD) will change the way the world looks at online shopping and the decentralized economy.
Experts predict that there will be many more people joining the Web3 world because they want to shop on Pushd (PUSHD). Why would they come to shop in Pushd (PUSHD)? Because Pushd (PUSHD) has so many benefits that traditional marketplaces will not be able to keep up. For example, Pushd (PUSHD) will enjoy the lowest transaction fees possible, this is because, unlike traditional marketplaces, Pushd (PUSHD) has no middleman between buyer and seller. Users will also enjoy faster transactions and a safer shopping environment.
Pushd (PUSHD) has even more benefits that have investors buying into its fifth presale stage at .094. Find out more about the Pushd (PUSHD) presale by visiting the website here.
Find out more about the PUSHD presale by visiting the website here