Losses attributed to crypto crimes involving the use of deepfakes are projected to surpass billion in 2024. According to the latest Bitget research study, these losses are expected to continue rising if no regulatory intervention is introduced to curb this type of fraud. Educating users and implementing comprehensive legal and cybersecurity frameworks globally are […]
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Solana Projected To Reach $500 This Year Despite Market Meltdown, Expert Predicts
Solana (SOL), currently ranked as the fifth largest cryptocurrency with a market capitalization of billion, has experienced a significant decline amid the recent market meltdown affecting the digital asset space.
Over the past 24 hours, SOL has witnessed an 8% drop, reflecting the broader market downturn. Despite this setback, experts believe that if the cryptocurrency maintains support above the 0 price level, it holds notable potential for a strong price recovery in the coming months.
Bullish Price Outlook And Key Support Levels To Watch
After reaching a yearly high of 9 on March 18, SOL’s current trading price is 4. However, according to crypto market experts, SOL still has a promising outlook.
Altcoin Sherpa, a renowned analyst, suggests that if the altcoin market continues to decline, the 0 price level may become an area of significant interest for SOL.
Altcoin Sherpa maintains a bullish sentiment, strongly believing that SOL can potentially exceed 0 this year. Such a surge would represent a significant 300% price increase from current levels, building upon the impressive 426% year-to-date price growth.
It is worth noting that this projection is nearly double SOL’s previous all-time high (ATH) of 9, reached during the last crypto market bull run in November 2021.
In addition to the analyst’s focus on the 0 price mark, other major resistance levels for SOL have been identified. These include 0, 2, and the critical long-term support level at , representing SOL’s uptrend structure over the past six months.
Solana Dominates Blockchain Trading Volume
According to a recent CoinGecko report, Solana has secured its position as the second-largest blockchain by trading volume, commanding a substantial 21.3% market share in March 2024.
The blockchain platform experienced a notable monthly growth of 244.8%, with trading volume surging to .05 billion, a significant increase from .61 billion in February.
Solana’s performance in the first quarter of 2024 was equally significant. It accounted for 14.4% of all decentralized exchange (DEX) trading volume, totaling .31 billion.
This represents a quarter-on-quarter (QoQ) growth of 242.7% compared to the previous quarter’s volume of .18 billion. Despite strong growth, Solana’s market share in the same quarter ranked fourth, trailing behind Binance Smart Chain (BSC).
According to CoinGecko, Solana’s trading volume has been greatly bolstered by several factors. Firstly, the doubling in the price of Solana’s native token, SOL, has attracted increased attention and trading activity on the platform.
Additionally, the network has witnessed large airdrops from projects such as Jito (JTO) and Jupiter (JUP), further fueling trading volume. Moreover, the surge in memecoins on the Solana network has significantly contributed to its trading volume.
Notably, the launch of Book of Memes (BOME) in March proved successful, as it achieved a market capitalization of billion within two days. BOME also secured listings on crypto exchanges like Binance and Bybit, further amplifying trading activity on Solana.
Featured image from Shutterstock, chart from TradingView.com
Cogwise (COGW) Projected to Reach Top 30 Tokens on CoinMarketCap in 2024
The world of cryptocurrency has seen a surge in popularity over the past few years, with many investors turning to digital currencies as a way to diversify their portfolios. However, with the increasing number of cryptocurrencies on the market, it can be difficult to make informed investment decisions. This is where AI technology comes in.
Introducing the latest project to join the world of cryptocurrency, Cogwise. The project aims to revolutionize the crypto industry by using AI technology to provide investors with real-time data and insights to help them make informed investment decisions.
Why is Cogwise (COGW) Projected to Reach Top 30 Tokens on CoinMarketCap?
Cogwise (COGW) is a relatively new player in the cryptocurrency space, but it has been making waves with its impressive performance in the presale stages. The native token of the Cogwise platform and ecosystem is COGW, which is used to access various features and services on the platform, including staking, yield farming, and governance. COGW token holders can also access exclusive benefits and rewards, such as early access to new features and products.
Cogwise has been gaining a lot of attention from investors due to its strong community and impressive gain potential. Experts have projected that Cogwise (COGW) will reach the top 30 tokens by 2024, which would be a remarkable achievement for the relatively new project.
As of writing, Cogwise is in the midst of its Presale, raising over million. The funds accumulated through the presale will be channeled into further enhancing Cogwise’s AI technology, propelling its growth and influence in the market.
Participate through their website cogwise.io
In the meanwhile take a look at the whitepaper, which is outlining the comprehensive details of Cogwise’s approach, methodology, and the transformative impact they aim to achieve.
Unlocking the Potential
Cogwise isn’t just another AI model—it’s a game-changer for individuals, developers, and businesses deeply rooted in the blockchain sector. It offers an array of unique features that empower users, for example:
- no-code smart contract generator
- smart-contract auditor
- technical analysis tools
- wallet tracking capabilities
- real-time alerts
- news aggregator
Decoding the Magic Behind Cogwise
At the heart of Cogwise lies its impressive AI engine, the Cogwise Core. This intelligent core takes commands from prompts and returns comprehensive answers, assisting users with a vast array of tasks. Whether you’re delving into the depths of technical analysis, seeking insights on crypto trends, or exploring the intricacies of smart contracts, the Cogwise Core is your guiding light.
Real Time Trading
In the fast-paced world of trading, having access to accurate market data and being able to quickly analyze it can be the difference between making a profit and missing out on a potentially lucrative opportunity. That’s where cogwise AI that uses a market scanner to rank trading opportunities based on their relative volume, percental price change, momentum, and float comes in.
The automated system executes trades at exceptional speed, outpacing human traders and potentially increasing profits. Traders can backtest strategies using historical data, ensuring profitability and responsiveness to market shifts. This focused approach allows for efficient trading within the cryptocurrency market, saving time and resources while maximizing profitability.
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Bitcoin Miners Anticipate Relief: Upcoming Difficulty Reduction Projected After August’s Challenges
While Bitcoin experienced two difficulty adjustments upward last month, the next one, expected around September 6, 2023, is estimated to be a reduction. Currently, the network’s hashrate is about 367.58 exahash per second (EH/s), with an average of 380.90 EH/s over the past ten days.
After a Rocky Month, Bitcoin Miners Poised for Potential Difficulty Decrease
Bitcoin miners have faced challenges recently because the price of BTC dropped last month and the difficulty increased twice, totaling a 6.29% rise. The adjustment on Aug. 22 set the difficulty to a record 55.62 trillion. With five days remaining until the next adjustment, projections suggest miners might see a decrease in the upcoming period. Data from two independent sources indicates a potential decline of 4.42% to 4.9%.
Statistics from bitinfocharts.com show that since August 22, block times have been longer than the typical 10-minute average. During this period, the average block time briefly fell below the 10-minute mark on August 29. If block times slow and 2,016 blocks take more than the usual two weeks to mine, a difficulty reduction occurs to stabilize the situation. If 2,016 block rewards are found in less than the usual two weeks, the difficulty increases.
Metrics from August indicate that miners earned less than they did in July in terms of rewards and transaction fees. In July, miners collected 5.26 million from fees and new BTC block rewards. However, in August, Bitcoin miners amassed only 7.01 million from rewards and fees. Additionally, the current hash price stands at per day for every petahash per second (PH/s) produced, a low not observed since the end of the previous year.
While both price and difficulty have posed challenges to BTC miners in recent weeks, the hashrate has remained consistent and robust. This stability might be attributed to the significant introduction of new machines this year that offer greater terahash per second (TH/s) and improved energy efficiency measured in joules per terahash. While it costs per day for every petahash per second (PH/s) produced, the current TH/s hash rate stands at about .06046 a day. This is 6.20% lower than August’s peak of .06446 a day per TH/s.
What do you think about the challenges bitcoin miners faced in August? Do you expect a better September? Share your thoughts and opinions about this subject in the comments section below.
Russia Projected to Start Purchasing Chinese Yuan for Its Foreign Reserves as Soon as May
Russia will start to purchase Chinese yuan for its international reserves as soon as this month, according to reports from Russian economists. While analysts state that the purchases will be small and symbolic in the beginning, these will supposedly demonstrate a turnaround in the economy of the country.
Russia to Purchase Chinese Yuan for Reserves
Russia will start purchasing Chinese yuan for the first time since the invasion of Ukraine, according to reports from local economists. The move marks a departure from the sell-off that the Russian Federation began executing at the start of 2023, cutting its numbers since February.
The purchase of these funds in Chinese yuan will help the country to keep piling up on its reserves, which had been cut by the seizures of more than 0 billion in assets due to Western sanctions enacted as a consequence of the start of the Russia-Ukraine conflict. About these purchases, Bloomberg economist Alexander Isakov stated:
The volumes of FX purchases will be small initially, but highly symbolic as they will show that the country instead of eating through reserves is building them.
However, other economists believe that the yuan purchases will start in June, like Dmitry Polevoy, an economist at Locko-Invest in Moscow, who also stated the buys will be very small at the start. This is seen as positive by some analysts, as it is seen as a good signal for the stabilization of the Russian economy.
Natalia Milchakova, an analyst at Freedom Holding Corp., stated:
It will be important for the market that the state is starting to accumulate reserves again instead of spending them. This may even positively affect the ruble.
Building Sanction-Free Reserves
The report comes after the governor of the Bank of Russia, Elvira Nabiullina, announced on April 21 that the bank had focused on building a bank reserve comprised of non-sanctioned assets, but without specifying the nature of these assets. While the sanctions have affected some of its trading structure, Russia has survived and even thrived under these restrictions, managing to build a stash of billion in reserves held abroad, according to March reports.
This is, in part, thanks to the collaboration of allies like China and India, also members of the BRICS bloc, that have absorbed the oil production of Russia. There are also reports that suggest some of these countries are acting as proxies for Russian oil companies, buying large quantities of this sanctioned oil and ‘laundering‘ it — shipping it to countries that have cracked down on Russian oil imports.
What do you think about Russia purchasing Chinese yuan for its foreign asset reserve? Tell us in the comments section below.
Bitcoin Miners Brace for Another Projected Difficulty Increase as Hashrate Heats Up Amid Market Uncertainty
Despite a 9.95% increase last week and the all-time high difficulty, bitcoin’s hashrate has averaged around 305 exahash per second (EH/s) over the past 30 days. According to current data, the hashrate has been around 308 EH/s over the past 2,016 blocks. The next difficulty change, set to occur on March 10, is estimated to increase again, as block times have been faster than the 10-minute average, coming in at 8 minutes and 30 seconds to 9 minutes and 41 seconds per block.
Bitcoin’s Network Difficulty Projected to Rise; Hash Price Remains Above Hash Value
Bitcoin’s computational power has remained high despite a 9.95% difficulty increase on Feb. 24, 2023, at block height 778,176. Statistics show that on Sunday, March 5, the difficulty is estimated to increase by more than 3% during the next difficulty retarget on March 10. While the difficulty is a staggering 43.05 trillion hashes and the cost to mine is higher than the current spot value, the 300 EH/s range or higher has been the norm since the last retarget.
Currently, more than 60,000 blocks are left to mine until the next halving, and over the past 30 days, 4,557 blocks were mined, with Foundry USA discovering 1,514 of them. Foundry commands 34.44% of the global hashrate, or 113.45 EH/s over the past 24 hours. Out of the 151 blocks mined, Foundry discovered 52, and three-day statistics show the pool has acquired 163 blocks.
Thirty-day, three-day, and 24-hour statistics indicate that Antpool is the second-largest mining pool during those periods. Out of the 4,557 blocks mined since Feb. 5, 2023, Antpool discovered 815 blocks, accounting for 17.88% of the global hashrate in a month’s time. Foundry and Antpool were followed by F2Pool (14.99%), Binance Pool (11.24%), and Viabtc (8.03%).
Bitcoin miners have been dealing with lower BTC spot prices as the price has dropped more than 8% over the past two weeks. Miners were earning more fees (the cost to send transactions) from the Ordinal inscription trend as fees jumped to 3.5% of a block reward value on Feb. 16. Bitcoin network fees dropped to 1.5% of a block reward four days later.
Data shows that network fees equate to 2.1% of a block reward at the time of writing. Despite the challenges, many bitcoin mining pools have remained strong and contributed to an increase in the global hashrate. However, the higher cost of production compared to the current spot market price and the continual increase in difficulty may dissuade some mining operations from participating.
What do you think the future holds for bitcoin miners, given the expected increase in difficulty and the current market uncertainty? Share your thoughts about this subject in the comments section below.
Argentine Peso Loses Almost 12% Against the Greenback During January; Inflation Projected to Rise Sharply
The Argentine peso has fallen consistently against the U.S. dollar this month, losing almost 12% since Jan. 1. The behavior of the exchange rate for the informal “blue” dollar keeps bringing concerns about a possible escalade in inflation rates, that are predicted to reach almost 100% this year, similar to the rates registered in 2022.
Argentine Peso Keeps Falling
Argentina is currently submerged in a devaluation scenario that has the possibility of causing an escalation in prices this year. The value of the Argentine peso against the U.S. dollar has fallen by almost 12%, reaching a record-high rate of 386 pesos per dollar on Jan. 27 in its ‘blue‘ variation.
The exchange rate has been constantly rising since December, when it reached 356 pesos per dollar, breaking a record low for the peso at that time. The government has made movements to maintain its stability, injecting dollars to satisfy the demand of registered importers into the market and announcing a purchase operation of more than billion of its own external debt.
However, this seems to have achieved just the opposite, and now local analysts are worried about the balance of the country’s reserves after this disbursement, which would affect the capabilities of the central bank. María Castiglioni Cotter, head of an economic counseling firm, criticized the measure, stating that it has no sense while the country is facing a budget deficit.
Inflation and the Coming Crises
This continued fall in the value of the Argentine peso is already affecting the prices that citizens have to pay for goods and services, even when the government has applied a series of measures to limit the price rise of several products. Calculations made by private firms predict an inflation rate of more than 5% in January, a high number when compared with countries like Brazil, which is projected to register a rise of less than half a point.
Salvador Di Stefano, another local analyst, believes that the debt purchase operation might accentuate the problems the state is currently facing. Di Stefano stated that this might affect the amount of foreign currency available for imports, causing the economy to slow down even more.
According to him, the dollar will keep falling as the government tries to inject dollars to stop the depreciation of the peso, a similar strategy that president Macri used back in 2018. Also, public spending would accentuate this devaluation, as the government is expected to ramp it up due to the proximity of the elections. Private analysts expect Argentine inflation to reach over 95% this year.
What do you think about the Argentine peso devaluation and its effect on inflation rates? Tell us in the comments section below.
US Dollar Projected to Hit Cyclical Bottom in 2025—What Does It Mean for Bitcoin?
It is safe to assume that Bitcoin’s parabolic rally in 2020 has everything to do with the underperformance of its arch-nemesis, the US dollar.
The charts tell the entire story. In March 2020, a 60 percent crash in the Bitcoin market coincided with an 8.80 percent jump in the US dollar index, a barometer to measure the greenback’s strength against a set of foreign currencies.
But later, Bitcoin regained its bullish momentum as its price notched higher by more than 600 percent. Meanwhile, the US dollar fell by up to 12.87 percent from its mid-March high.
![us dollar, us dollar index, dxy, bitcoin](https://www.newsbtc.com/wp-content/uploads/2020/12/aThb6tqQ-860x509.png)
US dollar is at the beginning of a cyclical bear market. Source: DXY on TradingView.com
The prolonged US dollar bearish momentum began after the Federal Reserve launched an open-ended bond-buying program and slashed its benchmark lending rates to almost zero. Later, the US government launched a .3 trillion stimulus program to help millions of Americans through the COVID-19 pandemic-led economic slowdown.
For investors, the scenario was crisp and clear. An abundant supply of the US dollar into the economy removed its purchasing power altogether. Fearing that their cash-based portfolio would suffer, they started increasing their exposure to riskier assets. Bitcoin, which comes with a limited supply cap of 21 million and a predefined supply rate, benefited from the said fundamentals.
![Bitcoin, cryptocurrency, BTCUSD, BTCUSDT](https://www.newsbtc.com/wp-content/uploads/2020/12/jnj6tJgh-860x509.png)
Bitcoin is trading near its record high. Source: BTCUSD on TradingView.com
Entering 2021, the US economy is still facing the same set of fundamentals. The country’s coronavirus infection rates have soared higher and have prompted governments to impose fresh lockdowns. Meanwhile, the jobless rate continues to stay higher. As a result, the White House has passed another stimulus package, this time of a dwarfed 0 billion.
Bitcoin, around the same time, has reached a new record high above ,300.
The Cyclical Scenario
Analyst at crypto-focused investment advisory firm TradingShot noted that the US dollar would continue its decline until 2025.
His bearish analogy borrowed cues from the greenback’s cyclical trends. Since the early 1970s, the US dollar index has witnessed three repetitive trends. Each cycle lasts for almost 5,700 days and prints about 190 monthly candles. Meanwhile, almost all of them have roughly the same cyclical bottom at near 78.
![US Dollar, US Dollar Index, DXY](https://www.newsbtc.com/wp-content/uploads/2020/12/Screenshot-2020-12-28-at-20.32.05-860x374.png)
US Dollar index cycles. Source: DXY on TradingView.com
“As a result, while the next top for the DXY (which I have to add at this point that the sequence is Lower Highs) maybe around 2032/33, the next Bottom (based on the waves) should be around 2025,” the TradingShot analyst explained.
“That means that we are still a long way from seeing the cyclical bottom and the best course of action is to sell every rally,” he added.
Bitcoin Rally Until 2025?
Ronnie Moas, the founder of Standpoint Research — an investment management firm, noted that Bitcoin is on its way to hit 0,000 by 2022 should more institutions started using it as a hedge against their fears of dollar devaluation.
The macro analyst, who correctly predicted a ,000 Bitcoin price target in late October, stated that the cryptocurrency would mousetrap a good portion of gold’s market capitalization in the future. Investors also treat the precious metal as a hedge against inflation, which makes it a direct rival to Bitcoin.
July 3, 2017 I recommended #bitcoin > the price was ,570 > we hit ,700 today > 10X | 99% of the World is Not in this yet & #gold market valuation remains high @ 20X $BTC valuation > #BTC should go to ,000-2,000 in 2021-2022, but it will be a volatile ride > #turbulence
— Ronnie Moas | Nomad | Stocks | BTC | Charity (@RonnieMoas) December 26, 2020
All and all, a 20 points drop in the US dollar index would push more firms and investors towards gold and bitcoin as safe-haven alternatives. By 2025, the cryptocurrency should be trading above 0,000, as per Mr. Moas’s prediction.
Analyst: Bitcoin Trajectory Ahead of Schedule, Peak Projected At $325K
Bitcoin price recently set a new high for 2020 but has since pulled back to just under ,000. However, the cryptocurrency is slightly “ahead of schedule,” according to a top crypto expert and former Google engineer.
Because the asset is further beyond in its cycle “trajectory,” it could mean that there’s still more downside to go before the bull run picks up in steam. In the end, however, it doesn’t matter, as the same projection brings the cryptocurrency to a peak of over 5,000 in under two years.
Bitcoin May Be Overly Bullish, Trajectory To Next Peak Is Tracing Ahead Of Schedule
Bitcoin at this point has likely bottomed. If the initial plunge to ,200 wasn’t enough, buyers wouldn’t let the cryptocurrency set a lower low even on Black Thursday amid the pandemic-induced panic.
Since then the asset has been on a strong uptrend, recovering fully from those lows and then some. The cryptocurrency’s block reward halving has also now past – a bullish event due to its enormous impact on the already scarce supply.
Related Reading | Bitcoin Is Bullish, But A Breakout Won’t Arrive Until 2021: Here’s Why
Experts like former Google engineer Vijay Boyapati and several top industry analysts believe the asset follows a four-year cycle driven by this important event. The hype surrounding the halving helped the crypto asset reclaim ,000, then spent several months consolidating below resistance.
The break of resistance at ,000 caused a FOMO rally to above ,000 based on momentum alone. This move higher pushed Bitcoin price just slightly ahead of schedule, compared the last four-year cycle, says Boyapati.
Same Cycle Projection Predicts Next Cycle Peak At 5K By October 2021
According to the crypto expert, if the cryptocurrency was following the last cycle exactly, the price per BTC should be trading around roughly ,800. Currently, BTCUSD is trading roughly 00 higher following a pullback that began after setting a local high at ,400.
The same data calls for Bitcoin price to set a new all-time high somewhere right around Christmas Day – a gift to crypto investors that have weathered the long crypto winter and bear market.
BTCUSD Long-Term Trajectory | Source: TradingView
If Bitcoin continues to follow this path, and it has thus far, the next peak would arrive sometime around October 19, 2021. The target? 5,000.
Related Reading | Why This Weekly Close In Bitcoin Is Critical For Bullish Continuation
Such a lofty target and rise from ,000 to over 0,000 sounds unrealistic. However, at that value, the cryptocurrency’s market cap would be just over half of gold’s. Adding a Schiff Pitchfork to the same price trajectory also appears to perfectly mark the projected top.
BTCUSD Long-Term Trajectory and Schiff Pitchfork Tool | Source: TradingView
The same four quadrants of the tool have also acted as support and resistance for different phases of the last two market cycles, suggesting that there is at least some probability that this keeps pace.
If the peak actually is close to mid-October as this trajectory predicts, the four-year cycle will theory will be proven, and the entire world will know to buy the next dip.
Brutal Drop In Altcoins Anticipated as Bitcoin Dominance Projected to Surge
A brutal drop in altcoins may be coming if the bottom of a two-year-long bullish channel holds in Bitcoin dominance.
If it breaks down, however, altcoin season may finally be here.
Why Bitcoin Dominance Matters In The Cryptocurrency Market
Bitcoin was the first-ever cryptocurrency, designed by Satoshi Nakamoto. In its likeness, all other cryptocurrencies were then created, sparking an entire category of thousands of altcoins.
Over time, more new and useful use cases developed, and tokens were designed with goals that differ greatly from Bitcoin’s.
The crypto market has since grown from just a new form of encrypted, digital payments to its own sector of the tech industry.
Related Reading | BTC Dominance Bear Flag Nears Breakdown, But 58% Level Remains Barrier To Altcoin Season
But the relationship between Bitcoin and altcoins remains something crypto analyst watch closely. A metric weighing Bitcoin against all other altcoins in the space is an especially helpful tool. This metric is called BTC dominance.
It can be used to predict any strong deviations between Bitcoin and altcoin performance. One of those deviations may soon be coming, and it is one where altcoins could suffer severely.
BTC.D Monthly | Source: TradingView
BTC.D Long-Term Bull Channel Targets 88% Dominance and Total Altcoin Destruction
According to a long-term bullish channel that’s now formed on BTC dominance across two years, altcoins may be in trouble.
If the bottom of the pitchfork channel holds, BTC.D would likely target one of the upper quadrants outlined by the tool.
The move up would match the last major movement in BTC.D, following a similar downtrend breakout at a similar angle.
The rise in Bitcoin dominance would send the metric to as high as an 88% share of the total crypto market. It would also leave altcoins dropping to the lowest levels the bear market has to offer.
The decline would nearly erase all progress in altcoin growth over the last few years. It would be almost as if the crypto bubble never formed at all.
Related Reading | Altcoins Pumping on Cryptocurrency Exchange Listing Brings Back Memories Of Bull Market
Unlike Bitcoin that’s been becoming more recognized by institutions as a potential hedge against inflation, altcoins continue to get a bad reputation.
But the bad rap is mostly due to the ongoing decline in these assets. If BTC dominance breaks down from the channel, altcoins season would happen instead.
Regardless of what Bitcoin did, altcoins would overperform the number one cryptocurrency according to the metric.
Breaking down could potentially result in a fall to former support, resting at roughly 53%. 58% has long been considered a barrier to altcoin season.
If and when that level is broken, major altcoins such as Ethereum, Ripple, Litecoin, and more should finally catch up with Bitcoin.