This week, the Dydx Foundation revealed it has secured a million allocation from the Dydx Chain Community Treasury. This financial infusion is designated to extend the foundation’s operational capacity by an additional three years, facilitating the execution of the project’s strategic roadmap. Community Treasury Allocates Million to Dydx Foundation for Enhanced Ecosystem Innovation […]
Bitcoin News
XRP Burn Hits Major Milestone, Can The Burns Propel Price To $1?
The total number of XRP tokens burned just recently hit a major milestone. This has raised questions as to how much impact these burns can have on the value of the XRP tokens in circulation. Interestingly, Ripple’s CTO David Schwartz recently made some comments in this regard as he weighed in on whether or not XRP burns could affect the token’s value.
12 Million XRP Now Wiped Out Of Circulation
Data from the XRP Scan shows that just over 12 million XRP tokens have now been burned and wiped out from circulation. This figure represents just 0.012% of XRP’s total available supply, which now stands at over 99.9 billion. Considering the magnitude of tokens still available, it is hard to imagine that the tokens burned so far can have so much impact on the token’s price.
It is also worth mentioning that the 12 million XRP burned so far is a cumulative total of all the tokens that have been wiped out from circulation since they were premined. As such, these tokens have been burned at separate times and not necessarily on a large scale. With this in mind, that could explain why the XRP community is calling for burns of Ripple’s XRP holdings.
Ripple currently has over 40 billion XRP in escrow. Burning a significant portion of these tokens could have more effect on the token’s price than the 12 million burned so far. However, Ripple’s CTO David Schwartz doesn’t believe that this would yield “any real benefits.” He also alluded to how Stellar burning 55 billion XLM tokens in 2019 didn’t have much impact on the token’s price.
Ripple’s XRP Holdings Might Not Be The Problem
Talks about Ripple burning or at least disposing of a significant portion of their XRP holdings continue to spring up in the XRP community. This is because of accusations that the crypto firm is responsible for XRP’s stagnant price based on the belief that they continue to dump their tokens on the market.
These allegations, however, seem unfounded, considering that it has been reported that Ripple’s XRP sales do not have an impact on the token’s price on crypto exchanges. If anything, the crypto firm somehow provides stability to the ecosystem as they are known to perform buybacks at different periods.
Ripple burning their escrowed tokens is also not an easy task, as Ripple’s CTO seemed to suggest in his latest remarks. It has been said in the past that Ripple will likely need the approval of validators to carry out these burns.
A former Ripple Director had previously mentioned that Ripple could simply disable the master key on the destination account that receives these escrowed funds. However, there are no assurances that this could achieve the same purpose as the tokens being wiped out from circulation.
Ethereum Bulls May Propel Price To $3,100, Analyst Suggests
Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past month. The recent bullish rush in the crypto market, coupled with BlackRock’s involvement, has pushed ETH to its year-to-date high of ,139.
Ethereum Outshines Bitcoin And Altcoins
According to market data provider Kaiko, ETH has outperformed BTC and many altcoins in recent weeks, signaling a shift in market dynamics.
Kaiko’s report highlights how ETH struggled to gain momentum over the past year, despite successful upgrades such as The Merge in April.
However, the sentiment around ETH changed dramatically when BlackRock filed for a spot ETH exchange-traded fund (ETF), leading to a reversal in the ETH to Bitcoin (BTC) ratio.
The impact on the market was substantial, with ETH prices surging above ,000 for the first time since April. Additionally, daily spot trade volumes reached billion, the highest level since the collapse of FTX.
The ETH ETF narrative provided further impetus to the ongoing rally, amplified by improved global risk sentiment and declining US Treasury yields.
The dominance of altcoin + ETH volume relative to BTC has risen to 60%, marking its highest level in over a year. During bull rallies, altcoin volume typically increases relative to BTC.
This surge in demand has also led to rising leverage, as reflected in the recovery of ETH open interest to early August levels. Notably, BTC open interest has declined over the past month due to liquidations on Binance, resulting in the Chicago Mercantile Exchange (CME) outpacing Binance as the largest BTC futures market.
Furthermore, ETH funding rates, a gauge of sentiment and bullish demand, have reached their highest levels in over a year, indicating a significant shift in sentiment. In November, both BTC and ETH 30-day volatility rose to 40% and 50% respectively, following a multi-year low of around 15% during the summer months.
Crypto Expert Predicts ETH Breakout
Renowned crypto expert Michael Van de Poppe believes that ETH is on the cusp of a significant breakthrough. According to Van de Poppe, if Ethereum manages to surpass the crucial ,150 resistance level, it could signify the end of the bear market.
Drawing a parallel with Bitcoin’s critical ,000 barrier, Van de Poppe suggests that breaching this level could pave the way for a substantial rally, potentially propelling Ethereum towards the price range of ,100 to ,600.
However, Ethereum has yet to touch the ,150 resistance line, as it faces a pre-existing obstacle in the form of its yearly high of ,139. This pivotal level has halted the cryptocurrency’s bullish momentum, acting as a formidable resistance.
As a result, Ethereum has been consolidating within a narrow range between ,050 and ,100 for the past three days.
The forthcoming days will reveal whether Ethereum can overcome its immediate resistance levels and establish a consolidated position above them. Alternatively, it may face a fate similar to Bitcoin, which failed to surpass the ,000 level for over seven months before reaching its current trading price of ,000.
Featured image from Shutterstock, chart from TradingView.com
XRP Battle With Resistance: Could A Crucial Update Propel The Altcoin Forward?
XRP finds itself at a critical juncture as it grapples with a formidable resistance level at .54. The recent surge in XRP’s price has propelled it into this crucial resistance range, where it has made three unsuccessful attempts to breach in the past seven days. This repeated testing of the .54 mark underscores its significance as a formidable barrier for XRP.
Despite these challenges, a price analysis suggests that XRP retains the potential to attract strong demand if certain conditions align in its favor. Over the last three weeks, there has been noticeable accumulation of XRP, indicating growing interest from investors.
This accumulation coincided with a previous rally that was sparked by a demand surge following a legal victory for Ripple. However, it remains to be seen whether XRP can find the catalyst it needs to break through its current resistance zone.
Ripple’s Singapore License Sparks Hope For XRP
Ripple, the company behind XRP, recently made a significant announcement. Its Singapore subsidiary, Ripple Markets APAC Pte Ltd, has successfully secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). With this coveted license in hand, Ripple is now authorized to offer regulated digital payment token services in Singapore.
This development is noteworthy as more than 90% of Ripple’s business is conducted outside of the United States, with the Asia Pacific region experiencing rapid growth in demand for its crypto-enabled payment solutions. Ripple has made it clear that it intends to prioritize the Asia Pacific region for the adoption of its offerings.
However, despite these positive developments and promising signs of accumulation, XRP’s price has struggled to break free from its current resistance line. At the time of writing, XRP is trading at .530038, reflecting a 0.9% decline over the past 24 hours. On a more positive note, it has recorded a 6.0% rise over the past week.
While the cryptocurrency has managed to surpass the .52 resistance level and is currently trading above the 50-day Exponential Moving Average (EMA), caution is warranted.
Analyzing XRP’s Current Price And Outlook
Market conditions can shift rapidly, and XRP’s future performance hinges on various factors. Traders and investors should closely monitor trading volumes and other technical indicators to gain insight into whether XRP can ultimately overcome the stubborn resistance at .54.
Despite recent developments, including Ripple’s licensing success in Singapore, the cryptocurrency has yet to secure a decisive breakout. As the crypto market continues to evolve, XRP enthusiasts and investors eagerly await the catalyst that could propel it beyond this critical resistance point.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from iStock
DOT Price (Polkadot) Hints At Potential Recovery, Here’s What Could Propel It To $4.8
Polkadot’s DOT is recovering higher from the .92 support against the US Dollar. The price could gain pace if it clears the .20 and .35 resistance levels.
- DOT is slowly moving higher above the .05 resistance zone against the US Dollar.
- The price is trading just above the .15 zone and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near .175 on the 4-hour chart of the DOT/USD pair (data source from Kraken).
- The pair could gain bullish momentum if there is a close above .20 and .35.
Polkadot’s DOT Price Faces Uphill Task
After a sharp decline, DOT price found support near the .90 zone. A low is formed near .91 and the price is now attempting a fresh increase, like Bitcoin and Ethereum.
There was a break above the .00 and .05 resistance levels. The price surpassed the 23.6% Fib retracement level of the downward move from the .80 swing high to the .91 low. DOT is now trading just above the .15 zone and the 100 simple moving average (4 hours).
Immediate resistance is near the .20 level. There is also a key bearish trend line forming with resistance near .175 on the 4-hour chart of the DOT/USD pair.
Source: DOTUSD on TradingView.com
The next major resistance is near .35. It is near the 50% Fib retracement level of the downward move from the .80 swing high to the .91 low. A successful break above .35 could start a strong rally. In the stated case, the price could easily rally toward .80 in the coming days. The next major resistance is seen near the .0 zone.
Another Decline?
If DOT price fails to continue higher above .20 or .35, it could start another decline. The first key support is near the .05 level.
The next major support is near the .90 level and the last low, below which the price might decline to .75. Any more losses may perhaps open the doors for a move toward the .50 support zone.
Technical Indicators
4-Hours MACD – The MACD for DOT/USD is now gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now above the 50 level.
Major Support Levels – .05, .90 and .75.
Major Resistance Levels – .20, .35, and .80.
Bitcoin Price Sees Technical Correction, Here’s What Could Propel It Back To $28K
Bitcoin price climbed higher and tested the ,500 resistance. BTC is correcting gains, but it could start another increase unless there is a move below ,500.
- Bitcoin is holding gains above the ,500 support level.
- The price is trading above ,550 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near ,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the ,500 support zone.
Bitcoin Price Eyes Another Increase
Bitcoin price remained in a positive zone above the ,200 resistance zone. BTC started a fresh increase and cleared the ,500 resistance zone.
There was a strong push above the ,000 level before the bears appeared near ,500. A high was formed near ,468 and the price recently corrected gains. There was a drop below the ,000 level. The price declined below the 50% Fib retracement level of the upward move from the ,412 swing low to the ,468 high.
Bitcoin is now trading above ,550 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near ,600 on the hourly chart of the BTC/USD pair.
The price is now holding the 76.4% Fib retracement level of the upward move from the ,412 swing low to the ,468 high. It is consolidating gains and might eye a fresh increase. Immediate resistance on the upside is near the ,950 level.
The first major resistance is near the ,500 zone, above which the price could gain pace. The next key resistance could be near the ,200 level. A clear move above the ,200 resistance could send the price toward the ,000 resistance.
Source: BTCUSD on TradingView.com
The next major resistance is near ,500, above which the bulls could gain strength. In the stated case, the price could test the ,000 level.
More Downsides In BTC?
If Bitcoin fails to start a fresh increase above the ,950 resistance, it could continue to move lower. Immediate support on the downside is near the ,600 level and the trend line.
The next major support is near the ,500 level. A downside break and close below the ,500 level might send the price toward the next support at ,000.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – ,600, followed by ,500.
Major Resistance Levels – ,950, ,200, and ,500.
VISA’s Stablecoin Payments On Solana Propel SOL To 5% Gain, Bulls Eye Price Breakout
Payment giant VISA has significantly moved in the digital currency space by expanding its stablecoin settlement services to the Solana (SOL) blockchain.
According to recent announcements, the company aims to enhance the capabilities of traditional payment systems through this pilot program, which is currently in the testing phase.
This initiative is expected to improve cross-border settlement speeds and offer a modern option for clients to send and receive funds through Visa’s treasury.
In collaboration with merchant acquirers Worldpay and Nuvei, this expansion reinforces Visa’s commitment to staying at the forefront of digital currency and blockchain innovation, according to VISA’s head of Crypto, Cuy Sheffield.
VISA Expands Stablecoin Settlement Services To Solana
Solana, a blockchain platform known for its scalability, has been chosen by VISA to extend its stablecoin settlement capabilities. With Solana’s existing support for Ethereum (ETH), VISA is leveraging the strengths of both platforms to facilitate efficient and secure transactions.
Per the announcements, VISA aims to enhance cross-border settlement efficiency by leveraging stablecoins such as USDC (USD Coin) and utilizing the global blockchain networks of Solana and Ethereum.
This integration allows users to benefit from the advantages of Solana’s blockchain, such as fast transaction speeds and low fees.
Furthermore, integrating VISA’s stablecoin settlement services with Solana provides increased utility and credibility to the platform and its native cryptocurrency, contributing to the SOL value surge.
Overall, VISA’s decision to expand its stablecoin settlement services to the Solana blockchain signifies the company’s recognition of the potential offered by blockchain technology and digital currencies.
VISA’s selection of Solana as a partner underscores its reputation as a scalable and efficient blockchain platform. The positive market response, as evidenced by the surge in SOL’s price, highlights the growing confidence in the potential of both Solana and stablecoin solutions.
As VISA continues to explore and embrace digital currency innovations, it reinforces the ongoing transformation of the global financial landscape.
Bullish Momentum For SOL
The recent announcement of VISA’s expansion into the Solana blockchain has notably impacted the price of SOL, Solana’s native cryptocurrency.
Since the news broke, SOL has surged by 5.2% in the past 24 hours, currently trading at .46. This surge reflects the market’s positive response to VISA embracing Solana’s capabilities.
In the immediate term, bullish investors will face a key resistance level of .82, which was lost on August 30 after a consolidation period of 15 days following a sharp decline influenced by the overall market trend.
Should bulls successfully overcome this resistance level, the next hurdle to watch out for would be the 50-day Moving Average (MA) at the .89 level. This moving average could act as a further resistance level for the token.
On the downside, if any of these possibilities don’t play out, SOL bulls will need to defend the .15 level and strive to consolidate above this crucial point.
Conversely, Solana’s circulating market capitalization currently stands at .25 billion. However, over the past 30 days, it has declined 12.47%.
Featured image from iStock, chart from TradingView.com
Analysis Suggests Bitcoin’s 2024 Halving Could Propel Price to $400,000
The highly anticipated 2024 bitcoin halving could spark a meteoric price rise, potentially driving its value to a staggering 0,000, suggests an analysis by Blockware Solutions. The forecasted supply trim in 2024 might ignite an explosive demand for bitcoin. The report highlights how a dynamic duo — a dip in sell-off pressures and a burgeoning buying spree — might set the stage for bitcoin’s most monumental cycle price surge ever.
Blockware Solutions: ‘0K per Bitcoin Is a Reasonable Expectation Due to the B Halving Supply Shock’
Blockware Solutions’ latest report posits that post the impending halving, bitcoin’s price might catapult, marking an astounding 1,250% increase from current levels. Delving into historical data, the report emphasizes that bitcoin halvings have consistently spurred bullish tides for its price. The impending dip in mining rewards, coupled with a dwindling supply on exchanges, might set the stage for an unprecedented price surge, even outpacing prior halving cycles.
In terms of sheer numbers, Blockware predicts the halving will carve out over billion in annual sales from miners. If bitcoin hovers around the ,000 mark pre-halving, a subsequent 12-fold leap could translate to a price tag of 0,000 per bitcoin. The potentiality of matching gold’s whopping trillion market cap is also highlighted.
“Assuming a price of ,000 at the date of the halving, a 0,000 cycle top would break the trend of diminishing returns; a reasonable expectation due to the B halving supply shock and increasing scarcity of liquid BTC supply on exchanges,” the research elaborates. Bitcoin’s unequivocal issuance timeline implies that demand fluctuations aren’t offset by supply responses, indicating post-halving demand surges might be colossal.
The report also underlines that post-halving, miner retreats will likely shift a more significant chunk of bitcoin supply to long-term enthusiasts, bolstering profitability for adept miners, thereby trimming sell-off pressures. While the forecasted effects of the 2024 halving echo those of its predecessors, this round might have a more bullish undertone, amplified by dwindling exchange reserves and investors’ early moves.
“There will be less BTC available than previous cycles, the first halving this has ever occurred,” the report comments on the receding exchange stockpiles.
Bitcoin’s unique traits — its fixed supply, decentralization, and unwavering transparency — are pinpointed as the driving forces behind its soaring adoption and price trajectory. The guaranteed reduction in miner sales post-2024 halving further solidifies bitcoin’s bullish narrative. “Despite the block subsidy halvings, mining will likely continue to be the best way to accumulate large amounts of BTC in the future,” conclude the researchers at Blockware Solutions.
What do you think about the analysis Blockware Solutions published? Do you think bitcoin can reach 0K after the 2024 halving? Share your thoughts and opinions about this subject in the comments section below.
SEC Approval Could Propel Bitcoin To New Heights: Analyst Forecasts $150,000 Clearing Price
In a recent interview, Tom Lee, CNBC’s head of research, shared his insights on the potential impact of a Spot Bitcoin exchange-traded fund (ETF) approval by the Securities and Exchange Commission (SEC) on the price of the largest cryptocurrency in the market.
Lee expressed optimism that introducing a Bitcoin ETF could propel the digital asset to price levels of 0,000 or even 0,000, representing a significant surge from current levels.
Optimistic View On BTC
Lee’s bullish stance on the potential for a Bitcoin ETF to drive price appreciation reflects the growing anticipation within the cryptocurrency community, as an ETF would provide traditional investors with a regulated and easily accessible vehicle for gaining exposure to Bitcoin, potentially attracting substantial capital inflows into the market.
According to Lee, if the SEC were to approve a Spot Bitcoin ETF, it could unlock a new wave of investor interest and significantly boost the price of Bitcoin.
He estimated that this approval could drive the cryptocurrency to 0,000 or even 0,000, representing a substantial appreciation from its current levels.
The endorsement of a regulated ETF would likely instill confidence among institutional investors who have hesitated to enter the cryptocurrency market due to concerns about custody and regulatory oversight.
However, Lee also acknowledged the influence of the upcoming Bitcoin halving event on the price trajectory. Bitcoin’s protocol is designed to undergo halvings approximately every four years, reducing the block reward miners receive by half.
Considering the impact of the halving, Lee tempered expectations of Bitcoin reaching six-figure prices in the immediate aftermath. While he expressed confidence in the long-term potential of the digital asset, he suggested that the effects of the halving might delay the realization of such high valuations.
Bitcoin Holds Critical Zone Amidst Intensifying Bull-Bear Battle
While continuing to experience a consolidation phase and decide which side will crack first, Bitcoin has found itself in a critical zone, prompting both bullish and bearish sentiments among market participants.
Keith Alan, co-founder of the analysis firm Material Indicators, has highlighted vital indicators and technical levels that are currently shaping the market’s direction.
While the bears actively seek to test support and potentially trigger a macro bear market, the bulls have maintained the trading range thus far, keeping the macro bull market prospects alive.
The significance of maintaining the range cannot be understated. According to Alan’s analysis, key Moving Averages and the green resistance/support (R/S) Flip Zone have demarcated critical levels that Bitcoin must hold.
As BTC’s price approaches the lower end of the range, below ,000, Alan closely observes the technical support at the 21-Week Moving Average, as a breach of this level could have far-reaching implications for the overall market sentiment.
According to Keith, a break below the range and the subsequent formation of a Lower Low (LL) in price action would signal the onset of a macro bear market. This would imply a prolonged period of downward price pressure and a potential shift in the broader market trend.
Conversely, a successful defense of the range, coupled with a clearance of the 100-Week Moving Average and the formation of a Higher High (HH), would indicate the potential for a macro bull market characterized by sustained upward momentum.
Despite the bearish signs of “price erosion” and diminishing liquidity, the bulls can still find solace in the fact that they are currently holding the range. This suggests that the market is yet to tip in favor of the bears decisively.
However, the bears remain determined to test this support, making it a crucial juncture for determining the near to mid-term trend of Bitcoin.
Featured image from iStock, chart from TradingView.com
XRP Price: Breaking This Key Resistance Could Propel Crypto To $21 By 2025 – Analyst
XRP is capturing the attention of traders and investors as it approaches a critical juncture on the price charts. Crypto analyst CoinsKid has highlighted the potential for a significant price surge if XRP manages to overcome a crucial technical barrier.
The concept at play here is the so-called Fibonacci retracement level, a powerful tool used by traders to identify potential price reversals and continuations in financial markets.
In the context of cryptocurrency trading, these levels are drawn on a price chart to highlight potential support and resistance levels. They are calculated based on percentages derived from the Fibonacci sequence, with the 78.6% retracement level considered a significant threshold.
If a cryptocurrency like XRP manages to breach this level, it often signals a substantial shift in market sentiment.
CoinsKid Predicts XRP’s Potential Trajectory
CoinsKid recently provided a comprehensive analysis of XRP’s price action. In a detailed video on his YouTube channel, he emphasized the significance of a corrective phase for the cryptocurrency.
According to CoinsKid’s analysis, once XRP completes this correction and successfully surpasses the 78.6% Fibonacci retracement level, currently situated at .30, a substantial buying opportunity may arise.
This development, he speculates, could pave the way for an ambitious price target of by the year 2025.
Is XRP In For A Listing Surprise?
Meanwhile, Gemini, a reputable cryptocurrency exchange founded by the Winklevoss twins, has stoked the fires of speculation with a cryptic tweet hinting at a potential XRP-related announcement.
The crypto exchange posted on Twitter:
Me, the intern, patiently waiting for @Gemini to list XRP.
(i want some) pic.twitter.com/I7r7QBjYKR— Gemini (@Gemini) August 7, 2023
While the exact nature of this announcement remains shrouded in mystery, such teases from established exchanges often provoke market interest and excitement.
As of the latest update, XRP is trading at approximately .639893, according to CoinGecko. The past 24 hours have witnessed a modest 3.4% rally, signaling potential short-term momentum. However, over the past week, XRP has faced a slight setback, experiencing an 8.7% decline in its value.
These price dynamics underscore the volatile nature of the cryptocurrency market, emphasizing the importance of robust analysis and well-informed trading decisions.
The cryptocurrency community finds itself at an intriguing juncture with XRP, as technical analysis and market dynamics converge. CoinsKid’s insights regarding the Fibonacci retracement level offer a roadmap for potential price movements, while Gemini’s enigmatic tweet fuels speculation about future developments.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Smartereum